SurModics was founded by three scientists in 1979 as BSI, to develop and commercialize diagnostic and medical/pharmaceutical products from their organic, photochemical, and immunodiagnostic expertise. In 1987, the company shifted its strategic objective from contract research to the commercialization of its unique PhotoLink surface modification and immobilization technologies, and in 1990, added the marketing of biomolecule stabilization products. In July 1997, BSI changed its name to SurModics to more accurately reflect the company's current and future business focus in the field of surface modification. SurModics became a public company on March 4, 1998. With its PhotoLink technology, SurModics strives to develop a stream of royalty revenue through long-term license relationships with major manufacturers. Licenses are either exclusive or non-exclusive and involve a license fee as well as royalty on the finished product. The various proprietary stabilization products are sold directly to diagnostic kit manufacturers. SurModics continues to increase its product and technology base through these corporate partnerships, as well as through internal, government, and privately funded research projects.