pSivida posts $2.8m loss for Q3

pSivida (ASX:PVA) has reported a slight increase in net loss for its fiscal third quarter to US$2.8 million ($2.8 million). Total revenue fell 4.6% to US$513,000.

Operating expenses stayed relatively flat at US$3.3 million, with R&D costs accounting for US$1.6 million worth of spending.

Cash and cash equivalents at the end of the quarter totalled a solid US$13.7 million, but declined US$2 million compared to Q2.

Presenting the results, pSivida CEO Dr Paul Ashton highlighted the recent strides licensing partner Alimera Sciences has taken with ocular micro-insert Iluvien as a treatment for diabetic macular edema (DME).

The US FDA recently granted a new PDUFA date for approval of Alimera’s New Drug Application. Alimera also recently launched Iluvien in Germany and the UK, and applied to have the product funded by the UK’s National Health System under a patient access scheme.

pSivida is entitled to a 20% cut of the profits from Iluvien sales, and a US$25 million milestone payment upon FDA approval of the product.

“Concurrent with these exciting developments for Iluvien, we continue to move forward with our own lead development product, an injectable micro-insert for posterior uveitis, for which we expect to begin the first Phase III trial shortly,” Ashton said.

“Because this product uses the same micro-insert as Iluvien for DME, the FDA has agreed that we can use much of the data - including clinical safety data - from the completed Iluvien Phase III trials to support the application for uveitis.”

pSivida shares were trading 4.07% higher at $2.81 as of around 1.30 pm on Tuesday.