novartis to co-promote retisert with bausch & lomb

Novartis to Co-Promote Retisert With Bausch & Lomb

Boston, MA. & Perth, Australia (February 10, 2006 ) -- Global bio-nanotech company pSivida Limited (NASDAQ:PSDV, ASX:PSD, Xetra:PSI) today announced that its Retisert™ product licensed to Bausch & Lomb, will be co-promoted in the United States by Novartis Ophthalmics, a business unit of Novartis Pharmaceutical Corp. Retisert™, developed by pSivida, is the world’s first intravitreal drug implant for the treatment of chronic noninfectious posterior segment uveitis, a sight threatening condition that affects an estimated 175,000 people in the United States and an estimated 800,000 people worldwide.

pSivida receives royalties from Bausch & Lomb from sales of this product which is presently priced at US$18,250 for a treatment period of 30 months. This product is covered by Medicare, as being eligible for Medicare pass-through payment under the Hospital Outpatient Prospective Payment System.

In their announcement today, Bausch & Lomb stated “Our collaboration with Novartis Ophthalmics will provide an expanded nationwide sales force, allowing more rapid distribution of this innovative technology to retinal specialists and their patients who are suffering from posterior segment uveitis”.

Gavin Rezos, CEO of pSivida said “We believe this co-promotion deal will not only provide faster royalty growth for pSivida but also demonstrates the therapeutic value and market potential of Retisert™.

A copy of the Bausch & Lomb media release is available on Bausch & Lomb’s website:
http://www.bausch.com/us/vision/about/news/pressrelease.jsp?pressRelease=2006_2_9_retisert.html

-ENDS