re: + + shareholder update + + http://stocknessmonster.com/news-item?S=PSD&E=ASX&N=256963
Text:
8 March 2004
Dear Shareholder,
RE: pSivida Shareholder Update
On behalf of your Company’s Board of Directors I would like to update you on the outstanding progress that has been made in the research & development and commercialisation activities of the Company.
This year will mark the first trial of BioSiliconTM in man, with Phase IIa clinical trials of the Company’s lead brachytherapy product 32-P BioSiliconTM (“BrachySilTM”) set to commence in May 2004.
Results
from these trials are expected in the second half of this year with Phase IIb clinical trials scheduled for
early 2005 and product launch expected in 2006 as a medical device.
Drug Delivery remains a core focus for the Company with results from the Phase IIa trials helping to
further prove the slow release capabilities of BioSiliconTM across the platform of drug delivery
applications.
In December 2003, our UK operating subsidiary, pSiMedica, appointed a commercialisation director to establish key licensing agreements with large pharmaceutical, biotech and device companies in Europe and the United States.
The Company has also signed several significant collaborations to progress the development and
commercialistion of the BioSiliconTM technology platform with potential applications across a range of
areas including diagnostics, tissue engineering and orthopaedics.
Key partnerships have been established with Australian and overseas companies such as EpiTan,
Clinical Cell Culture/McComb Foundation, Cytomatrix, Texas Christian University and Singapore General Hospital to develop non core applications of BioSiliconTM.
It is anticipated that results from these collaborative partnerships may lead to the establishment of several licensing agreements for use of the BioSiliconTM in the near term.
The Company is also developing a diagnostics business to use BioSiliconTM for “in the body” diagnostics. The Company has also recently signed a Licensing Agreement with Forschungszentrum, part of Germany’s largest research institute, for the use of its porous silicon optical mirror technology.
Combining these technologies the Company intends to commercialise BioSiliconTM optical mirrors as
an in-vivo diagnostic device, providing early diagnosis and continual monitoring, with an initial focus
on cancer testing.
In January 2004 the Company announced the granting of an additional patent in the important US
market. The patent provides a crucial first step in the development of ‘smart’ drug delivery devices making use of the semi-conductor properties of silicon.
pSiMedica continues to advance the development of its partnering strategy and progress discussions with leading electronics and chip technology companies with a strong interest in the development of such devices in healthcare.
The patent has served to draw further attention in the US to the versatility of the BioSiliconTM technology
platform.
pSivida is in a strong financial position with cash reserves of $7.8 million and access to a further
equity line of credit facility of $7.5 million which remain unutilised.
The Company listed on the Frankfurt Stock Exchange in Germany in October 2003 and subsequently
in Berlin, Munich and Stuttgart. These additional listings have served to further increase the profile of
the Company with both institutional and retail investors in Germany and across Europe.
It provides investors abroad with the opportunity to invest in the development and commercialisation of
BioSiliconTM, while also enhancing the Company’s existing shareholder base and corporate visibility in
these key regions.
An Extraordinary General Meeting has been called for which a notice of meeting and Explanatory
Memorandum is enclosed. The notice proposes resolutions to give the Board approval to issue up to
6 million shares by way of a placement to European and US institutional investors, providing a greater
overseas share register and additional liquidity in these important markets.
The Notice also seeks approval to increase Directors fees to enable the Company to attract suitably qualified candidates in Europe and the US as potential directors as your Company continues to grow.
Your Directors remain focused on and committed to the strategic development of the Company and
the commercialisation of BioSiliconTM. We are very confident that 2004 will be a positive year for the
Company and look forward to your continued support.
Yours sincerely,
Gavin Rezos
Managing Director
pSivida Limited
PSD
psivida limited
