BOSTON & PERTH, Australia--(BUSINESS WIRE)--pSivida Limited (NASDAQ:PSDV)(ASX:PSD)(Xetra:PSI) today announced that it has entered into an agreement with its principal institutional lender, Sandell Asset Management Corp. (Sandell) whereby Sandell has agreed to close the December 29, 2006 amendment to the Convertible Loan which was announced on January 2, 2007 and, in conjunction with the closing, pSivida has issued an irrevocable redemption notice for the entire balance of the convertible loan. Sandell has extended the forbearance agreement until April 7, 2007 to facilitate the prompt closing of that agreement.
