pSivida ends period with $5.9 million, continues to seek strategic alternatives

By Lisa Kerner

Charlotte, N.C., Nov. 1 - pSivida Ltd. said for the period ended Sept. 30 it had cash of $5.9 million from its previously announced Sandell convertible note, according to a company news release.

The company reported Retisert royalty revenue of $248,000 for the quarter, roughly a 100% increase from the previous quarter.

In addition, pSivida signed an agreement with the Absolute Europe Catalyst Fund, Absolute Octane Fund and Australian IT Investments Ltd. to purchase $6.5 million of subordinated convertible debentures, raising proceeds of $5.0 million.

The global bio-nanotech company announced it made operational changes designed to make more efficient use of resources, including reducing its research operations in Malvern, U.K, and Singapore. pSivida is continuing to move its head office from Perth, Australia, to Boston.

pSivida is also considering raising more cash, reducing its cash burn and focusing on core activities.

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