pSivida (PSDV) Misses Q1 EPS by 2c

November 7, 2016 4:03 PM EST

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pSivida (NASDAQ: PSDV) reported Q1 EPS of ($0.21), $0.02 worse than the analyst estimate of ($0.19). Revenue for the quarter came in at $277 thousand versus the consensus estimate of $300 thousand.

“Since joining the Company in mid-September, I have been working with our team to assess the impressive clinical and commercial potential of our pipeline that is largely based on pSivida’s proven Durasert™ sustained drug release technology, the only intraocular sustained release technology with approval of three different products,” said Nancy Lurker, President & CEO. “We’ve made significant progress on a number of fronts and I’m even more excited about the potential for pSivida to make a true difference in patients’ lives while we build returns to our shareholders. Our assessment reaffirmed the clear strength and quality of clinical data from studies of our Durasert three-year treatment for posterior segment uveitis (formerly known as Medidur) and we remain focused on preparing our submission for approval of this product candidate in both the European Union and United States during 2017. We’ve also begun a thorough examination of how to most efficiently and effectively launch the Durasert three-year uveitis product in the United States while we actively explore partnership possibilities to address patients with a similar diagnosis in Europe.”

“Our review also resulted in our management team deploying more focus on lower risk and nearer term market opportunities as well as a renewed emphasis on potential collaborations for our Durasert technology and implementation of improvements to our product candidate evaluations. Since joining, we have continued to advance our uveitis clinical program and have reprioritized our development programs. These now include a next generation Durasert bio-erodible shorter duration treatment for posterior segment uveitis, increased emphasis on Durasert for severe osteoarthritis (OA) of the knee in conjunction with HSS, and continued work on our Durasert tyrosine kinase inhibitor (TKI) program for Wet AMD. We also continue to pursue our Tethadur™ platform for large molecules,” Ms. Lurker added..

For earnings history and earnings-related data on pSivida (PSDV) click here.

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