PSivida Corp. Announces Expiration Of 2.7 Million Warrants

pSivida Corp. (NASDAQ: PSDV) (ASX: PVA), a leader in developing sustained release, drug delivery products for treatment of back-of-the-eye diseases, today announced the expiration on May 15, 2012 of warrants to purchase 2,735,337 shares of pSivida common stock. These were the last of the warrants originally issued to Sandell Asset Management.

“We are pleased with the expiration of these warrants, leaving us with outstanding warrants to purchase approximately 2.3 million shares, of which 1.7 million expire in July 2012 and the balance in January 2016,” said Dr. Ashton, CEO and President of pSivida. “As of the end of March 2012, the Company had $16.5 million in cash, cash equivalents and marketable securities, and no debt.”

About pSivida Corp.

pSivida Corp., headquartered in Watertown, MA, develops tiny, sustained release, drug delivery products designed to deliver drugs at a controlled and steady rate for months or years. pSivida is currently focused on treatment of chronic diseases of the back of the eye utilizing its core technology systems, Durasert™ and BioSilicon™. ILUVIEN® for the treatment of Diabetic Macular Edema (DME), which is licensed to Alimera Sciences, Inc., is pSivida’s most advanced product candidate, and received a positive outcome from the EU Decentralized Procedure in February 2012 with a determination that ILUVIEN is approvable for the treatment of vision impairment associated with chronic DME considered insufficiently responsive to available therapies. The MHRA and the Austrian Agency for Health and Food Safety has granted marketing authorization to ILUVIEN for chronic DME considered insufficiently responsive to available therapies and the additional CMS marketing authorizations are expected in 2012. An investigator-sponsored Investigational New Drug application is open for an injectable insert of the same design as ILUVIEN for DME to treat posterior uveitis, and an investigator-sponsored trial is ongoing for an injectable, bioerodible insert to treat glaucoma and ocular hypertension. pSivida’s two FDA-approved products, Retisert® and Vitrasert®, are implants that provide long-term, sustained drug delivery to treat two other chronic diseases of the retina.

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