Tuesday, June 10, 2008

PSivida wins court OK to become a U.S. firm

By Mass High Tech Staff

Drug delivery firm pSivida Ltd. of Australia says it has won court approval of its plan to reincorporate as a U.S. company.

PSivida (Nasdaq: PSDV) (ASX: PSD) (FSE: PSI), which has a local office in Watertown, reports that the Federal Court of Australia approved the reincorporating plan, and the scheme is due to become effective June 11.

The firm’s shares will cease trading on the Australian Securities Exchange at the close of trading June 11, and its stock is expected to commence trading on the Nasdaq and Frankfurt stock exchanges on June 11 or June 12 for Nasdaq and June 12 for Frankfurt, according to the company.

The life sciences company is a global provider of nano-structured silicon, called BioSilicon, intended for use in the drug delivery, orthopedics, wound healing and tissue engineering markets. It also licenses drug delivery technology for two products approved by the U.S. Food and Drug Administration.

With 26 employees, pSivida reported a 2007 net loss of $94.4 million on revenue of $2.5 million.