to list on nasdaq on friday (aus time)

Global nanotechnology company pSivida Limited (ASX: PSD), is pleased to announce that its U.S. securities registration has been declared effective and it has
received preliminary approval from NASDAQ for the listing of its American Depositary Shares (ADSs) represented by American Depositary Receipts (ADRs) on the NASDAQ National Market. The Company has also selected Citigroup as it Depositary Bank to administer the ADR programme.

pSivida expects its ADSs to commence trading on NASDAQ’s National Market on Thursday 27th January 2005 under the ticker symbol PSDV. The ADSs will trade on a 10:1 ratio to the Company’s ordinary shares (i.e., 10 pSivida shares for every 1 ADR). pSivida’s ordinary shares will continue to trade on the Australian and

Frankfurt Stock Exchanges.

pSivida Managing Director, Mr. Gavin Rezos said, “The NASDAQ listing will be an important step forward for pSivida as it looks to achieve success in the world’s
largest market in terms of capital and pharmaceutical products. We are actively looking to expand our investor base in the U.S. and are very pleased to appoint Citigroup as our Depositary Bank.”

Citigroup Depositary Receipt Services is a market leader in bringing quality issuers to the U.S. and international markets and promoting Depositary Receipts as an effective capital markets tool. The appointment of Citigroup Depositary Receipt Services provides pSivida with a gateway to the resources of Citigroup and the means to diversify its shareholder bases and increase liquidity.

Importantly the listing will offer access to U.S. investors that are currently prohibited or limited in owning foreign securities or who only invest in companies that publish results computed in accordance with US GAAP.

pSivida is a global nanotechnology company committed to the biomedical sector and the development of products in healthcare. The company’s focus is the development and commercialisation of a modified form of silicon (porosified or nano-structured silicon) known as BioSilicon™. As a new and exciting biocompatible and
biodegradable material, BioSilicon offers multiple potential applications across the high growth healthcare sector, including controlled release drug delivery, targeted cancer therapies (including brachytherapy and localized chemotherapy), tissue
engineering and orthopedics. Potential diagnostics applications are being developed through its subsidiary AION Diagnostics Limited.

pSivida plans to hold a series of informational meetings in the U.S. during February and March for investors and potential investors.

Regards
INSIDER