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pSivida posts second-quarter loss, looks to 2011 for FDA action on Iluvien

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WATERTOWN, Mass. — pSivida reported a consolidated net loss of $2.7 million, or $0.15 per share, for the second quarter that ended Dec. 31, 2010, the company announced in a press release. The consolidated net loss for the second quarter of 2009 was $24,000, or $0.00 per share.

Second-quarter revenue, which primarily included royalty income from sales of the Retisert fluocinolone acetonide implant (Bausch + Lomb), totaled $414,000, down from $3.4 million during the same period in 2009, according to the release. The majority of the $3.4 million in revenue posted during the second quarter of 2009 stemmed from the recognition of deferred revenue linked to pSivida's amended collaboration agreement with Alimera Sciences. pSivida completed paying off this deferred revenue during the second quarter of 2010.

pSivida recognized $14.6 million in cash, cash equivalents and marketable securities as of Dec. 31, 2010.

In order to free up resources to aid its development programs, pSivida sold 2.21 million shares of common stock and warrants to purchase 552,500 shares of common stock to institutional investors on Jan. 24, 2011. pSivida expects to recognize approximately $10.1 million in net proceeds from the deal, according to the release.

"We believe the top-line 3-year Iluvien data is promising, and look forward to the FDA's action on Iluvien," Paul Ashton, MD, president and CEO of pSivida, said in the release. "If approved, pSivida will be entitled to a $25 million milestone payment from Alimera and 20% of profits ... from the sales of Iluvien by Alimera."