SurModics to implement organizational changes

|By:, SA News Editor

SurModics (SRDX +1.8%) ticks up after announcing late yesterday that it plans to implement some organizational changes.

Effective immediately, its Quality, Regulatory and Clinical Affairs function and Medical Device Research and Development functions will begin reporting directly to CEO Gary Maharaj.

These units had previously reported to their independent business segment leaders.

CFO Andy LaFrence will now oversee the company's Operations and Information Systems functions, in addition to his current responsibilities.

Additionally, the company is realigning its workforce and will eliminate 7 positions or about 6% of its staff.

As a result, the SRDX expects to take a one-time pre-tax charge of about $500K, or $0.02 per share, in Q4, primarily related to severance costs.