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PSivida reports $3.5 million in revenues for year ending June 30
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Revenues for pSivida Corp. totaled $3.5 million for the fiscal year ending June 30, 2014, marking an increase of $1.4 million from the previous year, the company announced in a press release.
The increase in revenues was mainly attributed to recognition of $1.5 million of consideration from a feasibility study agreement upon resolution of a contingency, according to the press release.
Revenues for the quarter ending June 30 totaled $292,000, down from $492,000 for the same quarter a year earlier. Net loss for the quarter was $4 million, or $0.14 per share, compared with $3.9 million, or $0.17 per share, during the previous year.
Operating expenses for the year totaled $17 million, up from $14.2 million the previous year. The company attributed the increase primarily to research and development costs resulting from the Medidur phase 3 clinical trial that began in 2013. Net loss for the year was $13.4 million, or $0.49 per share, whereas net loss for the previous fiscal year totaled $11.9, or $0.52 per share.
On June 30, 2014, cash, cash equivalents and marketable securities totaled $18.3 million, up from $10.3 million at the same time last year.
The company has continued enrollment for the phase 3 clinical trial of Medidur for the treatment of posterior uveitis. Enrollment is expected to be completed in early 2015, according to the press release.