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pSivida announces fourth-quarter net loss, possible drug application for Iluvien
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WATERTOWN, Mass. — pSivida posted a fourth-quarter consolidated net loss of $24,000, or $0.00 per share, compared with a consolidated net loss of $870,000, or $0.05 per share, reported during the same period in 2008, the company announced in a press release.
Fourth-quarter revenues totaled $3.4 million, driven largely by the company's collaborative efforts with Alimera to develop its Iluvien device for treating diabetic macular edema. pSivida reported revenues of $2.9 million during the fourth quarter of 2008.
Based on encouraging results from a phase 3 trial of safety and efficacy conducted by Alimera, a new drug application with a request for priority review is expected on Iluvien for DME sometime in the second quarter. Licensure of Iluvien for DME would be positive for pSivida, as it would trigger a milestone payment from Alimera of $25 million, as well as entitle pSivida to 20% of any Iluvien profits, according to the release.
"Beyond the Iluvien trials, we are advancing the development of non-Iluvien product candidates through our ongoing collaboration agreement with Pfizer Inc. and through the application [of] our BioSilicon technology," Paul Ashton, PhD, president and CEO of pSivida, said in the release.
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