pSivida Corp. Reports First Quarter EPS of $(0.17)

pSivida Corp. PSDV today announced its first quarter results. Revenues for the 2010 quarter were $476,000 as compared to $3.4 million a year earlier. The change from the prior year reflects the previously announced completion of the amortization of deferred revenue from the Company's amended collaboration agreement with Alimera Sciences, Inc. In last year's first quarter, $3.2 million of the $3.4 million of revenues resulted from revenue recognition attributable to this agreement. By contrast, revenues for this year's first quarter were primarily Retisert® royalty payments, which resumed following completion of an agreement with Bausch & Lomb. The Company reported a consolidated net loss of $3.1 million, or $0.17 per share, for the first quarter ended September 30, 2010, compared to a consolidated net loss of $1.6 million, or $0.09 per share, for the prior year's first quarter. Cash, cash equivalents and marketable securities totaled $15.3 million at September 30, 2010 compared to $17.6 million at June 30, 2010. Net cash used of $2.3 million for the fiscal 2011 first quarter was higher than recent quarters as a result of a delayed payment of $500,000 of research funding received after the close of the quarter.