pSivida Corp. Receives $25M Milestone Payment

pSivida Corp. (NASDAQ:PSDV, ASX:PVA), a leader in the development of sustained release, drug delivery products for treating eye diseases, today announced that it has received the $25 million milestone payment under its out-license of ILUVIEN® for the treatment of diabetic macular edema (DME). The milestone was earned on the approval of ILUVIEN by the U.S. Food and Drug Administration (FDA). “This milestone payment together with our cash on hand should fund our planned product development and other operations into calendar 2017. In addition, we will receive 20% of any net profits from sales of ILUVIEN for DME on a country-by-country basis as well as royalties on sales of Retisert,” said Dr. Paul Ashton, Ph.D., President and CEO of pSivida Corp. “Our lead product candidate, Medidur™ for the treatment of chronic posterior uveitis, uses the same micro-insert delivering the same drug as ILUVIEN. Medidur is currently being studied in a pivotal Phase III clinical trial. If the FDA concurs, we plan to file a New Drug Application for Medidur based on data from this single trial, together with supplementary data from a study of our proprietary inserter. Our pre-clinical research is focused on use of our Tethadur™ and Durasert™ platform technologies to deliver biologics to the eye and systemically and to treat wet and dry age-related macular degeneration, glaucoma and other retinal diseases and osteoarthritis,” continued Dr. Ashton.