pSivida signs marquee deal, quits the local bourse for the NASDAQ
Health & Biotech
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It is all systems go for pSivida – today announcing a transformative acquisition, name change and de-listing from the ASX.
The dual-listed company (ASX:PVA, NASDAQ:PSDV) cemented itself as an eye-health specialist, acquiring Icon Bioscience and rebranding to EyePoint Pharmaceuticals from April.
It is all made possible by a third-party equity investor Essex Woodlands which is backing the company with about $60.5 million.
pSivida — which was founded in Western Australia in 2001 — will delist from the ASX, to trade solely on the NASDAQ from April.
pSivida said it was appreciative of early support from the local bourse but the majority of its common stock had moved overseas – just 13 per cent of its stock traded on the ASX, down from 53.6 per cent in November 2008.
The stock was trading down 9 per cent in morning trade, at $1.45.
Its 30-day average trading volume on the ASX as at 28 February 2018 was about 1092, representing an aggregate value of approximately $1,520.
By contrast, the company’s 30-day average trading volume on NASDAQ during the same period was to the value of approximately $782,000.
Focused on eye health
The deal will boost pSivida’s products offerings with the inclusion of its lead product DEXYCU for post-operative inflammation of the eye.
It’s the first long-acting intraocular product approved by the FDA and means the company now has two potential near-term launches on the cards, in addition to pSivida’s Durasert micro-insert.
The company’s pre-clinical development program is focused on using that core Durasert platform to deliver drugs to treat age-related macular degeneration, glaucoma, osteoarthritis and other diseases.