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pSivida Limited (NASDAQ:PSDV)(ASX:PSD)(FSE:PSI) announced that the Federal Court of Australia (Court) today approved the Scheme of Arrangement (Scheme) for the Company's reincorporation in the United States (Reincorporation). This Court approval of the Reincorporation follows shareholder approval of the Reincorporation at the Scheme Meeting held on 6 June 2008.
The Company intends to lodge a copy of the Court order with the Australian Securities and Investments Commission tomorrow, 11 June 2008, at which time the Reincorporation will become effective under the Corporations Act.
The Company's shares will cease trading on the ASX at the close of trading on ASX on 11 June 2008. The record date for determining entitlements to the Scheme consideration will be 18 June 2008.
Payment of the Scheme consideration will be made on 19 June 2008. This is the Implementation Date of the Scheme. No further action is required from the Company's shareholders.
pSivida Corp. CHESS Depositary Interests are expected to commence trading on ASX on a deferred settlement basis on 12 June 2008, with normal trading expected to commence on 26 June 2008. pSivida Corp. Common Stock is expected to commence trading on Nasdaq on a when-issued basis on 11 June 2008 or 12 June 2008. pSivida Corp. securities are expected to commence trading on the Frankfurt Stock Exchange on a deferred settlement basis on 12 June 2008.
About pSivida Limited
pSivida is a global drug delivery company committed to the biomedical sector and the development of drug delivery products. Retisert® is FDA approved for the treatment of uveitis. Vitrasert® is FDA approved for the treatment of AIDS-related CMV Retinitis. Bausch & Lomb owns the trademarks Vitrasert® and Retisert®. pSivida has licensed the technologies underlying both of these products to Bausch & Lomb. The technology underlying Medidur™ for diabetic macular edema is licensed to Alimera Sciences and is in Phase III clinical trials. pSivida has a worldwide collaborative research and license agreement with Pfizer Inc. for other ophthalmic applications of the Medidur™ technology (excluding FA).
pSivida owns the rights to develop and commercialize a modified form of silicon (porosified or nano-structured silicon) known as BioSilicon™, which has applications in drug delivery, wound healing, orthopedics, and tissue engineering. The most advanced BioSilicon™ product, BrachySil™, delivers a therapeutic, P32 directly to solid tumors and is presently in Phase II clinical trials for the treatment of pancreatic cancer.
pSivida’s intellectual property portfolio consists of 68 patent families, 118 granted patents, including patents accepted for issuance, and 275 patent applications. pSivida conducts its operations from Boston in the United States, Malvern in the United Kingdom and Perth in Australia.
pSivida is listed on NASDAQ (PSDV), the Australian Stock Exchange (PSD) and on the Frankfurt Stock Exchange (PSI). pSivida is a founding member of the NASDAQ Health Care Index and the Merrill Lynch Nanotechnology Index.
SAFE HARBOR STATEMENTS UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Various statements made in this release are forward-looking and involve a number of risks and uncertainties. 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 forward-looking statements: the scheme of arrangement for reincorporation of the company, including whether or not it is implemented; the achievement of milestones and other contingent contractual payment events; failure to prove efficacy for BrachySil; inability to raise capital; continued losses and lack of profitability; inability to develop or obtain regulatory approval for new products; inability to protect intellectual property or infringement of others’ intellectual property; inability to obtain partners to develop and market products; termination of license agreements; competition; inability to pay any registration penalties; costs of international business operations; manufacturing problems; insufficient third-party reimbursement for products; failure to retain key personnel; product liability; inability to manage change; failure to comply with laws; failure to achieve and maintain effective internal control over financial reporting; amortization or impairment of intangibles; issues relating to Australian incorporation; potential delisting from ASX or NASDAQ; possible dilution through exercise of outstanding warrants and stock options or future stock issuances; potential restrictions from capital raises; possible influence by Pfizer; and other factors that may be described in our filings with the Securities and Exchange Commission. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We do not undertake to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied in such statements will not be realized.
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