UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 12b-25

NOTIFICATION OF LATE FILING
 
SEC FILE NUMBER
000-51122
 
CUSIP NUMBER
74439M 10 7

(Check one):
o Form 10-K
x Form 20-F
o Form 11-K
o     Form 10-Q
o Form N-SAR
o     Form N-CSR
 
 
For Period Ended:
June 30, 2005

Read Instruction (on back page) Before Preparing Form. Please Print or Type.
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

o
 Transition Report on Form 10-K
o
 Transition Report on Form 20-F
o
 Transition Report on Form 11-K
o
 Transition Report on Form 10-Q
o
 Transition Report on Form N-SAR
 
For the Transition Period Ended:
 
 
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:

PART I — REGISTRANT INFORMATION

pSivida Limited
Full Name of Registrant
 
Former Name if Applicable
 
Level 12 BGC Centre, 28 The Esplanade
Address of Principal Executive Office (Street and Number)
 
Perth, Western Australia 6000, Australia
City, State and Zip Code

PART II — RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

 
  (a)
The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense
 x
  (b)
The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
 
  (c)
The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.


 
PART III — NARRATIVE

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
 
The registrant was unable to compile, review and prepare all of the information required by the registrant’s Annual Report on Form 20-F for the fiscal year ended June 30, 2005, in time to permit the timely filing of such Form 20-F without undue hardship and expense to the registrant. This inability has resulted principally from the registrant’s pending acquisition of Control Delivery Systems, Inc. (referred to herein as CDS) which is expected to be completed on December 30, 2005. The pending acquisition required the preparation of an extensive information statement for distribution to the shareholders of CDS, which made significant demands on the registrant and its independent auditors. These and other demands arising in connection with the acquisition of CDS made it impossible for the registrant to prepare and file Form 20-F in a timely manner without undue hardship and expense. The Form 20-F will be filed no later than the fifteenth calendar day following the prescribed due date.

 
PART IV — OTHER INFORMATION
 
(1)
Name and telephone number of person to contact in regard to this notification
 
 
Aaron Finlay
 
+61 (8)
 
9226-5099
 
(Name)
 
(Area Code)
 
(Telephone Number)
 
(2)
Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).
xYes             o   No
 
 
(3)
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
oYes             x   No
 
 
 
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
             

 
PSIVIDA LIMITED
(Name of Registrant as Specified in Charter)
 
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date:
December 29, 2005
 
By:
 /s/Aaron Finlay
 
 
 
 Name:
Aaron Finlay
 
 
 
 Title:
Chief Financial Officer and Company Secretary

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