SurModics Inc., a reputed drug delivery technology concern, stated this Tuesday that it is doing a 9 percent job cut. SurModics boasted of 215 employees (as of December 1^st) but is now going to eliminate approx 20 jobs.

The company is going through a phase of reorganisation that shall also see the exit of Chief Financial Officer Philip Ankeny. Human Resource vice president Jan Webster is also leaving the concern in the move which will help the organisation save around $1.7 million to $2million annually. Besides, the company is also shutting down a factory in Owing Mills, Md.

The company is hoping to use the saved monetary resources to expand its vitro diagnostics business and medical device business. SurModics is also trying to figure out strategic alternatives to reshape its business of pharmaceuticals.

In the wake of Ankeny’s exit, Timothy Arens has been named as an interim CFO. Arens has been serving the company as a senior director and the general manager for vitro diagnostics unit. The vacant post of management of vitro unit will now be filled by Joseph Stich. Meanwhile, Bryan Philips has taken over the vice presidency of Human Resource from Webster.

The production that was done in Owing Mills is to be moved to the concern’s Eden Prairie headquarters. The announcement has been positively accepted as SurModics’ shares gained points by 4 percent or 40 cents on Tuesday.