pSivida Corp. Names James Barry to Board of Directors

WATERTOWN, Mass.--()--pSivida Corp. (NASDAQ: PSDV) (ASX: PVA), a leader in developing sustained release, drug delivery products for treatment of back-of-the-eye diseases, announced today that it has elected James J. Barry, Ph.D. to its Board of Directors.

Dr. Barry, age 55, currently serves as Executive Vice President and Chief Operating Officer of InspireMD, a global medical device company focused on the development and commercialization of cardiovascular products. At InspireMD, Dr. Barry is responsible for advancing the product pipeline, managing all global clinical trial activities and driving the operational activities. He also serves as a director of InspireMD. Prior to InspireMD, Dr. Barry served as the CEO of Arsenal Medical, a venture-backed medical device company focused on hemostatis and drug delivery. From 1992 to 2010, Dr. Barry’s held various executive positions at Boston Scientific Corporation, a global medical technology leader. As Senior Vice President, Corporate Technology Development from 2007 to 2010, Dr. Barry was responsible for leading Boston Scientific’s $1 billion global R&D effort. While at Boston Scientific, Dr. Barry oversaw the development of the TAXUSTM Drug Eluting coronary stent which remains the biggest medical device launched, gaining more than $3 billion in first year sales. His team also developed several other drug device combination products.

Dr. Barry currently serves on a number of advisory boards including the College of Biomedical Engineering at Yale University, the College of Sciences at University of Massachusetts-Lowell and the Massachusetts Life Science Center.

Dr. Barry received his Ph.D. in Biochemistry from the University of Massachusetts, Lowell and a B.A. in Chemistry from St. Anselm College.

“We are very pleased to welcome Jim to pSivida as a director,” said Dr. David Mazzo, Chairman of the Board of pSivida Corp. “Jim has a proven track record in developing and delivering high value products to market, leading research and development and building successful businesses. This, coupled with his broad expertise in advising clients in the pharmaceutical, biotechnology and medical device industries, will make him a valuable addition to our board. We look forward to sharing in his significant experience as we work to build pSivida for our shareholders.”

About pSivida Corp.

pSivida Corp., headquartered in Watertown, MA, is a leader in the development of sustained release, drug delivery products for treating eye diseases. pSivida is currently focused on treatment of chronic diseases of the back of the eye utilizing its core technology systems, Durasert™ and BioSilicon™, including Tethadur™. pSivida has instituted a pivotal Phase III clinical trial of its lead product candidate, Medidur™ for treatment of the chronic, back-of-the-eye disease posterior uveitis. Medidur uses the same injectable, sustained release micro-insert as pSivida’s lead licensed product, ILUVIEN® for the treatment of DME, licensed to Alimera Sciences, Inc. ILUVIEN is marketed in the U.K. and Germany, has also received marketing authorization in eight other EU countries and is pending approval in seven more EU countries under the Mutual Recognition Procedure, for the treatment of chronic DME considered insufficiently responsive to available therapies. ILUVIEN for DME is currently under review by the FDA with a PDUFA goal date of September 26, 2014. pSivida's FDA-approved Retisert®, an implant which provides long-term, sustained drug delivery to treat posterior uveitis, is licensed to and sold by Bausch & Lomb Incorporated. pSivida’s pre-clinical research is focused on ocular and systemic delivery of biologics and treatment of wet and dry age-related macular degeneration, osteoarthritis and glaucoma.

SAFE HARBOR STATEMENTS UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Various statements made in this release are forward-looking, and are inherently subject to risks, uncertainties and potentially inaccurate assumptions. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements. The following are some of the factors that could cause actual results to differ materially from the anticipated results or other expectations expressed, anticipated or implied in our forward-looking statements: uncertainties with respect to: the number of clinical trials necessary to seek FDA approval for Medidur for posterior uveitis, which may depend on whether or not the FDA approves ILUVIEN, and outcome of the clinical trial(s); Alimera’s ability to finance, achieve additional marketing approvals, obtain adequate pricing and reimbursement for, successfully commercialize and achieve market acceptance of, and generate revenues to pSivida from, ILUVIEN for chronic DME in the EU; Alimera’s ability to obtain regulatory approval for, and if approved, to finance, successfully commercialize and achieve market acceptance of, and generate revenues to pSivida from, ILUVIEN for DME in the U.S.; Alimera’s ability to pay the $25.0 million milestone due upon FDA approval; our ability to finance, complete and achieve a successful outcome for clinical trials for, and file and achieve marketing approvals for, Medidur, including achieving acceptable risk-to-benefit and safety profiles in light of the CRL for ILUVIEN; ability of Tethadur to successfully deliver proteins, peptides and other large biologic molecules; ability to develop product candidates and products and potential related collaborations; initiation and completion of clinical trials and obtaining regulatory approval of product candidates; continued sales of Retisert; adverse side effects; ability to attain profitability; ability to obtain additional capital; further impairment of intangible assets; fluctuations in operating results; decline in royalty income; ability to, and to find partners to, develop and market products; termination of license agreements; competition and other developments affecting sales of products; market acceptance; protection of intellectual property and avoiding intellectual property infringement; retention of key personnel; product liability; consolidation in the pharmaceutical and biotechnology industries; compliance with environmental laws; manufacturing risks; risks and costs of international business operations; credit and financial market conditions; legislative or regulatory changes; volatility of stock price; possible dilution; absence of dividends; and other factors described in our filings with the SEC. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should known or unknown risks materialize, or should underlying assumptions prove inaccurate, actual results could differ materially from past results and those anticipated, estimated or projected in the forward-looking statements. Our forward-looking statements speak only as of the dates on which they are made. We do not undertake any obligation to publicly update or revise our forward-looking statements even if experience or future changes makes it clear that any projected results expressed or implied in such statements will not be realized.

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For more information on pSivida, visit www.psivida.com.

Contacts

Martin E. Janis & Company, Inc.
Beverly Jedynak
President
+1-312-943-1123
M: +1-773-350-5793
bjedynak@janispr.com

Release Summary

pSivida names James Barry to Board of Directors. Barry is currently Ex. VP and COO of InspireMD, global medical device company. Formerly with Arsenal Medical and Boston Scientific Corporation.

Contacts

Martin E. Janis & Company, Inc.
Beverly Jedynak
President
+1-312-943-1123
M: +1-773-350-5793
bjedynak@janispr.com