pSivida enters licensing negotiations for drug delivery technologies
Global drug delivery company pSivida, based in Perth, Australia, has entered into an exclusive negotiation period with a major global pharmaceutical company to acquire a worldwide, royalty bearing license to make, use and sell products using pSivida's drug delivery technologies.
Global drug delivery company pSivida, based in Perth, Australia, has entered into an exclusive negotiation period with a major global pharmaceutical company to acquire a worldwide, royalty bearing license to make, use and sell products using pSivida's drug delivery technologies.
This announcement follows several 12 month evaluation agreements of pSivida's drug delivery technologies with large companies including this major global pharmaceutical company.
The pharma company will make payments totaling US$990,000 (A$1.3m) to pSivida for the right to exclusively negotiate a licensing agreement for a period of three months and to fund the cost of a preclinical study. The preclinical study will focus on an evaluation of pSivida's drug delivery technologies in a very significant product opportunity.
pSivida recently completed a placement to raise US$2.9m (A$3.7m) before costs to Australian and European investors. This raising is an interim financing measure prior to the expected closing of the definitive documents with Nordic Biotech Advisors for a US$4.0m (AU$5.1m) corporate investment in pSivida and a US$22.0m (AU$28.2m) investment over time in a Special Purpose Vehicle (SPV) that is expected to fully fund pSivida's portion of costs to develop Medidur for the treatment of the chronic eye disease diabetic macular edema (DME).
'We are delighted to be working with this major global pharma and to build our relationship on the positive findings from their initial pre-clinical evaluation of our drug delivery technologies,' said Dr Roger Brimblecombe, ceo and chairman of pSivida.