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PSivida Corp. Reports Fourth Quarter And Fiscal Year 2012 Results

SAFE HARBOR STATEMENTS UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Various statements made in this release are forward-looking, and are inherently subject to risks, uncertainties and potentially inaccurate assumptions. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements. The following are some of the factors that could cause actual results to differ materially from the anticipated results or other expectations expressed, anticipated or implied in our forward-looking statements: uncertainty as to the efficacy, risk/benefit profile and side effects of the posterior uveitis product candidate; uncertainties with respect to Alimera’s ability to commercialize ILUVIEN for DME in the EU; no assurance that Alimera will resubmit its application or be able to demonstrate to the FDA that the benefits outweigh the risks of ILUVIEN for DME using data from their two previously completed pivotal Phase III clinical trials (FAME™ Study), that additional clinical trials will not be required, that the population of chronic DME patients will be acceptable to the FDA or that Alimera will be able to obtain regulatory approval for ILUVIEN for DME in the U.S.; ability of Alimera to consummate its pending financing; the timing and conditions for additional regulatory approvals are subject to decisions by regulators; necessity to raise additional capital to fully finance Phase III posterior uveitis trials as well as other working capital needs; ability to obtain additional capital; ability to initiate and complete clinical trials and obtain regulatory approval of product candidates; adverse side effects; Alimera's ability to successfully obtain regulatory approval of and commercialize ILUVIEN for DME in the EU; actions with respect to regulatory approval of ILUVIEN for DME in the U.S.; ability to attain profitability; initiation of Latanoprost Product trials and exercise by Pfizer, Inc. of the Latanoprost Product option; uncertainties with respect to pre-clinical products using Tethadur and BioSilicon; further impairment of intangible assets; fluctuations in operating results; decline in royalty revenues; ability to find partners to develop and market products; termination of license agreements; competition; market acceptance of products and product candidates; reduction in use of products as a result of future guidelines, recommendations or studies; ability to protect intellectual property and avoid infringement of others' intellectual property; retention of key personnel; product liability; consolidation in the pharmaceutical and biotechnology industries; compliance with environmental laws; manufacturing risks; risks and costs of international business operations; credit and financial market conditions; legislative or regulatory changes; volatility of stock price; possible dilution; possible influence by Pfizer; absence of dividends; and other factors described in our filings with the SEC. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Our forward-looking statements speak only as of the dates on which they are made. We do not undertake any obligation to publicly update or revise our forward-looking statements even if experience or future changes makes it clear that any projected results expressed or implied in such statements will not be realized.

 
 
PSIVIDA CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands except per share amounts)
               
Three Months Ended Year Ended
June 30, June 30,
 
2012 2011 2012 2011
 
Revenues:
Collaborative research and development $ 257 $ 3,394 $ 2,080 $ 3,612
Royalty income 442 321 1,446 1,353
       
 
Total revenues   699     3,715     3,526     4,965  
 
Operating expenses:
Research and development 1,410 1,851 7,039 6,864
General and administrative 1,599 2,172 6,868 8,104
Impairment of intangible assets - - 14,830 -
       
 
Total operating expenses   3,009     4,023     28,737     14,968  
 
Operating loss   (2,310 )   (308 )   (25,211 )   (10,003 )
 
Other income (expense):
Change in fair value of derivatives - 10 170 1,140
Interest income 8 11 38 30
Other expense, net - (2 ) (1 ) (13 )
       
 
Total other income   8     19     207     1,157  
 
Loss before income taxes (2,302 ) (289 ) (25,004 ) (8,846 )
Income tax benefit 40 149 169 218
       
 
 
Net loss $ (2,262 ) $ (140 ) $ (24,835 ) $ (8,628 )
 
Net loss per share:
Basic and diluted $ (0.11 ) $ (0.01 ) $ (1.19 ) $ (0.44 )
 
Weighted average common shares outstanding:
Basic and diluted   20,803     20,745     20,791     19,489  
       
 
PSIVIDA CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
   
June 30, June 30,
2012 2011
 
Assets
Current assets:
Cash, cash equivalents and marketable securities $ 14,571 $ 24,128
Other current assets 1,388 1,238
   
 
Total current assets 15,959 25,366
Intangible assets, net 4,226 21,564
Other assets 412 183
   
 
Total assets $ 20,597   $ 47,113  
 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued expenses $ 1,002 $ 1,650
Deferred revenue 2,176 3,212
Derivative liabilities - 170
   
 
Total current liabilities 3,178 5,032
Deferred revenue 3,783 4,635
Deferred tax liabilities - 13
   
 
Total liabilities   6,961     9,680  
 
Stockholders' equity:
Capital 264,452 262,927
Accumulated deficit (251,758 ) (226,923 )
Accumulated other comprehensive income 942 1,429
   
 
Total stockholders' equity   13,636     37,433  
 
Total liabilities and stockholders' equity $ 20,597   $ 47,113  




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