pSivida (ASX:PVA), a company involved in the development of sustained release drug delivery products for treating eye diseases, has announced the closing yesterday of the underwritten public offering of 4,440,000 shares of its common stock at a public offering price of $4.00 per share.
The offering has raised proceeds of $17.8 million. The company said it expects net proceeds from the offering to equal approximately $16.4 million after fees and expenses.
pSivida has developed three of only four FDA-approved sustained-release treatments for back-of-the-eye diseases. The most recent, ILUVIEN, a micro-insert for diabetic macular edema, licensed to Alimera Sciences, is currently sold in the US and three EU countries.
The company's lead product candidate, Medidur, a micro-insert for posterior uveitis being independently developed, is currently in Phase 3 clinical trials, with an NDA anticipated in the first half of 2017.