pSivida Corp., a specialty pharmaceutical company and a leader in the development of sustained release ophthalmic drug treatments, has signed a funded technology evaluation agreement with a leading global pharmaceutical company. The agreement will evaluate pSivida's proprietary Durasert technology for this pharmaceutical company's select products in ophthalmology.

The Durasert technology system delivers specific quantities of drugs directly to a target site in the body at controlled rates for predetermined periods of time ranging from weeks to months.

"I am very pleased to be entering into a technology assessment agreement in ophthalmology with another Global Pharmaceutical company," said Dr Paul Ashton, president and CEO of pSivida Corp. "We are transitioning into a Specialty Pharma company developing our own products, while continually looking for ways to use our technology platforms to develop new products. Technology agreements such as this enable us work with major companies further expanding our reach and increasing our shots on goal."

pSivida has developed three of the four sustained release devices for retinal diseases that have been approved in either the US or Europe, the most recent being ILUVIEN, partnered with Alimera and approved in multiple EU countries. Independently, pSivida is developing an injectable, sustained release product to treat uveitis affecting the back of the eye (posterior uveitis) and an injectable, bioerodible product to treat glaucoma and ocular hypertension in collaboration with Pfizer.

pSivida Corp. develops tiny, sustained release, drug delivery products designed to deliver drugs at a controlled and steady rate for months or years.