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PSivida receives $2.9 million from investors, appoints board member

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BOSTON — PSivida Limited has received $2.9 million from Australian and European investors in exchange for over 14.2 million ordinary shares of its stock, the company announced in a press release.

The sale is an interim measure prior to the expected closing of a $26 million investment from Nordic Biotech Advisors, which will finance the development of pSivida's Medidur (fluocinolone acetonide) drug delivery system for treating diabetic macular edema, according to the release.

The company also reappointed Roger Aston, PhD, to its board of directors following his departure in November 2005, according to the release.