PSivida Gives Added Iluvien Efficacy, Safety Data; Shares Up

PSivida Corp. (PSDV) provided additional efficacy and safety data from its late-stage trial of its Iluvien opthamalic treatment for diabetic macular edema, which can cause vision loss.

Shares, which initially climbed more than 10% premarket, were recently up 2.4% at $3.36. The stock was at 65 cents a year ago.

The latest data were presented at the Angiogenesis 2010 meeting in Miami. PSivida had reported some results of the late-stage trials in December. Then, it disclosed its drug to treat diabetes-related eye disease was found to be effective in eagerly awaited results of two late-stage trials.

The study included 956 patients who either received a high dose of Iluvien, a low dose of Iluvien or a 'sham procedure.'

Among the new data, in a 24-month study, more than 50% of patients receiving a low dose of Iluvien, which is inserted into the eye, had more improved vision. More than 75% of the patients received a single administration of the low-dose, with more than one-third of them having improved vision.

Patients receiving the low dose also were less likely to require further treatment. Nearly twice as many patients in a control group required laser treatment compared to those receiving the low dose of Iluvien.

The new data also showed that patients receiving the low dose were slightly more likely to develop glaucoma than the control group but had slightly lower rates of retinal detachment and vitreous hemorrhage.

The company previously announced that it plans to file a new drug application with the Food and Drug Administration for approval of the lower dose in the second quarter.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; [e-mail]