PSivida Corp. Announces Closing Of $5.36 Million Registered Direct Financing
pSivida Corp. (NASDAQ:
(ASX:PVA), a leader in developing sustained release, drug delivery
products for treatment of back-of-the-eye diseases, announced today that
it closed the previously-announced securities...
pSivida Corp. (NASDAQ: PSDV) (ASX:PVA), a leader in developing sustained release, drug delivery products for treatment of back-of-the-eye diseases, announced today that it closed the previously-announced securities purchase agreement with institutional investors to raise gross proceeds of approximately $5.36 million in a registered direct offering through the sale of 2,494,419 shares of the Company’s common stock and warrants to purchase 623,605 shares of its common stock. The common stock and warrants were sold in units, with each unit consisting of one share of common stock and the equivalent of a warrant to purchase 0.25 shares of common stock. Each purchaser received warrants to purchase a number of whole shares of common stock equal to 25% of the number of shares of common stock purchased by such purchaser. Each unit was sold at a negotiated price of $2.15 per unit. Each warrant is exercisable for one share of common stock, has an exercise price of $2.50 per share and is exercisable commencing six months after date of issuance until the date five years from the issuance date. The Company intends to use the proceeds from this offering for general corporate purposes, which may include funding its clinical trials for posterior uveitis and other business operations. Rodman & Renshaw, LLC acted as sole placement agent for the offering. The shares of common stock and warrants to purchase common stock issued in the offering were sold pursuant to an effective shelf registration statement. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of our shares of common stock. No offer, solicitation or sale will be made in any jurisdiction in which such offer, solicitation or sale is unlawful. 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™. The injectable, sustained release micro-insert ILUVIEN® for the treatment of chronic Diabetic Macular Edema (DME), licensed to Alimera Sciences, Inc., has received marketing authorization in Austria, France, Germany, Portugal and the U.K. and is awaiting authorization in Italy and Spain. The United States Food and Drug Administration (FDA) has cleared pSivida’s Investigational New Drug application (IND) to treat posterior uveitis with the same micro-insert. An investigator-sponsored clinical 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.