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Print Edition StoriesWednesday, April 28, 2010
pSivida lands $15M licensing fee from Alimera
By Mass High Tech staff
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Watertown-based biotechnology company pSivida Corp. has taken a $15 million payment from Alpharetta, Ga.-based Alimera Sciences Inc. to cover licensing of its lead product Iluvien to treat diabetic macular edema (DME).
According to a news release from pSivida, Alimera Sciences plans to file a New Drug Application with the U.S. Food and Drug Administration for Iluvien to be used for the treatment of DME. If approved by the FDA, pSivida stands to receive a $25 million milestone payment from Alimera Sciences, in addition to 20 percent of Iluvien’s net profits of sales. PSivida CEO Paul Ashton said the company expects a response from the FDA in the fourth quarter of this year.
PSivida (Nasdaq: PSVD) develops miniaturized, injectable drug delivery systems for eye patients. Its Iluvien is an insert containing the corticosteroid, fluocinolone acetonide, that goes into the eye of someone with diabetic macular edema, a disease which causes progressive loss of sight. The company was launched in Australia, and reincorporated as a U.S. company based in Watertown in April of 2008.
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