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pSivida Corp. Announces $5.36 Million Registered Direct Financing


pSivida  Corp. (NASDAQ:PSDV)  (PVA.AX), a leader in  developing sustained release, drug delivery products for treatment of back-of-the-eye  diseases, announced today that it has entered into a securities purchase  agreement with institutional investors to raise gross proceeds of approximately  $5.36 million in a registered direct offering through the sale of a total 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 will be 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 will receive 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 will be sold at a negotiated price  of $2.15 per unit. Each warrant will be exercisable for one share of common  stock, has an exercise price of $2.50 per share and will be exercisable during  the period commencing six months after the date of its original issuance and  ending five years from date of its issuance. These securities are being offered  through an effective registration statement.

The  offering is expected to close on or about August 7, 2012 subject to the  satisfaction of customary closing conditions. 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.

A  shelf registration statement relating to the shares of common stock and  warrants to purchase common stock issued in the offering has been filed with  the Securities and Exchange Commission (SEC) and has been declared effective. A  prospectus supplement relating to the offering will be filed with the SEC.  Copies of the prospectus supplement and accompanying prospectus may be obtained  from Rodman & Renshaw, LLC by calling 212-201-8064 or by email at 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 injectible, 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.

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: 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 finance Phase III 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; exercise by Pfizer, Inc. of the Latanoprost Product option;  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; ability to pay  any registration penalties; 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.

Source: pSivida Corp.

  Rodman & Renshaw, LLC
  1251 Avenue of the Americas
  New York, NY 10020
  (212) 356-0530

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