pSivida to present at Lux Executive Summit in Cambridge, Massachusetts

BOSTON--(BUSINESS WIRE)--Oct. 24, 2005--Global bio-nanotech company pSivida Limited (NASDAQ:PSDV, ASX:PSD, Xetra:PSI) announced that its CEO, Mr Gavin Rezos, will present a corporate overview to potential investors at the Lux Executive Summit in Cambridge, Massachusetts today. The summit will focus on the business impact of nanotechnology and is the premier forum for executives and investors in the nanotechnology industry.

The Lux Executive Summit is presented by Lux Research, the only research firm focused exclusively on nanotechnology. Focusing on the business impact of nanotechnology, the Lux Executive Summit will present exclusive ideas and data from Lux Research's renowned analysts. The summit is a meeting of business leaders who want to understand how nanotechnology will change products, commerce, and ultimately society.

pSivida Limited recently announced that it had entered into a definitive merger agreement to acquire Control Delivery Systems, a US based drug delivery company with the potential to create a global bio-nanotech company specializing in drug delivery, with revenues from existing products and generating long-term value through its diversified late-stage product portfolio.

pSivida is committed to the biomedical sector and the development of products in healthcare. The company's focus is the development and commercialization of a modified form of silicon (porosified or nano-structured silicon) known as BioSilicon(TM). As a new and exciting biocompatible material, BioSilicon(TM) offers multiple potential applications across the high growth healthcare sector, including controlled release drug delivery, targeted cancer therapies (including brachytherapy and localized chemotherapy), tissue engineering and orthopaedics. Potential diagnostics applications are being developed through its subsidiary AION Diagnostics Limited.

pSivida owns the intellectual property rights to BioSilicon(TM) for use in or on humans and animals. The IP portfolio consists of 29 patent families, 34 granted patents and over 80 patent applications. The core patent, which recognizes BioSilicon(TM) as a biomaterial was granted in the UK in 2000 and in the US in 2001.

For more information about Lux Research, please visit www.luxexecutivesummit.com

NOTES TO EDITORS:

pSivida is listed on NASDAQ (PSDV), the Australian Stock Exchange (PSD) and in Germany on the Frankfurt Stock Exchange on the XETRA system (German Symbol: PSI. Securities Code (WKN) 358705). pSivida's shares also trade in the United Kingdom on the OFEX International Market Service (IMS) under the ticker symbol PSD. pSivida is a founding member of the NASDAQ Health Care Index and the Merrill Lynch Nanotechnology Index.

The Company's strategic partner and largest shareholder is the QinetiQ group, the largest science and technology company in Europe. QinetiQ is the former UK government Defence Evaluation Research Agency and was instrumental in discovering BioSilicon(TM). pSivida enjoys a strong relationship with QinetiQ having access to its cutting edge research and development facilities. For more information on QinetiQ visit www.qinetiq.com.

For more information, visit www.psivida.com

This document contains forward-looking statements that involve risks and uncertainties. Although we believe that the expectations reflected in such forward-looking statements are reasonable at this time, we can give no assurance that such expectations will prove to be correct. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements due to many important factors including: our failure to develop applications for BioSilicon(TM) due to regulatory, scientific or other issues. Other reasons are contained in cautionary statements in the Registration Statement on Form 20-F filed with the U.S. Securities and Exchange Commission, including, without limitation, under Item 3.D, "Risk Factors" therein. We do not undertake to update any oral or written forward-looking statements that may be made by or on behalf of pSivida.

Contacts

pSivida Limited
Investor Relations
Brian Leedman, + 61 8 9226 5099
brianl@psivida.com
or
US Public Relations
Martin E. Janis & Company, Inc
Beverly Jedynak, 312-943-1100 ext. 12
bjedynak@janispr.com
or
UK & Europe Public Relations
Citigate Dewe Rogerson
Mark Swallow / Helena Podd, +44 (0)20 7638 957
1mark.swallow@citigatedr.co.uk

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