pSivida Ranked15th on 2010 Technology Fast 500(TM), Deloitte's Ranking of Fastest Growing Companies in North America
WATERTOWN, Mass., Oct 20, 2010 (BUSINESS WIRE) --
pSivida Corp. (NASDAQ:PSDV)(ASX:PVA), a leader in the development of sustained release drug delivery products for the treatment of back of the eye disease including the product candidate Iluvien for the treatment of Diabetic Macular Edema, today announced that it ranked 15th on the 2010 Deloitte Technology Fast 500. Deloitte ranked the top 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America based on the percentage of fiscal year revenue growth during the period from 2005-2009.
According to Deloitte & Touche's rankings, pSivida's revenue grew 9,869 percent during this period, primarily reflecting revenues related to the Company's collaboration with Bausch & Lomb resulting in the FDA approval of Retisert® in 2005 (the first FDA approved drug for uveitis), the Company's collaboration agreement with Pfizer in 2007 and the Company's amended license agreement with Alimera Sciences relating to Iluvien. Paul Ashton, Ph.D., President and Chief Executive Officer of pSivida, commented, "This is a great achievement for pSivida and follows on the heels of our inclusion in the Russell Microcap Index earlier this year. Our ranking reflects only our revenue growth through fiscal 2009. Our strong revenue growth continued in fiscal 2010 in which our revenue increased 90% over the prior year."
Technology Fast 500 award winners for 2010 had revenue growth ranging from 146 percent to 164,079 percent from fiscal years 2005 to 2009, with an average growth of 2,361 percent.
Selection and Qualifiying Criteria
Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies - both public and private - in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2005 to 2009.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year reporting revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
This ranking is compiled from nominations submitted directly to the Technology Fast 500 Web site and public company database research.
About pSivida Corp.
pSivida is a world leader in the development of tiny drug delivery products that are administered by implantation, injection or insertion and provide sustained release of drugs on a controlled and level basis for months or years. The Company uses these systems to develop treatments for serious, unmet, medical needs. The Company's most advanced product candidate, Iluvien, delivers fluocinolone acetonide (FA) for the treatment of diabetic macular edema (DME). DME is a leading cause of vision loss, affecting more than a million people in the US alone, for which there is currently no FDA-approved drug therapy. Iluvien is licensed to Alimera Sciences, Inc., which is completing fully-recruited Phase III clinical trials and submitted a New Drug Application (NDA) with the Food and Drug Administration (FDA) in June 2010. In August 2010, the FDA granted Priority Review status for the NDA. pSivida has two products approved by the FDA for sustained release delivery of drug to treat chronic back-of-the-eye diseases: Retisert® for the treatment of posterior uveitis and Vitrasert® for the treatment of AIDS-related cytomegalovirus (CMV) retinitis. pSivida has licensed both of these products and the technologies underlying them to Bausch & Lomb Incorporated. pSivida also has a worldwide collaborative research and license agreement with Pfizer Inc. under which Pfizer may develop additional ophthalmic products using certain of the Company's technologies. pSivida's intellectual property portfolio consists of over 50 patent families, more than 100 granted patents, including patents accepted for issuance, and more than 150 patent applications. pSivida conducts its operations from Boston in the United States and Malvern in the United Kingdom.
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; risk/benefit profile of Iluvien; timeliness of approval, if any, of Iluvien and any limitations on uses thereof; ability to complete clinical trials and obtain regulatory approval of other product candidates; ability to raise capital; ability to achieve profitability; impairment of intangibles; fluctuations in the fair values of certain outstanding warrants; fluctuations in operating results; ability to derive revenues from Retisert; ability to obtain 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 publications; ability to protect intellectual property or 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 through exercise of outstanding warrants and stock options or future stock issuances; possible influence by Pfizer; ability to pay any registration penalties; absence of dividends; and other factors described in our filings with the Securities and Exchange Commission. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Our forward-looking statements speak only as of the dates on which they are made. We do not undertake any obligation to publicly update or revise our forward-looking statements even if experience or future changes makes it clear that any projected results expressed or implied in such statements will not be realized.
SOURCE: pSivida Corp.
In US:
Beverly Jedynak, President, Martin E. Janis & Company, Inc.
312-943-1123
bjedynak@janispr.com
In Australia:
Brian Leedman, Vice President, Investor Relations, pSivida
+ 61 8 9227 8327
brianl@psivida.com
