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PSivida Corp. Reports First Quarter Fiscal Year 2013 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: uncertainties with respect to: Alimera’s ability to finance, achieve additional marketing approvals, successfully commercialize and achieve market acceptance of, and generate revenues to pSivida from, ILUVIEN for DME in the EU; Alimera’s resubmission of its NDA for ILUVIEN for DME and its ability to obtain regulatory approval for, and if approved, to finance, successfully commercialize and achieve market acceptance of, and generate revenues to pSivida from, ILUVIEN for DME in the U.S.; financing and success of Phase III posterior uveitis trials including efficacy, side effects and risk/benefit profile of the posterior uveitis micro-insert; initiation, financing and success of Latanoprost Product Phase II trials and exercise by Pfizer of its option; development of products using Tethadur and BioSilicon; initiation and completion of clinical trials and obtaining regulatory approval of product candidates; adverse side effects; ability to attain profitability; ability to obtain additional capital; further impairment of intangible assets; fluctuations in operating results; decline in royalty revenues; ability to, and to find partners to, develop and market products; termination of license agreements; competition and other developments affecting sales of products; market acceptance; protection of intellectual property and avoiding intellectual property infringement; 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
September 30,
2012 2011
Revenues:
Collaborative research and development $ 169 $ 1,461
Royalty income 384 198
   
 
Total revenues   553     1,659  
 
Operating expenses:
Research and development 1,523 2,129
General and administrative 1,620 2,061
   
 
Total operating expenses   3,143     4,190  
 
Loss from operations   (2,590 )   (2,531 )
 
Other income (expense):
Change in fair value of derivatives - 42
Interest income 7 9
Other expense, net (1 ) (2 )
   
 
Total other income   6     49  
 
Loss before income taxes (2,584 ) (2,482 )
Income tax benefit 33 55
   
 
 
Net loss $ (2,551 ) $ (2,427 )
 
Net loss per share:
Basic and diluted $ (0.11 ) $ (0.12 )
 
Weighted average common shares outstanding:
Basic and diluted   22,294     20,757  
   
PSIVIDA CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
   
September 30, June 30,
2012 2012
 
Assets
Current assets:
Cash, cash equivalents and marketable securities $ 17,646 $ 14,571
Other current assets 1,254 1,388
   
 
Total current assets 18,900 15,959
Intangible assets, net 4,078 4,226
Other assets 361 412
   
 
Total assets $ 23,339   $ 20,597  
 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued expenses $ 1,067 $ 1,002
Deferred revenue 2,395 2,176
   
 
Total current liabilities 3,462 3,178
Deferred revenue 3,714 3,783
   
 
Total liabilities   7,176     6,961  
 
 
Stockholders' equity:
Capital 269,463 264,452
Accumulated deficit (254,309 ) (251,758 )
Accumulated other comprehensive income 1,009 942
   
 
Total stockholders' equity   16,163     13,636  
 
Total liabilities and stockholders' equity $ 23,339   $ 20,597  




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