Major change for pSivida (ASX:PVA), a biopharmaceutical company focused on developing and commercialising innovative ophthalmic products, with an acquisition, a major new investor, a new name, EyePoint Pharmaceuticals, and confirmation it will delist from the ASX.
"Today's announcements significantly accelerate the transformation of pSivida into a specialty biopharmaceutical company with the potential to launch two ophthalmic products in the first half of 2019 with the FDA approval of DEXYCU, and active regulatory review of Durasert micro-insert for posterior segment non-infectious uveitis," said president and CEO Nancy Lurker.
"Our goal is to leverage the commercial infrastructure we are building and become a sustainable growth company.
"Our rebranding and name change reflect the tremendous progress we've made and embody the momentum at EyePoint Pharmaceuticals. Our goal is to establish EyePoint Pharmaceuticals as a leader in developing and launching innovative ophthalmic products in indications with high unmet medical need to improve the lives of patients with serious eye disorders.
"We are pleased to partner with EW and SWK to assure that we have not only the funding to achieve our goals, but also the deep strategic and healthcare domain expertise to ensure our ability to execute on our strategy."
The company has secured investments of up to $60.5 million from EW Healthcare Partners and a third-party investor. It also confirmed SWK Holdings Corporation has agreed to provide up to $20 million in a debt facility.
EyePoint said it will use these resources to finance the acquisition of Icon, a specialty biopharmaceutical company whose lead product DEXYCU (dexamethasone intraocular suspension) 9% is FDA approved for postoperative inflammation and is administered as a single dose at the end of ocular surgery, as well as prepare for the commercial launch of Durasert micro-insert for the treatment of non-infectious uveitis affecting the posterior segment of the eye.
DEXYCU is the first long-acting intraocular product approved by the FDA for the treatment of postoperative inflammation.
The company also confirmed it has requested that its shares be delisted from trading on the Australian Securities Exchange.
"Due to a significant decrease in the proportion of the Company's common stock held by Australian shareholders, low trading activity and the costs of maintaining the listing, the Board of Directors of pSivida after careful consideration has determined that there are minimal benefits to maintaining its listing on the ASX and that it would be in the best interests of the Company and its shareholders to delist," it said. The company is also listed on the NASDAQ.