Document:

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                                                                   EXHIBIT 10.11

                           ADJUSTED LICENSE AGREEMENT

         THIS AGREEMENT, dated January 1, 2003, by and between SurModics, Inc.,
a corporation of the State of Minnesota, which has an office at 9924 West 74th
Street, Eden Prairie, MN 55344, (hereinafter referred to as SURMODICS), and
Cordis Corporation, which has offices located at 14201 NW 60th Street, Miami
Lakes, Florida 33126 (hereinafter referred to as CORDIS).

         WHEREAS, SurModics is engaged in biological, chemical and technical
research and has developed a body of technology and know-how, including
reagents, processes and devices which the parties believe will improve the
performance of various products and processes of Cordis.

         WHEREAS, the technology of SurModics includes confidential information
(including trade secrets and other know-how) which is proprietary to SurModics
and SurModics is in the process of securing patent coverage for certain items of
its technology, and continues to maintain the confidentiality of other portions
of its technology.

         WHEREAS, SurModics and Cordis desire to cancel the Stent License
Agreement dated October 24, 1996, as amended;

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth below and for other good and valuable consideration of which receipt
is acknowledged, the parties agree as follows:

1.       DEFINITIONS

         The following definitions apply to this Agreement and to all addenda
thereto:

         a.       "Effective Date" means January 1, 2003;

         b.       [Intentionally Omitted]

         c.       "Patent Rights" means the patent application(s) and patent(s)
                  having a worldwide priority date earlier than the Effective
                  Date and identified in Attachment A hereof, together with all
                  foreign counterparts, divisions, continuations and
                  continuations in part applications based thereon, any patent
                  issuing on any of said applications, and any reissues or
                  extensions based on any of such patents.

         d.       [Intentionally Omitted]

         e.       [Intentionally Omitted]

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

         f.       "Licensed Products" means those items specifically described
                  in Attachment B (the "Exclusive Products") and Attachment C
                  (the "Non-Exclusive Products") which:

                  i.       but for the license granted herein the manufacture,
                           use or sale would infringe (or a surface treatment
                           process employed to produce a product or a reagent
                           used in such process would infringe) any Valid Claim
                           of Patent Rights, or

                  ii.      are produced through the use of SurModics Licensed
                           Technology.

         g.       "SurModics Licensed Technology" means those items described on
                  Attachment D, including, to the extent those items in
                  paragraph 2 of Attachment D were not known to the public at
                  the time of their disclosure by SurModics to Cordis.

         h.       [Intentionally Omitted]

         i.       "Net Sales" means the total actual billing for sales of
                  Licensed Products, less the following deductions where they
                  are applicable with respect to such billings and when
                  separately shown on invoices:

                  i.       discounts actually allowed and taken;

                  ii.      any customs, duties, taxes or other governmental
                           excise or charge upon or measured by the production,
                           sale, transportation, delivery or use of Licensed
                           Product and actually paid by Cordis;

                  iii.     amounts allowed or credited on rejections or returns;

                  iv.      transportation charges prepared or allowed

                  v.       Licensed Product distributed for use in clinical
                           trials, prior to receiving regulatory approval for
                           commercial sale for a particular indication in a
                           particular country.

                  Notwithstanding the above, if any Licensed Product is sold
                  both separately and as an integral part of a combination
                  product containing one or more integral components in addition
                  to that Licensed Product, then Net Sales of that Licensed
                  Product resulting from sales of that combination product will
                  be calculated by multiplying the Net Sales for the combination
                  product as calculated above by the fraction A/B where A is the
                  invoice price of the Licensed Product as sold separately and B
                  is the invoice price of the combination product. It is
                  understood that if any Licensed Product is sold only as an
                  integral part of a combination product, then Net Sales of that
                  Licensed Product will include the entire sales price of the
                  combination product.

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                  A Licensed Product shall be considered sold when it is shipped
                  or when it is invoiced, whichever is earlier. To assure
                  SurModics the full royalty payment contemplated in this
                  Agreement, Cordis agrees that in the event any Licensed
                  Product is sold to an Affiliate for purposes of resale, Earned
                  Royalties for that Licensed Product shall be computed upon the
                  selling price at which such Licensed Product is then resold to
                  a non-Affiliate, rather than on the selling price of Cordis to
                  the Affiliate; Cordis shall promptly report sales to
                  Affiliates and be responsible for accurately reporting the
                  ultimate sales to a non-Affiliate.

         j.       "Affiliate" means any entity which owns at least 50% of, is at
                  least 50% owned by, or is under common ( at least 50%)
                  ownership with Cordis.

         k.       "Valid Claim" means a claim of an issued patent of Patent
                  Rights that has not been held invalid by a court of competent
                  jurisdiction, or other appropriate governmental body of
                  competent jurisdiction, beyond possibility of appeal.

2.       LICENSE

         a.       SurModics grants to Cordis a world-wide license under the
                  SurModics' Patent Rights and the SurModics Licensed
                  Technology, to make, have made for it, use, sell, or import
                  into the United States, the Licensed Products. The license
                  granted herein is **.

         b.       **.

         c.       Subject to the limited license granted herein, SurModics shall
                  retain all other rights to the Patent Rights and the SurModics
                  Licensed Technology.

3.       [Intentionally Omitted]

4.       ROYALTIES

         Cordis will pay to SurModics royalties as follows:

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

         a.       Earned Royalties as provided for in Attachment E.

         b.       Minimum Royalties as provided for in Attachment F.

5.       ROYALTY PAYMENTS, REPORTS, RECORDS

         a.       Cordis will make written reports and payments to SurModics
                  within sixty (60) days after the last day of each calendar
                  quarter ending March 31, June 30, September 30, and December
                  31. Each such report shall state the worldwide Net Sales, unit
                  volumes, Earned Royalty, Minimum Royalty, corrections of error
                  in prior royalty payments, and data and calculations used by
                  Cordis to determine such payments. Each report shall be
                  accompanied by payment in full of the royalty due SurModics
                  for that quarter.

         b.       Cordis will maintain, in accordance with its conventional
                  accounting practices, true and accurate records supporting the
                  reports and payments made under this Agreement. SurModics
                  shall have the right to carry out an audit of such records no
                  more frequently than once per calendar year by a certified
                  public accountant of its choice. Such accountant shall have
                  reasonable access to Cordis' offices and the relevant records,
                  files and books of account, and such accountant shall have the
                  right to examine any other records, reasonably necessary to
                  determine the accuracy of the calculations provided by Cordis
                  under Paragraph 5(a). Such audit shall be at SurModics expense
                  except that if cumulative underpayment errors for any period
                  are found that exceed **% of the payment made to SurModics
                  during that period being audit, then Cordis will bear the cost
                  of such audit.

         c.       All royalties on sales of each Licensed Product to be paid to
                  SurModics by Cordis under this Agreement shall be paid in U.S.
                  Dollars to SurModics in the United States. For the purpose of
                  calculating Earned Royalties on sales outside the United
                  States, Cordis shall utilize the average rate of exchange on
                  the last business day of that calendar quarter as quoted in
                  the Wall Street Journal.

         d.       Any sum required under U.S. tax laws (or the tax laws of any
                  other government) to be withheld by Cordis from payment for
                  the account of SurModics shall be promptly paid by Cordis for
                  and on behalf of SurModics to the appropriate tax authorities,
                  and Cordis shall furnish SurModics with official tax receipts
                  or other appropriate evidence issued by the appropriate tax
                  authorities sufficient to enable SurModics to support a claim
                  for income tax credit in respect to any sum so withheld. Any
                  such tax required to be withheld shall be an expense of and
                  borne by SurModics.

6.       [Intentionally Omitted]

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

7.       TERM

         a.       The license granted herein under the Patent Rights shall begin
                  on the Effective Date and shall extend until expiration of the
                  last to expire patent of Patent Rights, unless earlier
                  terminated pursuant to the provisions of this Agreement. The
                  license granted herein under SurModics Licensed Technology
                  shall begin on the Effective Date and shall extend for **
                  thereafter subject to the provisions of Paragraph 7(b).

         b.       If the license with respect to SurModics Licensed Technology
                  continues for the ** stated above, and upon full payment by
                  Cordis to SurModics of any monies due under this Agreement,
                  the license herein granted with respect to SurModics Licensed
                  Technology shall be deemed **.

8.       PATENTS

         a.       To the best of its ability, Cordis shall see to it that all
                  Licensed Products sold by Cordis shall be appropriately marked
                  with the applicable patent numbers, in conformity with
                  applicable law.

         b.       [Intentionally Omitted]

         c.       [Intentionally Omitted]

         d.       [Intentionally Omitted]

9.       [Intentionally Omitted]

10.      TERMINATION

         **.

11.      CONTINUING OBLIGATIONS SUBSEQUENT TO TERMINATION

         a.       Upon any termination of this Agreement or any of the licenses
                  granted herein, the following rights and obligations shall
                  continue to the degree necessary to permit their complete
                  fulfillment or discharge:

                  i.       SurModics right to receive and Cordis' obligation to
                           pay royalties to the extent owed; and

                  ii.      Cordis' obligation to maintain records and SurModics
                           right to audit under Paragraph 5, with respect to
                           sales; and

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                  iii.     Any cause of action or claim of either party, accrued
                           or to accrue, because of any breach or default by the
                           other party; and

                  iv.      Cordis' and SurModics' obligation to maintain
                           confidentiality under Paragraph 13; and

                  v.       If this Agreement, or License granted in this
                           Agreement, has been terminated, Cordis' obligation to
                           forebear from use of SurModics Licensed Technology.

                  vi.      [Intentionally Omitted]

         b.       [Intentionally Omitted]

12.      REPRESENTATIONS AND WARRANTIES

         a.       [Intentionally Omitted]

         b.       Each party has the full and unrestricted right to enter into
                  this Agreement.

         c.       Nothing in this Agreement shall be construed as:

                  i.       A warranty or representation by SurModics as to the
                           validity or scope of any Patent Rights; or

                  ii.      A warranty or representation that anything made,
                           used, sold, or otherwise disposed of, or any process
                           practiced, under any License granted in this
                           Agreement is or will be free from infringement of
                           patents of third persons; or

                  iii.     A requirement that SurModics file any patent
                           application, secure any patent, or maintain any
                           patent in force; or

                  iv.      An obligation to bring or prosecute actions or suits
                           against third parties for infringement of any patent
                           (except as provided in Paragraph 12A); or

                  v.       An obligation to furnish any manufacturing or
                           technical information not encompassed within
                           SurModics Licensed Technology; or

                  vi.      Conferring any right on either party to use in
                           advertising, publicity, or otherwise any trademark or
                           trade name of the other; or

                  vii.     Granting by implication, estoppel, or otherwise any
                           licenses or rights under patents or other proprietary
                           information of SurModics other than those included
                           within Patent Rights and SurModics Licensed
                           Technology.

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

         d.       [Intentionally Omitted]

         e.       Except as provided in a certain agreement regarding sale of
                  Reagent, SurModics does not make any representations, extend
                  any warranties of any kind, either express or implied, or
                  assume any responsibilities whatever with respect to use,
                  sale, or other disposition by Cordis, its Affiliates or its
                  vendees or transferees of Licensed Products incorporating or
                  made by use of the Patent Rights and SurModics Licensed
                  Technology.

         f.       [Intentionally Omitted]

12A.     INFRINGEMENT LITIGATION

         To the extent that any Patent Rights licensed hereunder may be
infringed by the manufacture, use, sale or importation of any Licensed Product
by any third party, SurModics shall have the right, but not the obligation, if
such Licensed Product is a Non-Exclusive Product, to prosecute at its own
expense, or at the expense of Cordis if Cordis so requests, any action SurModics
deems necessary. If SurModics fails to commence prosecution of such action
within ninety (90) days following written request by Cordis or if the Licensed
Product is an Exclusive Product, then Cordis may, in its own name and at its own
expense, prosecute such action. If Cordis prosecutes any such action, it will
not without the advance written consent of SurModics admit to the invalidity or
unenforceability of any patent or claims within the Patent Rights or grant a
license to a third party to any such patents or claims. SurModics shall
cooperate and, if necessary, become a named party to the action. Should Cordis
prosecute such action, Cordis shall indemnify, defend, and hold harmless
SurModics from any claims or counterclaims related to the patent or patents in
suit, lawsuit expenses (including attorneys fees), costs and judgments arising
out of such litigation, but excluding adverse judgments regarding the validity,
enforceability or claim interpretation of the patent or patents in suit. If
SurModics elects to prosecute any such action, and it does so at its own
expense, then it shall have the right to control the litigation. If Cordis
elects to prosecute any such action, and it does so at its own expense, then it
shall have the right to control the litigation. If SurModics prosecutes such
action at Cordis' expense, the proceeds of the litigation, if any, shall first
be used to reimburse Cordis for its expense of the litigation and the remainder,
if any, shall be divided equally between SurModics and Cordis. In any such
action, the prosecuting party shall promptly notify the non-prosecuting party of
its decision to prosecute.

13.      CONFIDENTIALITY

         a.       Cordis agrees to maintain in confidence SurModics Licensed
                  Technology for a period of ** from the Effective Date. Cordis
                  agrees not to disclose any of SurModics Licensed Technology
                  nor to use the same except in accordance with this Agreement,
                  except to a governmental agency as required by law (and only
                  to the extent required by law and with appropriate safeguards
                  to its confidentiality), and in the event such requirement for
                  disclosure is to a non-United States governmental entity then
                  Cordis shall review such disclosure with SurModics prior to
                  submission to such entity.

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

         b.       [Intentionally Omitted]

         c.       [Intentionally Omitted]

         d.       [Intentionally Omitted]

         e.       [Intentionally Omitted]

14.      ASSIGNMENT

         This Agreement shall be binding upon and inure to the benefit of the
         parties hereto and their successors to the entire assets and business
         of the respective parties hereto. Either party may assign its rights
         and obligations under this Agreement to a financially responsible third
         party, but only in connection with a complete transfer to the third
         party of the business to which this agreement pertains, such as in the
         event the SurModics transfers its ** coatings business or if Cordis
         transfers its ** business. The assigning party will so inform the other
         party to this Agreement without delay of any assignment made in
         accordance with the conditions of this Agreement. This Agreement shall
         not otherwise be assignable by either party without the prior written
         consent of the other party. Any and all assignments of this Agreement
         or any interest therein not made in accordance with this paragraph
         shall be void.

15.      GOVERNMENT APPROVAL

         Cordis shall have the sole responsibility, at Cordis' sole expense, for
         obtaining any government approvals that may be required for the
         investigation or marketing of Licensed Products.

16.      PRODUCT LIABILITY

         Cordis will defend and indemnify SurModics under this Agreement against
         all losses, liabilities, lawsuits, claims, expenses (including
         attorney's fees), costs, and judgments incurred through personal
         injury, property damage, or other claims of third parties, arising from
         the design, manufacture, use, or sale of Licensed Products.

17.      NO WAIVER

         Any waiver of any term or condition of this Agreement by either party
         shall not operate as a waiver of any other or continued breach of such
         term or condition, or any other term or condition, nor shall any
         failure to enforce a provision hereof operate as a waiver of such
         provisions or of any other provision hereof.

18.      NOTICES

         All communications or other notices required or permitted under this
         Agreement shall be in writing and shall be deemed to be given when
         personally delivered, or when mailed by registered or certified mail,
         postage prepaid, and addressed as follows:

                                             ** CONFIDENTIAL TREATMENT REQUESTED

<PAGE>

                  If to SurModics:
                           License Administration
                           SurModics, Inc.
                           9924 West 74th Street
                           Eden Prairie, MN  55344

                  If to Cordis:

                           Vice President, New Business Development
                           Cordis Corporation
                           7 Powder Horn Drive
                           Warren, NJ 07040

                           copy to:
                           Chief Patent Counsel
                           Johnson & Johnson
                           One Johnson & Johnson Plaza
                           New Brunswick, NJ 08933

19.      CAPTIONS

         The captions and headings of this Agreement are for convenience only
         and shall in no way limit or otherwise affect any of the terms or
         provisions contained herein. This Agreement shall be construed without
         regard to any presumption or other rule requiring construction hereof
         against the party drafting this Agreement.

20.      FORCE MAJEURE

         Neither party shall be liable for failure to perform as required by any
         provisions of this Agreement where such failure results from a cause
         beyond such party's reasonable control such as acts of God, regulation
         or other acts of civil or military authority, required approval(s) of
         government bodies, fires, strikes, floods, epidemics, quarantine
         restrictions, riot, delays in transportation and inabilities to obtain
         necessary labor, materials, or manufacturing facilities. In the event
         of any delay attributable to any of the foregoing causes, the time for
         performance affected thereby shall be extended for a period equal to
         the time lost by reason of such delay. The cumulative effect of all
         such delays under this Paragraph 20 shall not exceed one (1) year.

21.      NO AGENCY

         Nothing in this Agreement authorizes either SurModics or Cordis to act
         as agent for the other as to any matter, or to make any representations
         to any third party indicating or implying the existence of any such
         agency relationship. SurModics and Cordis shall each refrain from any
         such representations. The relationship between SurModics and Cordis is
         that of independent contractors.

                                             ** CONFIDENTIAL TREATMENT REQUESTED

<PAGE>

22.      SEVERABILITY

         Should any provisions of this Agreement, or the application thereof, to
         any extent be held invalid or unenforceable, the remainder of this
         Agreement and the application thereof other than such invalid or
         unenforceable provisions shall not be affected thereby and shall
         continue valid and enforceable to the fullest extent permitted by law
         or equity.

23.      GOVERNING LAW

         For the purposes under this Agreement, the parties agree and admit that
         jurisdiction and venue are proper in a federal district court in
         Chicago, Illinois. This Agreement shall for all purposes be governed
         and interpreted in accordance with the laws of the State of Illinois,
         except for its conflict of laws provisions.

24.      ARBITRATION

         a.       In the event of any dispute concerning this Agreement,
                  including its interpretation, performance, breach or
                  termination, the procedures of this Paragraph 24 shall apply;
                  provided, however, that either party shall have the
                  unrestricted right at any time to seek a court injunction
                  prohibiting the other party from making unauthorized
                  disclosure or use of confidential information as provided for
                  in Paragraph 13 or unauthorized use of SurModics Licensed
                  Technology.

         b.       Both parties will use good faith and reasonable efforts to
                  resolve any dispute informally and as soon as practical. If
                  any such dispute is not resolved informally within a
                  reasonable period, then the Chief Executive Officers or those
                  having equivalent/corresponding rank of the parties will meet
                  at a mutually agreeable time and place to attempt to resolve
                  the dispute.

         c.       If the parties are unable to resolve a dispute as provided
                  immediately above, either party may submit the dispute for
                  resolution by mandatory, binding arbitration. Said arbitration
                  shall take place in Newark, New Jersey, if requested by
                  SurModics and in Minneapolis, Minnesota, if requested by
                  Cordis, and shall take place under the auspices of the
                  American Arbitration Association under its Commercial
                  Arbitration Rules. Each party shall select one independent,
                  qualified arbitrator and the two arbitrators so selected shall
                  then select a third arbitrator in accordance with the
                  Commercial Rules. Each party reserves the right to object to
                  any individual arbitrator (no matter by whom chosen) who has
                  been employed by or affiliated with a competing organization.

         d.       The arbitrators, who shall act by majority vote, shall be
                  empowered to decree any and all relief of an equitable nature,
                  including but not limited to temporary restraining orders,
                  temporary injunctions, and/or permanent injunctions and shall
                  also be able to award damages, with or without an accounting
                  of costs. Judgment

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                  on the award rendered by the arbitrator(s) may be entered into
                  any court having jurisdiction thereof. Each party shall bear
                  its own costs and divide other reasonable arbitrator costs
                  equally. Both parties waive any right to any punitive damages.

25.      ENTIRE AGREEMENT

         This Agreement, together with other written agreements executed
         contemporaneously herewith, constitutes the entire agreement between
         the parties with respect to the licenses granted herein, and no party
         shall be liable or bound to the other in any manner by any warranties,
         representations or guarantees except as specifically set forth herein.
         This Agreement shall not be altered or otherwise amended except by an
         instrument in writing signed by both parties.

26.      PUBLICITY

         Neither Cordis or SurModics will originate any news release,
         promotional material or press statements concerning the existence of
         this Agreement or the terms herein without the prior written consent of
         the other party (excepting as required by law and in that case with
         adequate prior notice to the other party seeking consent and comments).

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

SURMODICS, INC.                                      CORDIS CORPORATION

By ________________________                          By _______________________
   Its ____________________                             Its ___________________

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                             Schedule of Attachments

Attachment A -- Patent Rights
Attachment B -- Exclusive Products
Attachment C -- Non-Exclusive Products
Attachment D -- SurModics Licensed Technology
Attachment E -- Earned Royalties
Attachment F -- Minimum Royalties

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                                  ATTACHMENT A

                                  PATENT RIGHTS

1.       United States Patent No. 6,214,901 B1 to Chudzik et al, issued
April 10, 2001, titled BIOACTIVE AGENT RELEASE COATING

2.       United States Patent No. 6,344,035 B1 to Chudzik et al, issued
February 5, 2002, titled BIOACTIVE AGENT RELEASE COATING

3.       United States Patent Application Ser. No. **

4.       United States Patent Application Ser. No. **

5.       United States Patent Application Ser. No. **

6.       United States Patent Application Ser. No. **

7.       United States Patent Application Ser. No. **

8.       United States Patent Application Ser. No. **

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                                  ATTACHMENT B

                               EXCLUSIVE PRODUCTS

1.       **.

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                                  ATTACHMENT C

                             NON-EXCLUSIVE PRODUCTS

1.       **.

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                                  ATTACHMENT D

                          SURMODICS LICENSED TECHNOLOGY

1.       All Patent Rights of Attachment A.

2.       All of the following:

RELATED TO **

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RELATED TO **

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RELATED TO **

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RELATED TO **

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                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

RELATED TO **

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RELATED TO **

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                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                                  ATTACHMENT E

                                 EARNED ROYALTY

1.       ** percent (**%) of Net Sales  for each unit of Licensed Products sold.

2.       In addition to the amount computed pursuant to Paragraph 1, Cordis will
pay the following amounts:

         a.       **.

         b.       **.

         c.       **.

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                                  ATTACHMENT F

                                MINIMUM ROYALTIES

For each calendar quarter beginning on the Adjusted License Agreement Effective
Date, Minimum Royalties will **.

**.

                                             ** CONFIDENTIAL TREATMENT REQUESTED<PAGE>

                                                                   EXHIBIT 10.12

                            REAGENT SUPPLY AGREEMENT

         THIS AGREEMENT (the "Reagent Supply Agreement") is made as of the 1st
day of January, 2003 Agreement Effective Date") by and between SurModics, Inc.,
a corporation under the laws of the State of Minnesota ("Supplier") and Cordis
Corporation, a corporation under the laws of the State of Florida ("Customer").

RECITALS:

         A. Supplier and Customer are parties to a certain Adjusted License
Agreement ("Adjusted License Agreement"), dated January 1, 2003.

         B. Supplier has previous sold to Customer commercial quantities of a
product described on Attachment A hereto ("Reagent") which has been tested and
determined by Customer to meet the standards described on Attachment B hereto
("Reagent Specifications"), Reagent meeting the Reagent Specifications
hereinafter referred to as the "Conforming Reagent."

         C. Customer desires Supplier to sell to it Conforming Reagent and
Supplier is willing to do so upon the terms and conditions hereinafter set
forth.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth below and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged by each of the parties hereto, the
parties hereto agree as follows:

         1. Reagent to be Purchased. Customer agrees to purchase and pay for
whatever amount of Conforming Reagent (and only Conforming Reagent) is delivered
by Supplier up to the greater of the amount Customer orders and the "Aggregate
Amount" as computed from time-to-time. The Aggregate Amount shall equal the sum
of: (i) the amount described on Attachment C for each month (the "Monthly Target
Production"); plus (ii) a reserve amount (the "Reserve Amount") which shall (at
any time) equal **. Customer may prospectively amend the Monthly Target
Production effective as of the first day of the fourth month following the
giving of written notice of such change by Customer, which notice is duly
executed by an authorized officer of Customer; provided, however, that Customer
may not by such amendments increase the Monthly Target Production by more than
**. Customer may request to purchase more than the Aggregate Amount as exists
from time-to-time, and Supplier will make a reasonable business effort to comply
with such request.

         2. Price; Payment. The purchase price of Conforming Reagent shall be as
determined on Attachment C-2 hereof. The purchase price shall be paid in full
within forty-five (45) days after delivery **. Delivery shall be made when
Reagent is shipped F.O.B. Supplier's ** Minnesota facility addressed as Customer
shall direct from time-to-time and shipped at Customer's expense via whatever
common carrier Customer may

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

direct from time-to-time. Title and risk of loss shall pass to Customer upon
delivery to such common carrier.

         3.       Conforming Reagent. The parties acknowledge that Customer will
be utilizing the Reagent in a medical product, and that Customer will be
responsible to the purchasers and users of such medical products for the safety
and efficacy of the Reagent in such medical products. While it is the intent
that Supplier will provide Reagent which meets the Reagent Specifications (and
Supplier represents it will exercise reasonable commercial efforts to do so), it
is acknowledged that Supplier does not so warrant and that Customer will itself
inspect all Reagent delivered to it and make an independent and thorough
determination as to whether the Reagent meets the Reagent Specifications.
Customer agrees that it will reject any Reagent which does not meet the Reagent
Specifications. The parties agree to the following protocol as respects
Customer's acceptance of Reagent delivered to it:

         a.       Customer agrees to exercise ** to determine whether Reagent is
                  Conforming Reagent within thirty 30 days of delivery. If
                  Customer has not given written notice that a particular
                  shipment of Reagent is not Conforming Reagent within 45 days
                  of delivery thereof, such Reagent shall be deemed to be
                  Conforming Reagent for all purposes of this Reagent Supply
                  Agreement.

         b.       If Customer determines a quantity of Reagent is not Conforming
                  Reagent, it shall immediately notify Supplier in writing of
                  its determination and the particularities of non-conformance
                  with the Reagent Specifications, and promptly, at Supplier's
                  request, return the subject Reagent, which return shall be
                  made F.O.B. the site to which Supplier shipped such Reagent,
                  and which return shall be shipped via the same common carrier
                  by which the subject Reagent was shipped to Customer.

         c.       Customer and Supplier acknowledge that the production of
                  Conforming Reagent is important to their respective
                  businesses. Therefore, within thirty (30) calendar days after
                  the issuance of a notice that Reagent does not conform to the
                  Reagent Specifications, Customer agrees to have present at
                  Supplier's production site (or at another location mutually
                  agreed upon by the parties) at least two agents of Customer,
                  skilled in the subject matter, to consult with Supplier's
                  personnel with a view to promptly resolving the
                  non-conformance. Given the importance to each party of
                  producing Conforming Reagent, each party agrees to provide at
                  its expense two full-time equivalent personnel at Supplier's
                  site, dedicated solely to the remedy of any alleged
                  non-conformance until both parties agree that such dedicated
                  personnel are no longer required.

         d.       If Supplier disagrees with Customer's determination of
                  non-conformance with respect to any Reagent, and if the
                  personnel described in the preceding subparagraph cannot
                  resolve the matter within sixty (60) days of the issuance of
                  the notice referenced in the preceding subparagraph (c), the
                  parties agree to immediately submit the matter to mandatory,
                  binding arbitration according to the

<PAGE>

                  rules set forth in the Adjusted License Agreement between the
                  parties, executed concurrently herewith.

         e.       [intentionally omitted]

         4.       Customer's Right to Produce Reagent. The parties acknowledge
that Customer's obligations in the marketplace require that Customer assure to
its own satisfaction a supply of Conforming Reagent (or an acceptable
alternative) for the purpose of application thereof to Licensed Products (as
defined in the Adjusted License Agreement). The parties acknowledge that
production of Reagent by Supplier involves proprietary information of Supplier,
which Supplier is not required to provide to Customer hereunder or under the
Adjusted License Agreement **.

         a.       **.

         b.       **.

         c.       **.

<PAGE>

         5.       Disclaimer of Warranties; Indemnification. SUPPLIER HEREBY
DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, REGARDING THE REAGENT (OR
OTHER PRODUCTS OR SERVICES SOLD HEREUNDER), MERCHANTABILITY, NON-INFRINGEMENT,
AND FITNESS FOR A PARTICULAR PURPOSE, INCLUDING WITHOUT LIMITATION WARRANTIES
ARISING FROM COURSE OF DEALING AND USAGE OF TRADE. SUPPLIER SHALL NOT BE LIABLE
FOR INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXTRAORDINARY OR PUNITIVE DAMAGES OF ANY
DESCRIPTION, WHETHER FOR DAMAGE TO REPUTATION OR GOODWILL, LOST PROFITS, CLAIMS
OF THIRD PARTIES OR OTHERWISE, RESULTING FROM ANY CAUSE WHATSOEVER (INCLUDING,
WITHOUT LIMITATION, PRODUCT RECALL) WHETHER SUCH ASSERTED DAMAGE PURPORTS TO BE
BASED ON WARRANTY OR GUARANTY, INDEMNITY OR OTHER CONTRACT, CONTRIBUTION,
NEGLIGENCE, OTHER TORT OR OTHERWISE.

         a.       Subject to the provisions of Paragraph 3 above, Customer
                  acknowledges that it is purchasing the Reagent from Supplier
                  strictly on an "AS IS" basis without any warranties or
                  representations (expressed or implied) of any sort, type or
                  kind whatsoever.

         b.       Customer agrees to indemnify, defend and hold harmless
                  Supplier (and its officers, directors, employees and agents)
                  from and against any and all losses, costs, expenses
                  (including all attorneys' fees), damages, liabilities, claims,
                  suits, cause of action and judgments in any manner incurred,
                  sustained or asserted against Supplier arising out of or in
                  any way directly or indirectly related to the Reagent or its
                  use. The indemnity set forth in the preceding sentence shall
                  not apply with respect to any particular Reagent which at the
                  time of shipment

<PAGE>

                  Supplier had current conscious awareness that Reagent was not
                  Conforming Reagent and with respect to which Supplier did not
                  so notify Customer in writing.

         5A.      Storage of Critical Documentation. Supplier shall arrange for
storage at a location at least ten (10) miles distant from its own manufacturing
facilities, and approved by Customer, copies of all documentation, design
documentation, and manufacturing documentation necessary to permit Supplier to
manufacture Reagent at a separate facility in the event that its existing
facilities and/or documentation are destroyed or rendered inoperable for any
reason and shall update such documentation at least annually. Such documentation
shall be generated and maintained in a medium and process acceptable to
Customer.

         6.       Miscellaneous.

         a.       This Reagent Supply Agreement is made in and shall be
                  interpreted and enforced in accordance with the laws of the
                  State of Illinois.

         b.       This Reagent Supply Agreement may be executed in several
                  counterparts and shall be effective when there are attached
                  together execution pages containing the signatures of each of
                  the parties hereto, each of which counterparts shall be deemed
                  to be an original, but all of which shall constitute one and
                  the same instrument.

         c.       This Reagent Supply Agreement and the documents executed
                  contemporaneously herewith contain the full agreement of the
                  parties respecting the subject matter and may not be modified,
                  altered or changed in any way except by written agreement
                  executed by both parties. There shall be no merger relating to
                  this Reagent Supply Agreement, and it shall remain fully
                  enforceable in accordance with its terms, not withstanding the
                  occurrence of any other events.

         cc.      This Reagent Supply Agreement may not be terminated except by
                  joint written agreement of the parties.

         d.       This Reagent Supply Agreement shall be binding upon and inure
                  to the benefit of the respective successors, assigns and legal
                  representatives of the parties hereto.

         e.       If any amount owing Supplier herein is not paid when due, each
                  unpaid amount shall bear interest after its due date (which in
                  the case of Reagent is forty-five (45) days after delivery) at
                  the rate of three percent (3%) above the so-called Reference
                  Rate then applicable as quoted by U.S. Bank, National
                  Association (or if lower, the maximum allowable pursuant to
                  applicable usury laws) and, in any action to collect amounts
                  owing, Supplier shall be entitled to recover all of its costs
                  and expenses incurred, including attorneys' fees. Customer
                  agrees to pay any amounts owing hereunder without asserting
                  any defense, counterclaim, off-set or credit (excepting only
                  the amounts of a claim which has been reduced to final
                  judgment).

<PAGE>

         f.       If any one or more of the provisions or portions of this
                  Reagent Supply Agreement is determined to be illegal or
                  unenforceable, the remainder of this Reagent Supply Agreement
                  shall not be affected thereby and shall remain and continue to
                  be valid and effective.

         g.       [Intentionally omitted.]

         h.       Notices or communications by either party to the other shall
                  be deemed given when either personally served or three days
                  after deposited in the United States Mail, first class and
                  certified mail, postage pre-paid, to each party at the
                  following addresses:

                  If to Supplier:                     If to Customer:

                  SurModics, Inc.                     Cordis Corporation
                  9924 West 74th Street               14201 NW 60th Avenue
                  Eden Prairie, MN  55344             Miami Lakes, FL  33014
                  Attention:  President               Attention: President

                                                      With a Copy to:

                                                      Johnson & Johnson
                                                      Office of General Counsel
                                                      1 Johnson & Johnson Plaza
                                                      New Brunswick, NJ  08933

                                                      And With a Copy to:

                                                      Vice President, Operations
                                                      Cordis Corporation
                                                      14201 NW 60th Avenue
                                                      Miami Lakes, FL  33014

                  Either party may change the address to which such notices or
                  communications will prospectively be sent, by notice given in
                  the fashion determined above.

         i.       The relationship between the parties is that of independent
                  contractors, and neither party is authorized to act as an
                  agent for the other party as to any matter.

         j.       No waiver of either party's obligation to perform its duties
                  under this Reagent Supply Agreement shall be valid unless in
                  writing and signed by the waiving party.

         k.       This Reagent Supply Agreement shall be interpreted without
                  regard to any presumption or rule requiring construction
                  against the party drafting this Reagent Supply Agreement.

<PAGE>

         l.       The rights and remedies set forth herein are cumulative and
                  shall be in addition to any and all other rights, powers and
                  remedies available under law or in equity. The exercise of any
                  right to remedy hereunder or under applicable law shall not in
                  any way constitute a cure or prejudice either party and the
                  exercise of any other rights available hereunder or under
                  applicable law.

         m.       Attached hereto as Attachment E are Approved Supplier
                  Requirements which Customer desires Supplier to implement.
                  Supplier acknowledges that if Supplier does not implement the
                  Approved Supplier Requirements to a degree satisfactory
                  to Customer, that Customer may choose to purchase less Reagent
                  from Supplier than Customer might otherwise purchase.

         n.       Neither Cordis or SurModics will originate any news release,
                  promotional material or press statements concerning the
                  existence of this Agreement or the terms herein without the
                  prior written consent of the other party (excepting as
                  required by law and in that case with adequate prior notice to
                  the other party seeking consent and comments).

         IN WITNESS WHEREOF, the parties hereto have caused this Reagent Supply
Agreement to be executed as of the date heretofore written.

SURMODICS, INC.                                CORDIS CORPORATION

By                                             By
  ------------------------------                 ------------------------------
 Its                                            Its
    ----------------------------                   ----------------------------

                             SCHEDULE OF ATTACHMENTS

A.       Description of Reagent
B.       Reagent Specifications
C.       Monthly Target Production
C-2.     Reagent Pricing
D.       **
E.       Approved Supplier Requirements

<PAGE>

                                  ATTACHMENT A

                             DESCRIPTION OF REAGENT

         Reagent shall mean the materials of the same type and nature provided
by Supplier to Customer during the months of October and November, 2002, being
the compounds referred to as CPO1 and CPO2, and sometimes together known as
PEVA/PBMA.

                                             ** CONFIDENTIAL TREATMENT REQUESTED

<PAGE>

                                  ATTACHMENT B

                             REAGENT SPECIFICATIONS

         Reagent Specifications shall mean the specifications pursuant to which
Customer accepted Reagent provided by Supplier during the months of October and
November, 2002, except as the parties may otherwise hereinafter agree by written
document executed by authorized personnel of each of Supplier and Customer. Such
Specifications in effect for the Reagent Supply during October and November,
2002 are described as follows:

         1.  **.

         2.  **.

                                             ** CONFIDENTIAL TREATMENT REQUESTED

<PAGE>

                                  ATTACHMENT C

                                       **
                                TARGET PRODUCTION
                                  IN KILOGRAMS

                       ** TARGET PRODUCTION (IN KILOGRAMS)

<TABLE>
<S>                             <C>                          <C>
------------------------------- ---------------------------- ----------------------------

------------------------------- ---------------------------- ----------------------------

------------------------------- ---------------------------- ----------------------------

------------------------------- ---------------------------- ----------------------------

------------------------------- ---------------------------- ----------------------------

------------------------------- ---------------------------- ----------------------------

------------------------------- ---------------------------- ----------------------------

------------------------------- ---------------------------- ----------------------------

------------------------------- ---------------------------- ----------------------------

------------------------------- ---------------------------- ----------------------------

------------------------------- ---------------------------- ----------------------------

------------------------------- ---------------------------- ----------------------------

------------------------------- ---------------------------- ----------------------------

------------------------------- ---------------------------- ----------------------------

------------------------------- ---------------------------- ----------------------------

------------------------------- ---------------------------- ----------------------------
</TABLE>

**.

                                             ** CONFIDENTIAL TREATMENT REQUESTED

<PAGE>

                                 ATTACHMENT C-2
                                 REAGENT PRICING

The purchase price of Conforming Reagent shall be as follows in respect of
amounts of Conforming Reagent delivered during each such calendar years **:

<TABLE>

               <S>                         <C>
               --------------------------- --------------------------

               --------------------------- --------------------------

               --------------------------- --------------------------

               --------------------------- --------------------------

               --------------------------- --------------------------

               --------------------------- --------------------------

               --------------------------- --------------------------

               --------------------------- --------------------------

               --------------------------- --------------------------

</TABLE>

**.

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                                  ATTACHMENT D

**.

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                                  ATTACHMENT E

                         APPROVED SUPPLIER REQUIREMENTS

The following requirements must be achieved and maintained as part of the
Supplier Quality approval process for SurModics to become and remain an Approved
Supplier for Reagents

QUALITY SYSTEM REQUIREMENTS

Assessment: Cordis will perform a Quality System Audit of SurModics' quality
systems to determine that the requirements of this Exhibit have been satisfied.
Once the Cordis auditor has performed the audit with satisfactory results, he
shall notify SurModics in writing that the supplier approval process is
complete. Minor deficiencies or non-conformances identified during these audits
that are not indicative of a lack of control will not preclude SurModics from
supplier approval. However, such observations will be brought to the attention
of SurModics and Cordis and SurModics will identify actions that shall be taken
to correct these items and agree upon a time schedule in which these actions
shall be implemented.

1.       SurModics shall attain a general state of compliance with the FDA and
         international medical device and if applicable, pharmaceutical
         requirements.

2.       SurModics shall have, or shall develop, quality systems which comply
         with current GMP QSR (CFR 820), ISO9000 and EN46001, as determined by
         Cordis and or FDA or EC Notified Body assessment. However, the
         development of appropriate quality systems shall occur in a timely
         fashion so as to permit commercialization of Reagents as soon as other
         factors permit.

3.       Written requirements, including but not limited to specifications,
         drawings, test methods and procedures, shall be utilized by SurModics
         for all Reagents manufactured for Cordis. All requirements shall be
         mutually agreed upon by SurModics and Cordis.

4.       SurModics shall not make any changes to components, processes, systems
         (e.g. quality, measurement, testing) or suppliers used to produce, test
         and or release Reagents manufactured for Cordis without prior written
         approval from Cordis Quality Assurance management.

5.       SurModics shall establish and implement a system that ensures Device
         History Records (DHR) for each batch, lot, or unit are created to
         demonstrate that the Reagent is manufactured in accordance with the
         written processes, methods and procedures of SurModics' quality system,
         including material/reagent specifications.

         a.       DHR's shall contain adequate information to provide
                  traceability of all components and manufacturing aids (if any)
                  used in the manufacture of a finished Reagent.

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

         b.       DHR's shall contain adequate information to identify the
                  processing methods and personnel involved in the manufacture
                  of a finished Reagent.

         c.       DHR's shall contain adequate information to demonstrate that
                  the manufactured Reagent was evaluated (tested and/or
                  inspected) and found to meet the Reagent Specification.

6.       SurModics shall establish written specifications for purchased
         materials and components and shall implement a system to ensure that
         the materials and components supplied meet these specifications.

7.       SurModics shall obtain written agreements with suitable suppliers for
         all components, materials and services used in the manufacture of
         Reagents and that no changes in the goods or services supplied shall be
         made without adequate notification to SurModics.

8.       SurModics shall have a system for assisting Cordis with handling
         customer complaints. In the event SurModics receives a complaint in the
         form of a written Claim or a corrective action request:

         a.       All complaints involving Reagents supplied to Cordis will be
                  initially reported to Cordis customer service. SurModics will
                  be promptly informed if the complaint involves a product
                  supplied by SurModics, and within seven (7) calendar days,
                  provide a written preliminary investigation report to Cordis
                  Quality Assurance. This preliminary report will include an
                  initial assessment of device reporting under MDR or Vigilance
                  reporting requirements.

         b.       SurModics shall cooperate fully and promptly in the
                  investigation of complaints involving supplied Reagents. All
                  complaints should be investigated and a written response
                  provided to Cordis Quality Assurance within thirty (30) days
                  of receipt. All correspondence with the complainant will be
                  handled by Cordis, unless other arrangements are made by
                  SurModics with Cordis on a case-by-case basis.

         c.       Cordis will be responsible for filing any device report under
                  MDR or Vigilance reporting requirements.

9.       If either party reasonably believes a problem exists that affects the
         safety, efficacy or reliability of the Reagents, the problem and all
         known facts shall be brought to the attention of both company's Quality
         Assurance management as soon as possible, but within 48 hours of the
         identification of the problem. In the event that a field action is
         contemplated, Cordis and SurModics shall work together to determine
         whether a field action should take place; however, the final decision
         to implement a field action shall be made by the Cordis Quality
         Management. Cordis shall be responsible for implementing

                                             ** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

         any field action, including informing customers and defining the
         logistics of the field action. SurModics shall cooperate fully in the
         implementation of any field action.

10.      SurModics shall establish a document retention procedure to ensure that
         all documents required to meet the quality requirements herein set
         forth. Such documents shall be retained for a minimum of five (5) years
         from the date of Reagent Manufacture.

                                             ** CONFIDENTIAL TREATMENT REQUESTED

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