May 30, 2013
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pSivida reports net loss of $2.79 million for quarter

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pSivida reported a net loss of $2.79 million in the third quarter, compared with a net loss of $2.69 million in the same quarter of the previous year, according to a company news release.

For the first three quarters of the fiscal year, pSivida reported a net loss of $7.95 million, compared with a net loss of $22.57 million in the same period of the previous fiscal year.

Quarterly revenue decreased to $513,000, compared with $538,000 in the same quarter of the previous year. Nine-month revenue fell to $1.7 million from $2.8 million.

The U.S. Food and Drug Administration set a prescription drug user fee act target date of Oct. 17 for Alimera Sciences’ new drug application for Iluvien (sustained-release fluocinolone acetonide) for chronic diabetic macular edema. If the FDA approves the drug, pSivida will receive a $25 million milestone payment from Alimera and 20% of net profits from Iluvien sales in the United States, the release said.