pSivida Corp. (NASDAQ:PSDV)

pSivida Corp. (NASDAQ:PSDV) Gains as Earnings Meet Expectations

pSivida Corp. (NASDAQ:PSDV)

Shares of biotechnology company pSivida Corp. (NASDAQ:PSDV) gained 6% to end the trading day at $1.23 after the company reported a Q1 loss of (-$6) million or (-$0.15) per share on $385,000 in revenues. The results met Wall Street expectations, according to Zacks Investment Research.

pSivida Corp. (NASDAQ:PSDV)

The news release also revealed several operational events that could have an impact on PSDV prices in the future. The company met with the U.S. Food and Drug administration (FDA) on their plans to file a New Drug Application (NDA) for Durasert later this year or early next year. pSivida also entered into collaboration agreements with two global pharmaceutical companies to develop sustained-release glaucoma drugs. Lastly, the company changed the terms of a royalty payment agreement to be based on net sales.

pSivida Corp. (NASDAQ:PSDV), headquartered in Watertown, MA, develops sustained release drug products for treating eye diseases. pSivida has developed three of only four FDA-approved sustained-release treatments for back-of-the-eye diseases.

pSivida CEO Comments

Nancy Lurker, President & CEO of pSivida Corp. (NASDAQ:PSDV) commented “We continued to build our operating momentum during the fiscal first quarter. We signed two collaboration agreements with leading pharmaceutical companies that illustrate our ability to leverage our proven drug release technology to generate non-dilutive financing.   We have a number of milestones over the next few months, primarily the NDA filing for posterior segment uveitis, which we continue to expect to file in late December 2017 or early January 2018.  We await the data from the Phase 1 knee osteoarthritis (OA) trial and continue pre-clinical work on our shorter-duration Durasert.”

PSDV Stock Performance

In 2017, two investment firms initiated coverage on PSDV shares with a “Buy” rating. Their consensus, one-year price target is $6.50. However,

In August of 2017, PSDV stock hit its 52-week low of $1.03. Shares are around 50% off their 52-week high of $2.45 hit two months earlier, in June.

For the year, shares of pSivida Corp. (NASDAQ:PSDV) are down 44%.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $PSDV and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

pSivida Corp. (NASDAQ:PSDV) Turns to Strategic Collaboration

pSivida Corp. (NASDAQ:PSDV)

pSivida Corp. (NASDAQ:PSDV) was unchanged in Friday’s trading session, days after announcing a strategic collaboration with Nicox S.A. The collaboration seeks to enhance the development of a sustained-release drug that can lower intraocular pressure in patients with glaucoma or Ocular Hypertension.

pSivida Corp. (NASDAQ:PSDV)

PSDV Stock Performance

pSivida Corp. (NASDAQ:PSDV) shares are currently trading near all-time lows, the stock having been under immense selling pressure since June. Over the past four months, the stock has shed more than 50% in market value as it continues to trade in a downtrend. The company has since turned to strategic collaboration as it seeks to reinvigorate its prospects.

Nicox-pSivida Collaboration

Pursuant to the agreement, the two companies are to collaborate in the selection of NO-donating products from Nicox’s research portfolio, which are to be combined with pSivida’s sustained release drug technology.

“Combining this novel approach to IOP lowering with our bio erodible, a sustained delivery device could offer a unique therapy alternative or adjunct to existing therapies to lower IOP in order to help prevent the development and progression of glaucoma,” said CEO, Nancy Lurker.

pSivida Corp. (NASDAQ:PSDV) has the responsibility of taking care of initial development activities of ocular insert formulations, for which it will receive undisclosed payments from Nicox. Under the terms of the agreement, the two companies may proceed with further development including non-clinical studies needed to generate pre-clinical data.

Nicox is to cater for any expenses that arise from incremental development activities for each product selected to progress into development. The two will negotiate a license agreement for any product that comes out of the collaboration.

Glaucoma Partnership

In addition, pSivida Corp. (NASDAQ:PSDV) has signed an agreement with a major pharmaceutical company for the development of two glaucoma drugs using its proprietary release technology. Under the terms of the agreement, the company is to receive, upfront payments of $750,000 for initial development. Additional payment totaling $200,000 could come into play depending on certain milestones.

“A key focus for pSivida during 2017 is to expand the number of development collaboration agreements with other drug manufacturers and this is the second such agreement during 2017. This agreement extends the strong working relationship between the two organizations,” Lurker in a statement.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $PSDV and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

pSivida Corp. (NASDAQ:PSDV) Reports Fiscal 2017 Third Quarter Results And Important Milestones In Progress

pSivida Corp. (NASDAQ:PSDV)

pSivida Corp. (NASDAQ:PSDV), one of the leading companies in the development of release technologies and drug products has released its financial report for the third quarter of the 2017 fiscal year. pSivida Corp President and Chief Executive Officer Nancy Lurker in statement said the company is making consistent clinical progress in the development of Durasert technology. She added that they are working on a Phase 3 clinical study for Durasert as well as seeking its approval in the US and EU.

On the financial end, pSivida Corp. (NASDAQ:PSDV) reported $590,000 in revenue during the third quarter of the 2017 financial year compared to $324,000 that was reported during the same period the previous financial year. Operating expenses during the period amounted to $5.8 million as compared to $5.4 million that was reported during the same period the previous financial year. The company reported $5.1 million in net loss during the quarter. This is equivalent to $0.15 per share. The company reported a net loss of $5.0 million in the third quarter of the 2016 fiscal year.

During the period, pSivida Corp. (NASDAQ:PSDV) reported $6.8 million in revenue as compared to $1.3 million during the same period in the previous financial year. This increase in revenue is as a result of the $5.6 million reported after the termination of a partnership agreement with Pfizer. The company reported $19.3 million in operating expenses as compared to the $16.6 million reported during the third quarter of the 2016 fiscal year. The increase is as a result of professional fees and severance costs in relation to transition of the company’s CEO and other changes in the executive team. The increase is also a result of regulatory and clinical consulting services in relation to NDA and MAA registration of Durasert. For the nine months ended March 31, 2017, the company reported $12.4 million or $0.36 per share in net loss compared to $15.2 million or $0.49 per share reported during the same period the previous financial year.

pSivida Corp. (NASDAQ:PSDV) issued a total of 1,411,686 shares of common stock in the third quarter of the 2017 fiscal year. The total proceeds from the sale of shares amounted to around $2.5 million. The shares were issued through the company’s existing at-the-market equity offering program.

At the close of the third quarter of the 2017 fiscal year, the company had $15.4 million in cash and cash equivalents as well as marketable securities.

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.