pSivida plans A$5.2 million placement of convertible preferreds

By Laura Lutz

Des Moines, Nov. 10 - pSivida Ltd. announced that it is negotiating a private placement for A$5.2 million.

The company expects the deal to include convertible preferred equity with warrant coverage and anti-dilution protection.

The investor is an investment fund specializing in the biotech sector.

In a separate deal, the company also expects the investor to provide a A$28.5 million special purpose vehicle to fund development of Medidur, a product for the treatment of the chronic eye disease diabetic macular edema.

Based in Boston, pSivida is a bio-nanotech company focused on drug delivery products.

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