pSivida Limited announced the receipt of US$ 500k as the first quarterly research and development payment from Pfizer under the terms of the exclusive worldwide Collaborative Research and License Agreement signed in April 2007 for pSivida's controlled drug delivery technologies in ophthalmic applications.

Over the last 10 months pSivida has received US$12m from Pfizer, including equity investments, under the terms of that agreement and will receive up to an additional US$153.5m in development and sales related milestones. Pfizer is the largest shareholder in company holding approximately 10 per cent of the outstanding shares.

"We are very pleased that the Pfizer licensing agreement is proceeding as expected," said pSivida's managing director, Dr Paul Ashton.

pSivida is a global drug delivery company committed to the biomedical sector and the development of drug delivery products.