pSivida to redeem all convertibles, including note held by Sandell

By Laura Lutz

Des Moines, May 16 - pSivida Ltd. announced the redemption of a convertible note held by Sandell Asset Management Corp.

pSivida will redeem the note for A$16.5 million before June 4.

The redemption is part of the company's plan to retire all of its outstanding debt.

After the Sandell note has been redeemed, the company will have only one other convertible note outstanding. A 30-day redemption notice has been issued to the holder of that note.

The company on April 30 announced that it planned to complete the redemptions of all of its convertibles by Sept. 28, 2007.

The notes included 8% subordinated convertible debentures issued in a private placement that settled on July 31, 2006.

Based in Perth, Western Australia, pSivida makes nanotechnology products used by pharmaceutical and other medical providers.

The company's stock closed unchanged at A$0.20 on Wednesday (Australia: PSD).

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