High hopes battle big Q3 losses at pSivida

May 13, 2010 by MassDevice staff

Ophthalmic drug-delivery device maker pSivida Corp. posts a $2.7 million net loss in its fiscal third quarter, as revenues shrink following a contract expiration in December.

The expiration of a performance contract with a product-development partner eliminated a big part of the revenue stream at pSivida Corp. (NSDQ:PSDV) during early 2010 and helped send the ophthalmic care company to a $2.7 million net loss during the three months ended March 31.

Revenues fell to $515,000 during the company's fiscal third quarter, down from $3.2 million during the same period last year. The year-ago period included $3 million in payments from Alimera Sciences Inc. (NSDQ:ALIM), which is working with pSivida to develop and market Iluvien, a drug-delivery device to treat diabetic macular edema. That contract expired Dec. 31, 2009, leaving only a similar collaboration pact with drug-maker Pfizer Inc. (NYSE:PFE) as pSivida's lone source of incoming funds.

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