pSivida receives full payment of $15M note from Alimera Sciences

Apr 29 2010

pSivida Corp. (NASDAQ:PSDV)(ASX:PVA), a leader in the development of ophthalmic sustained release drug delivery products, today said it had received full payment of a $15 million note, including an additional $225,000 in accrued interest, from Alimera Sciences, Inc., pSivida's licensee developing Iluvien® for the treatment of diabetic macular edema (DME).

“pSivida's focus is the use of our unique technologies to develop therapies for serious unmet medical needs. We target diseases that affect large numbers of people and that represent big commercial opportunities. We believe Iluvien for DME is an example of this”

Dr. Paul Ashton, CEO of pSivida Corp. said, "We congratulate Alimera on its successful IPO and look forward to Alimera's filing of the NDA for Iluvien for the treatment of DME." Alimera has stated that it intends to file the NDA for Iluvien this quarter and to seek priority review, which, if granted, is expected to result in a response from the FDA in the 2010 fourth quarter. If the FDA approves Iluvien for the treatment of DME, pSivida is due to receive a $25 million milestone payment from Alimera. pSivida would also be entitled to receive 20% of the net profits of sales of Iluvien.

"pSivida's focus is the use of our unique technologies to develop therapies for serious unmet medical needs. We target diseases that affect large numbers of people and that represent big commercial opportunities. We believe Iluvien for DME is an example of this," Dr. Ashton said. He added that pSivida is developing other ophthalmic products, some in partnership with Pfizer, pSivida's largest shareholder, and some internally. pSivida is also working to adapt its drug delivery platforms to deliver therapeutics outside ophthalmology.