pSivida awarded $489,000 grant under IRS Qualifying Therapeutic Discovery Project

Nov 4 2010

pSivida Corp. (NASDAQ:PSDV, ASX:PVA), a leader in the development of sustained release drug delivery products for the treatment of back-of-the-eye disease including the product candidate Iluvien™ for the treatment of Diabetic Macular Edema, today announced that it has been awarded two grants totaling $489,000 under the IRS Qualifying Therapeutic Discovery Project (QTDP). The grants were awarded to pSivida to help fund further research on new generations of the company's drug delivery technologies targeting ophthalmic diseases.

The Qualifying Therapeutic Discovery project (QTDP) is provided under new section 48D of the Internal Revenue Code (IRC), enacted as part of the Patient Protection and Affordable Care Act of 2010 (P.L. 111-148). The credit is a tax benefit targeted to therapeutic discovery projects that show a reasonable potential to result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions, reduce the long-term growth of health care costs in the United States, or significantly advance the goal of curing cancer within 30 years. Allocation of the credit also takes into consideration which projects show the greatest potential to create and sustain high-quality, high-paying U.S. jobs and to advance U.S. competitiveness in life, biological and medical sciences. The Therapeutic Discovery Project tax credit is only available to companies with 250 or less employees. The credit covers up to 50 percent of a qualified investment. To provide an immediate boost to U.S. biomedical research, the credit is available for qualified investments made or to be made in 2009 and 2010.