pSivida Receives $15 million payment from Alimera Sciences
WATERTOWN, Mass.--(BUSINESS WIRE)--pSivida Corp. (NASDAQ:PSDV - News)(ASX:PVA - News), 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).
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.
About pSivida Corp.
pSivida Corp is a world leader in the development of tiny, sustained release, drug delivery products that are administered by implantation, insertion or injection. We are using these systems to develop treatments for serious, unmet, medical needs. The Company’s lead development product, Iluvien, delivers fluocinolone acetonide (FA) for the treatment of DME. DME affects approximately 1m people in the US and is one of the leading causes of vision loss. Currently, there are no FDA approved drugs for this disease. Iluvien, formerly known as Medidur™ FA for DME, is licensed to Alimera, which is conducting fully-recruited Phase III clinical trials and has announced that it intends to file an NDA with the FDA in the second quarter of 2010. pSivida also has two products approved by the FDA: Retisert® for the treatment of posterior uveitis and Vitrasert® for the treatment of AIDS-related cytomegalovirus (CMV) retinitis. pSivida has licensed both of these products and the technologies underlying them to Bausch & Lomb Incorporated. pSivida has a worldwide collaborative research and license agreement with Pfizer under which Pfizer may develop additional ophthalmic products. In addition pSivida has a multiple of other products in development.
pSivida’s intellectual property portfolio consists of 62 patent families, over 100 granted patents, including patents accepted for issuance, and over 200 patent applications. pSivida conducts its operations from Boston in the United States and Malvern in the United Kingdom.
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