ann: top-5 pharma update

Significant Progress in BioSiliconTM Drug Delivery Evaluation

Global nanotechnology company pSivida Limited (ASX:PSD, NASDAQ:PSDV, Xetra:PSI) is pleased to announce that its evaluation of selected compounds from an undisclosed top five global pharmaceutical company has progressed successfully. The collaboration agreement was signed at the end of December 2004, and covers a staged evaluation of the pharmaceutical company’s proprietary compounds in pSivida’s porous silicon, controlled release platform (BioSiliconTM). The initial stage of the planned 12-month programme has concluded meeting the agreed technical success criteria, and in turn triggering the next payment to pSivida under the terms of the agreement. More advanced assessment of the first compound will continue, whilst a second compound will enter the planned technical evaluation.
pSivida’s Managing Director, Mr Gavin Rezos said, “We are delighted with the rapid progress which has been made in meeting this first milestone in the programme. The work has been conducted in the laboratories of our UK operating subsidiary, pSiMedica Ltd, and supports the efficiency and expertise of our scientists. Importantly, the data also provides further validation of our technology platform in leveraging the drug delivery of proprietary therapeutics.”

Pess