pSivida signs first evaluation deal for eye treatment

pSivida (ASX:PVA) has scored another deal this week, with a major biopharmaceutical company signing up to evaluate the company's Tethadur opthalmic technology.

The companies have signed a funded technology evaluation agreement covering the product, pSivida announced on Monday.

pSivida did not name the company involved, but CEO Paul Ashton said it is “a global leader in the field.”

Tethadur is a protein/antibody sustained release delivery technology designed to be used to treat back-of-the-eye diseases.

It is based on pSivida's BioSilicon technology platform. BioSilicon is a material designed to deliver large molecules such as proteins and antibodies in a sustained fashion as it bioerodes.

“This is our first commercial agreement for Tethadur, based on BioSilicon, our second key technology platform,” Ashton said.

So far three products utilising Durasert, pSivida's first technology platform, have been approved in the US or Europe.

Just this month, pSivida marketing partner Alimera revealed it will raise US$40 million ($38 million) in financing to fund the launch of one of the products using this platform – Iluvien – in Europe. So far, Iluvien has been approved by regulators from five European nations.

pSivida is also currently developing a product using the same delivery mechanism for a treatment for posterior uveitis.

Earlier this month, the FDA approved the company to jump directly to phase III trials of the product, and to cite pre-existing clinical data from Iluvien trials because the micro-insert design is the same.

pSivida (ASX:PVA) closed up 7.28% to $2.800 on Tuesday, the day the evaluation deal was announced. This followed a 13.48% spike on Monday.