Perth-based bio-nanotech major, pSivida Limited has signed an exclusive worldwide Collaborative Research and License Agreement with Pfizer for its controlled drug delivery technologies, including the Medidur technology in ophthalmic applications.
Under the terms of the agreement, pSivida will receive up to $155 million in development and sales related milestones.
Pfizer will have an exclusive license to market all products developed as part of this research collaboration in ophthalmic applications and will pay pSivida a royalty on net sales of those products.
In addition to the development and sales milestones and payment of the cost of the joint research program, Pfizer has agreed to invest $5 million in ordinary shares of pSivida upon entering into the license agreement, the proceeds of which will be held in escrow until such proceeds can be used (together with other cash available to pSivida) to redeem an outstanding convertible note.
Dr Paul Ashton, Managing Director, pSivida, said, "We believe this collaboration is another significant validation of the drug delivery systems that pSivida has been developing since its founding. We plan to pursue development and additional collaborations exploiting our innovative drug delivery technologies in other parts of the body."
Medidur is a tiny, injectable device designed for the sustained release of drugs and is currently being studied for the treatment of Diabetic Macular Edema (DME).