pSivida announces $2.6 million loss

pSivida reported a $2.6 million net loss for its first quarter ended September 30. The company did not comment directly on this loss but attributed the $2.3 million loss in the previous quarter to FDA's negative response to its Iluvien application. pSivida also announced revenues of $553,000 for the quarter, compared to $1.7 million for the first quarter last year.

As of September 30, 2012, cash, cash equivalents and marketable securities totaled $17.6 million, reflecting $4.7 million in net proceeds from an August registered direct offering of shares of common stock and warrants.

Alimera Sciences owns the global license to manufacture and sell Iluvien, a sustained-release intravitreal implant that delivers sub-microgram levels of fluocinolone acetonide for up to 36 months. Iluvien is approved in Austria, Portugal, France, Germany and the UK, and recommended for approval in Italy and Spain.

Alimera plans to launch Iluvien in Germany, the UK and France in 2013. pSivida will receive 20 percent of net profits from Iluvien sales in these countries.