Thursday, April 17, 2008

Aussie firm pSivida to reincorporate in U.S.

Australian biotech pSivida Ltd. says it plans to reincorporate in the United States, which would make its Boston offices the company's worldwide headquarters.

Company officials say the reincorporation, which is subject to Australian Federal Court and shareholder approval, will happen in mid-2008.

Making pSivida (Nasdaq: PSDV) a U.S.-based company will make it a more attractive investment for shareholders and increase the potential scope and depth of the company's shareholder base, officials said.

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.

After reincorporating, pSivida will keep its listings on the Australian Stock Exchange, Nasdaq and the Frankfurt Stock Exchange. The company's current business, operations, directors and management will not change as a result of the reincorporation, officials said.

Last month pSivida amended a licensing deal with Alimera Sciences Inc. that could bring $78 million dollars in initial and future payments to the company.