pSivida Achieves Significant Milestones Throughout FY 2017; Reports Fourth Quarter And Fiscal 2017 Results

Published: Sep 12, 2017

Executing Plan to File NDA for Durasert Three-year Treatment for Posterior Segment Uveitis

Conference Call and Webcast Today, September 11th, at 4:30 p.m. ET

WATERTOWN, Mass., Sept. 11, 2017 (GLOBE NEWSWIRE) -- pSivida Corp. (NASDAQ:PSDV) (ASX:PVA), a leader in the development of sustained release drug products and technologies, today reported financial results for its fiscal 2017 fourth quarter and full year ended June 30, 2017. The Company achieved several significant milestones during FY 2017 and has built operational, clinical and business development momentum entering FY 2018.

Recent Operating Highlights

  • Reported that data from the second Phase 3 trial of Durasert™ three-year treatment for posterior segment uveitis achieved its primary endpoint. The results demonstrated a significant reduction in the recurrence of posterior segment uveitis through six months: 21.8% of Durasert-treated patients had a recurrence compared to 53.8% of patients in the sham group (p < 0.001).
  • Successfully completed a pre-NDA meeting with the FDA for Durasert three-year uveitis that included FDA’s agreement with pSivida’s proposed overall clinical data package. The Company expects to file the NDA in late December or early January.
  • Leading retina specialists presented data for the first Phase 3 trial of Durasert at recent medical conferences: the EURETINA Congress and annual meetings of the Association for Research in Vision and Ophthalmology (ARVO) and the American Society of Retinal Specialists (ASRS).
  • Amended the existing collaboration agreement for ILUVIEN® to change the payment terms to a net sales royalty paid to pSivida, resulting in improved financial terms for the Company, and to grant regulatory and commercial rights to Durasert three-year uveitis in Europe, the Middle East and Africa (EMEA).
  • Hospital for Special Surgery (HSS) completed enrollment in an investigator-sponsored Phase 1 study to evaluate safety and the effect on pain and function of a combination product including Durasert technology providing sustained delivery of dexamethasone for the management of osteoarthritic knees.

“We achieved all of our key objectives during fiscal 2017 and have made great strides towards becoming a fully integrated pharmaceutical company,” commented Nancy Lurker, President and Chief Executive Officer. “Consistent with our first Phase 3 clinical trial, our second Phase 3 study of Durasert three-year treatment in posterior segment uveitis achieved its primary efficacy endpoint, and we are implementing our plan to file an NDA with the FDA by late December or early January 2018. Based on the prior regulatory approvals for Durasert's three sustained-release treatments for back-of-the-eye diseases utilizing the same core technology, we are optimistic about the regulatory review process for the product and continue to prepare for a direct commercialization effort in the U.S.”

Fiscal Fourth Quarter and Full Year 2017 Results

Revenue for the fourth fiscal quarter ended June 30, 2017 totaled $701,000 compared to $304,000 for the prior year quarter. Operating expenses totaled $6.8 million for each of the three-month periods ended June 30, 2017 and 2016. Net loss for the quarter ended June 30, 2017 was $6.1 million, or $0.16 per share compared to a net loss of $6.4 million, or $0.19 per share, for the prior year quarter.

Revenue for the full year ended June 30, 2017 was $7.5 million compared to $1.6 million for the full year ended June 30, 2016. The year-over-year increase was primarily attributable to the $5.6 million of revenue recognized (in the fiscal second quarter) upon termination of the Pfizer agreement. Net loss for the year ended June 30, 2017 was $18.5 million, or $0.52 per share compared to a net loss of $21.5 million, or $0.68 per share, for the corresponding fiscal year ended June 30, 2016.

During the fiscal 2017 fourth quarter, the Company issued approximately 3.7 million shares of common stock for gross proceeds of $6.4 million through utilization of its existing at-the-market (ATM) equity offering program. At June 30, 2017, the Company’s cash and cash equivalents totaled $16.9 million.

Anticipated FY2018 milestones:

  • File Durasert three-year uveitis NDA in the U.S. in late December 2017/early January 2018.
  • Announce 12-month read-out of Durasert three-year uveitis efficacy and safety results for the second Phase 3 clinical trial.
  • Present clinical study data at leading medical conferences, including the American Academy of Ophthalmology (AAO) annual meeting.
  • Progress Durasert shorter duration uveitis through submission-enabling pre-clinical studies.
  • Finalize additional collaboration agreements with biopharmaceutical companies and other third parties.
  • Report the initial 24-week data for the Phase 1 trial of knee osteoarthritis (OA).

Conference Call

pSivida Corp. will host a live webcast and conference call today, September 11th, at 4:30pm ET. The conference call may be accessed by dialing (877) 312-7507 from the U.S. and Canada, or (631) 813-4828 from international locations. The conference ID is 80833777. A live webcast will be available on the Investor Relations section of the corporate website at http://www.psivida.com.

A replay of the call will be available beginning September 11, 2017 at approximately 7:30 p.m. ET and ending on September 18, 2017 at 11:59 p.m. ET. The replay may be accessed by dialing (855) 859-2056 within the U.S. and Canada or (404) 537-3406 from international locations, Conference ID Number: 80833777. A replay of the webcast will also be available on the corporate website during that time.

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