pSivida Announces Tech Evaluation Agreement With Leading Global Pharmaceutical Company

  pSivida Announces Tech Evaluation Agreement With Leading Global
  Pharmaceutical Company

Business Wire

WATERTOWN, Mass. -- May 29, 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™ technology 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.

"I am very pleased to be entering into a technology assessment agreement in
ophthalmology with another Global Pharmaceutical company," said Dr. Paul
Ashton, President and CEO of pSivida Corp. "We are transitioning into a
Specialty Pharma company developing our own products, while continually
looking for ways to use our technology platforms to develop new products.
Technology agreements such as this enable us work with major companies further
expanding our reach and increasing our shots on goal."

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
FDA-approved product, Retisert® for the treatment of posterior uveitis, is
licensed to Bausch & Lomb.

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: Alimera’s ability to finance,
achieve additional marketing approvals, successfully complete pricing and
reimbursement discussions for, commercialize and achieve market acceptance of,
and generate revenues to pSivida from, ILUVIEN for DME in the EU; 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.; financing and success
of planned 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 and potential collaborations for those products; initiation and
completion of clinical trials and obtaining regulatory approval of product
candidates; continued sales of Retisert; 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, President
312-943-1123
bjedynak@janispr.com
or
In Australia:
pSivida Corp.
Brian Leedman, Vice President, Investor Relations
+61 (0) 41 228 1780
brianl@psivida.com