pSivida Announces Tech Evaluation Agreement With Leading Global Pharmaceutical Company

  pSivida Announces Tech Evaluation Agreement With Leading Global
  Pharmaceutical Company

Business Wire

WATERTOWN, Mass. -- April 4, 2013

pSivida Corp. (NASDAQ:PSDV; ASX:PVA), a specialty pharmaceutical company that
is a leader in the development of sustained release ophthalmic drug
treatments, today announced that it has signed a funded technology evaluation
agreement with a leading global pharmaceutical company. The agreement will
evaluate pSivida’s proprietary Durasert™ and Tethadur™ technologies for this
pharmaceutical company’s select products in ophthalmology. The Durasert
technology system delivers specific quantities of drugs directly to a target
site in the body at controlled rates for predetermined periods of time ranging
from weeks to months. Tethadur is pSivida’s proprietary technology for the
delivery of proteins, peptides and antibodies.

“We are extremely pleased to be working with another global pharmaceutical
company to apply our unique technologies to develop transformational products
in ophthalmology,” said Dr. Paul Ashton, pSivida president and CEO.

pSivida has developed three of the four sustained release devices for retinal
diseases that have been approved in either the US or Europe, the most recent
being ILUVIEN®, partnered with Alimera and approved in multiple EU countries.
Independently, pSivida is developing an injectable, sustained release product
to treat uveitis affecting the back of the eye (posterior uveitis) and an
injectable, bioerodible product to treat glaucoma and ocular hypertension in
collaboration with Pfizer.

About pSivida Corp.

pSivida Corp., headquartered in Watertown, MA, develops tiny, sustained
release, drug delivery products designed to deliver drugs at a controlled and
steady rate for months or years. pSivida is currently focused on treatment of
chronic diseases of the back of the eye utilizing its core technology systems,
Durasert™ and BioSilicon™. The injectable, sustained release micro-insert
ILUVIEN® for the treatment of chronic Diabetic Macula Edema (DME), licensed to
Alimera Sciences, Inc., has received marketing authorization in Austria,
France, Germany, Portugal, the U.K. and Spain and is awaiting authorization in
Italy. ILUVIEN® for DME has not been approved in the US. pSivida plans to
institute pivotal Phase III clinical trials for the treatment of posterior
uveitis with the same micro-insert as ILUVIEN® for DME. An
investigator-sponsored clinical trial is ongoing for an injectable,
bioerodible micro-insert to treat glaucoma and ocular hypertension. pSivida's
two FDA-approved products, Retisert® and Vitrasert®, are implants that provide
long-term, sustained drug delivery to treat two other chronic diseases of the
retina.

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: uncertainties with respect to: the FDA’s acceptance of Alimera's
resubmission of its NDA for ILUVIEN® for DME and Alimera’s ability to obtain
regulatory approval for, and if approved, to finance, successfully
commercialize and achieve market acceptance of, and generate revenues to
pSivida from, ILUVIEN® for DME in the U.S.; the timing of the commercial
launch in Germany and the UK, any effect of the PAS on the NICE final
guidance, Alimera's ability to finance, achieve additional marketing
approvals, successfully commercialize and achieve market acceptance of, and
generate revenues to pSivida from, ILUVIEN® for DME in the EU; financing and
success of Phase III posterior uveitis trials including efficacy, side effects
and risk/benefit profile of the posterior uveitis micro-insert; initiation,
financing and success of Latanoprost Product Phase II trials and exercise by
Pfizer of its option; development of products using Tethadur and BioSilicon;
initiation and completion of clinical trials and obtaining regulatory approval
of product candidates; adverse side effects; ability to attain profitability;
ability to obtain additional capital; further impairment of intangible assets;
fluctuations in operating results; decline in royalty revenues; ability to,
and to find partners to, develop and market products; termination of license
agreements; competition and other developments affecting sales of products;
market acceptance; protection of intellectual property and avoiding
intellectual property infringement; 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; absence of dividends; and other
factors described in our filings with the SEC. 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.

Contact:

In US:
Martin E. Janis & Company, Inc.
Beverly Jedynak, 312-943-1123
President
Cell:773-350-5793
bjedynak@janispr.com
or
In Australia:
pSivida Corp.
Brian Leedman, +61 (0) 41 228 1780
Vice President, Investor Relations
brianl@psivida.com