ASX/Media RELEASE 4 April 2007
pSivida signs A$203 million (US$165 million)
Collaborative Research and Licensing Agreement
with Pfizer
Boston, MA. and Perth, Australia – pSivida Limited (NASDAQ:PSDV, ASX:PSD, Xetra:PSI), today
announced it has signed an exclusive worldwide Collaborative Research and License Agreement
with Pfizer Inc. (PFE: NYSE) for pSivida’s controlled drug delivery technologies, including the
MedidurTM technology, in ophthalmic applications.
Under the terms of the agreement, pSivida will receive up to A$191m (US$155m) in development
and sales related milestones. The two companies will work together on a joint research program
aimed at developing ophthalmic products using pSivida’s sustained drug delivery technology. In
addition to milestone payments, Pfizer will fund the cost of the joint research program. Pfizer will
have an exclusive license to market all products developed as part of this research collaboration in
ophthalmic applications and will pay pSivida a royalty on net sales of those products. Pfizer may
terminate the agreement on 60 days notice without cause.
In addition to the development and sales milestones and payment of the cost of the joint research
program, Pfizer has agreed to invest A$6.1m (US$5m) in ordinary shares of pSivida upon entering
into the License Agreement, the proceeds of which will be held in escrow until such proceeds can
be used (together with other cash available to pSivida) to redeem an outstanding convertible note.
If pSivida does not repay the full amount outstanding under the convertible note prior to June 4,
2007, Pfizer may elect during the 90 day period following June 9, 2007 to cause pSivida to return
the A$6.1m (US$5m) held in escrow, in which case the license agreement would terminate. Pfizer
has also agreed to invest an additional A$6.1m (US$5m) in pSivida common equity in the future,
subject to certain conditions.
“We believe this collaboration is another significant validation of the drug delivery systems that
pSivida has been developing since its founding,” said Dr. Paul Ashton, Managing Director, pSivida
Limited. “pSivida plans to pursue development and additional collaborations exploiting our
innovative drug delivery technologies in other parts of the body.”
Medidur™ is a tiny, injectable device designed for the sustained release
of drugs and is currently being studied for the treatment of Diabetic
Macular Edema (DME), the leading cause of blindness for Americans
under the age of 65. MedidurTM in combination with Fluocinolone
Acetonide is in Phase III clinical trials in DME in collaboration with
Alimera Sciences Inc., a specialty pharmaceutical company focused on
the ophthalmic industry.
-ENDSInjectable
MedidurTM
pSivida signs A$203 million (US$165 million)
Collaborative Research and Licensing Agreement
with Pfizer
Boston, MA. and Perth, Australia – pSivida Limited (NASDAQ:PSDV, ASX:PSD, Xetra:PSI), today
announced it has signed an exclusive worldwide Collaborative Research and License Agreement
with Pfizer Inc. (PFE: NYSE) for pSivida’s controlled drug delivery technologies, including the
MedidurTM technology, in ophthalmic applications.
Under the terms of the agreement, pSivida will receive up to A$191m (US$155m) in development
and sales related milestones. The two companies will work together on a joint research program
aimed at developing ophthalmic products using pSivida’s sustained drug delivery technology. In
addition to milestone payments, Pfizer will fund the cost of the joint research program. Pfizer will
have an exclusive license to market all products developed as part of this research collaboration in
ophthalmic applications and will pay pSivida a royalty on net sales of those products. Pfizer may
terminate the agreement on 60 days notice without cause.
In addition to the development and sales milestones and payment of the cost of the joint research
program, Pfizer has agreed to invest A$6.1m (US$5m) in ordinary shares of pSivida upon entering
into the License Agreement, the proceeds of which will be held in escrow until such proceeds can
be used (together with other cash available to pSivida) to redeem an outstanding convertible note.
If pSivida does not repay the full amount outstanding under the convertible note prior to June 4,
2007, Pfizer may elect during the 90 day period following June 9, 2007 to cause pSivida to return
the A$6.1m (US$5m) held in escrow, in which case the license agreement would terminate. Pfizer
has also agreed to invest an additional A$6.1m (US$5m) in pSivida common equity in the future,
subject to certain conditions.
“We believe this collaboration is another significant validation of the drug delivery systems that
pSivida has been developing since its founding,” said Dr. Paul Ashton, Managing Director, pSivida
Limited. “pSivida plans to pursue development and additional collaborations exploiting our
innovative drug delivery technologies in other parts of the body.”
Medidur™ is a tiny, injectable device designed for the sustained release
of drugs and is currently being studied for the treatment of Diabetic
Macular Edema (DME), the leading cause of blindness for Americans
under the age of 65. MedidurTM in combination with Fluocinolone
Acetonide is in Phase III clinical trials in DME in collaboration with
Alimera Sciences Inc., a specialty pharmaceutical company focused on
the ophthalmic industry.
-ENDSInjectable
MedidurTM