pSivida Corp. Reports Results for the Second Quarter Ended December 31, 2011
At
“We are continuing to advance our clinical stage product pipeline," said
The Company’s posterior uveitis product candidate uses the same
injectable micro insert as ILUVIEN for DME. The Alimera collaboration
agreement allows the Company to reference the ILUVIEN for DME regulatory
filings. In
The Company’s proposed glaucoma and ocular hypertension product candidate is an injectable, bioerodible sustained release insert delivering latanoprost and is currently the subject of a dose-ranging study. The Company granted Pfizer an exclusive option under various circumstances to license the development and commercialization worldwide of this insert for human ophthalmic disease other than uveitis.
“We are also pleased with the progress being made in our pre-clinical
programs and our technology evaluations,” said Dr. Ashton. “Our
Tethadur™ system (based on BioSilicon technology) designed to deliver
large biologic molecules, including peptides and proteins, on a
sustained basis continues to advance, as does the evaluation of our
Durasert™ technology in orthopedic applications. Additionally, in
Revenues for the second quarter were
Revenues for the six months ended
Today’s Conference Call Reminder
About
SAFE HARBOR STATEMENTS UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995: Various statements made in this release are
forward-looking, and are inherently subject to risks, uncertainties and
potentially inaccurate assumptions. All statements that address
activities, events or developments that we intend, expect or believe may
occur in the future are forward-looking statements. The following are
some of the factors that could cause actual results to differ materially
from the anticipated results or other expectations expressed,
anticipated or implied in our forward-looking statements: Alimera’s
ability to obtain regulatory approval of and successfully commercialize
ILUVIEN for DME in the EU; actions with respect to regulatory approval
of ILUVIEN for DME in the U.S.; ability to obtain additional capital;
ability to attain profitability; adverse side effects; exercise by
Pfizer of the Latanoprost Product option; ability to complete clinical
trials and obtain regulatory approval of product candidates; further
impairment of intangible assets; fluctuations in operating results;
decline in royalty revenues; ability to find partners to develop and
market products; termination of license agreements; competition; market
acceptance of products and product candidates; reduction in use of
products as a result of future guidelines, recommendations or studies;
ability to protect intellectual property and avoid infringement of
others’ intellectual property; retention of key personnel; product
liability; consolidation in the pharmaceutical and biotechnology
industries; compliance with environmental laws; manufacturing risks;
risks and costs of international business operations; credit and
financial market conditions; legislative or regulatory changes;
volatility of stock price; possible dilution; possible influence by
Pfizer; ability to pay any registration penalties; absence of dividends;
and other factors described in our filings with the
| PSIVIDA CORP. AND SUBSIDIARIES | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| (In thousands except per share amounts) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| December 31, | December 31, | ||||||||||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||||||||
| Revenues: | |||||||||||||||||
| Collaborative research and development | $ | 204 | $ | 88 | $ | 1,665 | $ | 162 | |||||||||
| Royalty income | 426 | 326 | 624 | 728 | |||||||||||||
| Total revenues | 630 | 414 | 2,289 | 890 | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Research and development | 1,992 | 1,534 | 4,121 | 3,276 | |||||||||||||
| General and administrative | 1,451 | 2,001 | 3,512 | 4,170 | |||||||||||||
| Impairment of intangible assets | 14,830 | - | 14,830 | - | |||||||||||||
| Total operating expenses | 18,273 | 3,535 | 22,463 | 7,446 | |||||||||||||
| Loss from operations | (17,643 | ) | (3,121 | ) | (20,174 | ) | (6,556 | ) | |||||||||
| Other income (expense): | |||||||||||||||||
| Change in fair value of derivatives | 128 | 458 | 170 | 796 | |||||||||||||
| Interest income | 11 | 6 | 20 | 12 | |||||||||||||
| Other expense, net | - | (3 | ) | (2 | ) | (11 | ) | ||||||||||
| Total other income | 139 | 461 | 188 | 797 | |||||||||||||
| Loss before income taxes | (17,504 | ) | (2,660 | ) | (19,986 | ) | (5,759 | ) | |||||||||
| Income tax benefit (expense) | 44 | (35 | ) | 99 | (44 | ) | |||||||||||
| Net loss | $ | (17,460 | ) | $ | (2,695 | ) | $ | (19,887 | ) | $ | (5,803 | ) | |||||
| Net loss per share: | |||||||||||||||||
| Basic and diluted | $ | (0.84 | ) | $ | (0.15 | ) | $ | (0.96 | ) | $ | (0.31 | ) | |||||
| Weighted average common shares outstanding: | |||||||||||||||||
| Basic and diluted | 20,803 | 18,531 | 20,780 | 18,531 | |||||||||||||
| PSIVIDA CORP. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| December 31, | June 30, | |||||||
| 2011 | 2011 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash, cash equivalents and marketable securities | $ | 18,680 | $ | 24,128 | ||||
| Other current assets | 1,173 | 1,238 | ||||||
| Total current assets | 19,853 | 25,366 | ||||||
| Intangible assets, net | 4,596 | 21,564 | ||||||
| Other assets | 499 | 183 | ||||||
| Total assets | $ | 24,948 | $ | 47,113 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 912 | $ | 1,650 | ||||
| Deferred revenue | 1,722 | 3,212 | ||||||
| Derivative liabilities | - | 170 | ||||||
| Total current liabilities | 2,634 | 5,032 | ||||||
| Deferred revenue | 4,521 | 4,635 | ||||||
| Deferred tax liabilities | - | 13 | ||||||
| Total liabilities | 7,155 | 9,680 | ||||||
| Stockholders' equity: | ||||||||
| Capital | 263,683 | 262,927 | ||||||
| Accumulated deficit | (246,810 | ) | (226,923 | ) | ||||
| Accumulated other comprehensive income | 920 | 1,429 | ||||||
| Total stockholders' equity | 17,793 | 37,433 | ||||||
| Total liabilities and stockholders' equity | $ | 24,948 | $ | 47,113 | ||||
Source:
US Public Relations
Beverly Jedynak
President
Martin
E. Janis & Company, Inc
Tel: +1 (312) 943 1123
bjedynak@janispr.com
or
pSivida
Corp.
Brian Leedman
Vice President, Investor Relations
pSivida
Corp.
Tel: +61 (0) 41 228 1780
brianl@psivida.com
