pSivida reports net loss of $17.5 million in second quarter

WATERTOWN, Mass. — pSivida reported a net loss of $17.5 million in its second quarter, according to a company press release. In the second quarter of the previous year, pSivida reported a net loss of $2.7 million.

Most of the loss comes from the company recording a charge of $14.8 million for the impairment of its finite-lived intangible assets, the release said.

For the 6 months ending Dec. 31, the company reported $2.3 million in revenue, compared with $890,000 during the same period in the previous year, according to the release. During the 6 months, the company reported a net loss of $19.9 million, or 96 cents per share, as compared with a net loss of $5.8 million, or 31 cents per share, in the previous year.

"We are continuing to advance our clinical stage product pipeline," Paul Ashton, president and CEO of pSivida, said in the release. "Although we were extremely disappointed by the recent FDA action, Iluvien for DME is currently at an advanced stage in the European approval process, with Alimera reporting that a decision is expected in the first half of 2012. We are also continuing to progress development of our inserts to treat uveitis affecting the posterior segment of the eye and to treat glaucoma and ocular hypertension."

The company's revenues are largely attributable to collaborative research and development revenues with Pfizer and an increase in Retisert (fluocinolone intravitreal implant, Bausch + Lomb) royalties, the release said.