pSivida signs collaborative research and licensing agreement with Pfizer

Australian company pSivida has signed an exclusive worldwide collaborative research and license agreement with Pfizer for pSivida's controlled drug delivery technologies, including the Medidur technology, in ophthalmic applications.

Under the terms of the agreement, pSivida will receive up to A$191m (US$155m) in development and sales related milestones. The two companies will work together on a joint research programme aimed at developing ophthalmic products using pSivida's sustained drug delivery technology. In addition to milestone payments, Pfizer will fund the cost of the joint research programme.

Pfizer will have an exclusive license to market all products developed as part of this research collaboration in ophthalmic applications and will pay pSivida a royalty on net sales of those products. Pfizer may terminate the agreement on 60 days notice without cause.

Medidur is a tiny, injectable device designed for the sustained release of drugs and is currently being studied for the treatment of Diabetic Macular Edema (DME). Medidur in combination with Fluocinolone Acetonide is in Phase III clinical trials in DME in collaboration with Alimera Sciences, a speciality pharmaceutical company focused on the ophthalmic industry.

'We believe this collaboration is another significant validation of the drug delivery systems that pSivida has been developing since its founding,' said Dr Paul Ashton, managing director, pSivida .'pSivida plans to pursue development and additional collaborations exploiting our innovative drug delivery technologies in other parts of the body.'