Monday, March 17, 2008

PSivida could see $78M from Alimera deal changes

Biotech firm pSivida Ltd. reports amending a license to its experimental treatment for diabetic macular edema (DME) with Alimera Sciences Inc.

PSivida (Nasdaq: PSDV), an Australian firm with U.S. offices in Watertown, said that Atlanta-based Alimera has increased its stake in future profits of the DME treatment, Medidur FA, from 50 percent to 80 percent in exchange for $78 million in initial and future payments to pSivida.

In October 2007, Alimera completed enrollment in a 956-patient, Phase 3 study of Medidur to treat DME, a disease involving retinal thickening that is the leading cause of adult blindness in developed countries.

PSivida, which develops nanostructured silicon for drug delivery and other uses, reported a 2007 net loss of $92.1 million, on revenue $2.5 million. The firm lists 26 employees.