ASX/Media RELEASE 10 April 2007pSivida Provides Further...

ASX/Media RELEASE 10 April 2007
pSivida Provides Further Information on A$11
million Placement
Boston, MA. and Perth, Australia – pSivida Limited (NASDAQ:PSDV, ASX:PSD, Xetra:PSI), today
provided further clarification with respect to its recently announced A$11 million private placement
of ordinary shares.
• The A$11 million placement to private investors is being raised in part to provide the
Company with sufficient funds to redeem the Sandell Convertible Note. The A$11 million
issue of approximately 41 million Australian exchange traded ordinary shares (ASX) priced
at A$0.27 is equivalent to an issue of approximately 4.1 million NASDAQ-traded American
Depository Shares (NASDAQ) priced at approximately US$2.20 (one NASDAQ share is
equal to 10 ASX ordinary shares).
• The A$6.1 million equity investment in ASX traded ordinary shares by Pfizer has also been
raised to provide the Company with sufficient funds to redeem the Sandell Convertible Note
on June 4, 2007.
• The Company expects to have sufficient funds to redeem the Sandell Convertible Note on
June 4, 2007, although all or part of the Sandell Convertible Note may be converted into
pSivida equity prior to the redemption date.
• Pfizer has agreed to invest an additional A$6.1 million in pSivida common equity in the
future, subject to certain conditions.
• The Company has ongoing evaluations of our innovative drug delivery technologies in other
parts of the body that could result in further licensing deals.
The Company plans to meet with analysts and others that follow our industry throughout United
States in late April to further describe its current business and progress.
THIS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION TO BUY
SECURITIES
-ENDSReleased
by:
pSivida Limited
Brian Leedman
Director of Investor Relations
pSivida Limited
Tel: + 61 8 9226 5099
[email protected]
US Public Relations
Beverly Jedynak
President
Martin E. Janis & Company, Inc
Tel: +1 (312) 943 1100 ext. 12
[email protected]
European Public Relations
Eva Reuter
Accent Marketing Limited
Tel: +49 (254) 393 0740
[email protected]
NOTES TO EDITORS:
pSivida is a global bio-nanotech company committed to the biomedical sector and the development of drug
delivery products. Retisert® is FDA approved for the treatment of uveitis. Vitrasert® is FDA approved for the
treatment of AIDS-related CMV Retinitis. Bausch & Lomb own the trademarks Vitrasert® and Retisert®. pSivida has
licensed the technologies underlying both of these products to Bausch & Lomb. The technology underlying
Medidur™ for diabetic macular edema is licensed to Alimera Sciences and is in Phase III clinical trials.
pSivida owns the rights to develop and commercialize a modified form of silicon (porosified or nano-structured
silicon) known as BioSilicon™, which has applications in drug delivery, wound healing, orthopedics, and tissue
engineering. The most advanced BioSilicon™ product, BrachySil™ delivers a therapeutic, P32 directly to solid
tumors and is presently in Phase II clinical trials for the treatment of liver and pancreatic cancers.
pSivida’s intellectual property portfolio consists of 71 patent families, 99 granted patents, including patents
accepted for issuance, and over 300 patent applications. pSivida conducts its operations from facilities near
Boston in the United States, Malvern in the United Kingdom and Perth in Australia.
pSivida is listed on NASDAQ (PSDV), the Australian Stock Exchange (PSD) and on the Frankfurt Stock Exchange
on the XETRA system (German Symbol: PSI. Securities Code (WKN) 358705). pSivida is a founding member of
the NASDAQ Health Care Index and the Merrill Lynch Nanotechnology Index.
This release contains forward-looking statements that involve risks and uncertainties, including the risk that we may not
meet any of the milestones in the Pfizer agreement or may not successfully develop or commercialize the products under
development; the risk that Pfizer terminates the license agreement; the risk that we will not be able to exploit our drug
delivery technologies outside of the eye; the risk that our evaluation agreements for our products may not produce
favorable results and/or result in license agreements; and the risk that we will be unable to repay all amounts
outstanding under our convertible notes or other liabilities. Although we believe that the expectations reflected in such
forward-looking statements are reasonable at this time, we can give no assurance that such expectations will prove to be
correct. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking
statements. Actual results could differ materially from those anticipated in these forward-looking statements due to many
important that are contained in cautionary statements in the Annual Report on Form 20-F filed with the U.S. Securities
and Exchange Commission, including, without limitation, under Item 3.D, "Risk Factors" therein. We do not undertake to
update any oral or written forward-looking statements that may be made by or on behalf of pSivida.