ASX/Media RELEASE 13 April 2007pSivida Sells AION Diagnostics...

ASX/Media RELEASE 13 April 2007
pSivida Sells AION Diagnostics Subsidiary
Boston, MA. and Perth, Australia – pSivida Limited (NASDAQ:PSDV, ASX:PSD, Xetra:PSI), is
pleased to announce that its subsidiary, AION Diagnostics Inc. will be sold to GEM Global Yield
Fund, a portfolio management company.
GEM has agreed to pay pSivida US$3 million, payable in two equal installments of US$1.5 million
upon the completion of an initial public offering of AION’s stock on the Frankfurt Stock Exchange
and US$1.5 million payable no later than 12 months after the closing of the transaction, in
exchange for pSivida’s entire holdings in AION.
pSivida has exclusively licensed the non-electronic imaging diagnostic applications of our
BioSiliconTM technology to AION Diagnostics for which pSivida will receive royalties from all
commercialized products.
“We are very pleased with this transaction that follows our recently announced licensing deal with
Pfizer and we believe this transaction allows us to continue to focus on our core drug delivery
business,” said Dr. Paul Ashton, Managing Director of pSivida Limited.
-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 AION may
not commercialize any products for which pSivida would receive a royalty; 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.