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Posted: January 23, 2008
pSivida Announces pSiNutria Business sold to Intrinsiq Materials
(Nanowerk News) pSivida Limited (NASDAQ:PSDV)(ASX:PSD)(FF:PSI), a global drug delivery company, and Intrinsiq Materials Cayman Limited today announced that the assets of pSiNutria Limited, a wholly owned subsidiary of pSivida, has been sold to Intrinsiq Materials, a UK based venture capital backed company.
pSiNutria was established in December 2005 to develop applications of the Company’s BioSiliconTM technology for the food industry.
Terms of the agreements include:
pSivida has sold and licensed intellectual property and other assets concerned with nutrient delivery, food packaging and personal care applications of BioSiliconTM to Intrinsiq. pSivida retains all rights outside these arenas.
Intrinsiq Materials is obligated to make a series of payments totalling US$1.23m in the first year following this closing of this transaction.
Provided the license is in place, Intrinsiq Materials is obligated to pay royalties with minimum royalty payments of US$3.95m over approximately the next 6 years, $500k of which would be payable 18 months after the closing.
“We believe this asset sale will advance the BioSilicon™ food program whilst further reducing our burn rate,” said Dr Paul Ashton, Managing Director of pSivida Limited. “Following the sale last year of our subsidiary AION Diagnostics, the Company continues to focus operations on our core technologies – drug delivery and oncology”.
pSivida is a global drug delivery company committed to the biomedical sector and the development of drug delivery products. Retisert® is FDA approved for the treatment of uveitis. Vitrasert® is FDA approved for the treatment of AIDS-related CMV Retinitis. Bausch & Lomb owns the trademarks Vitrasert® and Retisert®. pSivida has licensed the technologies underlying both of these products to Bausch & Lomb. The technology underlying Medidur™ for diabetic macular edema is licensed to Alimera Sciences and is in Phase III clinical trials. pSivida has a worldwide collaborative research and license agreement with Pfizer Inc. for other ophthalmic applications of the Medidur™ technology.
pSivida owns the rights to develop and commercialize a modified form of silicon (porosified or nano-structured silicon) known as BioSilicon™, which has applications in drug delivery, wound healing, orthopedics, and tissue engineering. The most advanced BioSilicon™ product, BrachySil™ delivers a therapeutic, P32 directly to solid tumors and is presently in Phase II clinical trials for the treatment of pancreatic cancer.
pSivida’s intellectual property portfolio consists of 70 patent families, 99 granted patents, including patents accepted for issuance, and over 300 patent applications. pSivida conducts its operations from facilities near Boston in the United States, Malvern in the United Kingdom and Perth in Australia.
pSivida is listed on NASDAQ (PSDV), the Australian Stock Exchange (PSD) and on the Frankfurt Stock Exchange on the XETRA system (PSI). pSivida is a founding member of the NASDAQ Health Care Index and the Merrill Lynch Nanotechnology Index.