pSivida reports $2.7 million net loss in quarter

WATERTOWN, Mass. — In the third-quarter ended March 31, pSivida posted a net loss of $2.7 million, equal to the previous year’s third-quarter net loss, the company announced in a press release.

Revenues for the quarter were $538,000, nearly 50% above revenues for the same period last year, according to the release.

“The third quarter was an excellent quarter as Iluvien received a positive outcome from the Decentralized Procedure in the E.U.,” Paul Ashton, PhD, pSivida president and CEO, said in the release. “Iluvien has since received marketing authorization in the U.K. and Austria for the treatment of chronic [diabetic macular edema], the first two of seven expected marketing authorizations in the E.U."

For the current year-to-date fiscal period, pSivida’s revenues have increased from $1.3 million to $2.8 million, the release said. The company’s 9-month net loss was $22.6 million compared to $8.5 million for the same period in the previous year. The increased net loss, according to the release, is largely due to a $14.8-million write-down of company assets as a result of the U.S. Food and Drug Administration’s response letter to pSivida licensee Alimera Sciences’ resubmitted new drug application for Iluvien (fluocinolone acetonide intravitreal implant), which resulted in a significant decrease in the company’s share price.