March 13, 2009 (FinancialWire) -- Michael Soja has resigned his position as vice president of finance and chief financial officer at drug delivery firm pSivida Corp. (NASDAQ: PSDV) (Current Market Cap: US$13.70 Mil.), effective March 20. The company's corporate controller, Len Ross, will become its principal financial and accounting officer.

Company CEO Paul Ashton thanked Soja for "his many contributions," and added, "During the past year we completed our reincorporation in the U.S. and the listing of our common stock on NASDAQ. With these major milestones achieved we are now structured effectively to continue to advance the evolution of miniaturized injectable drug delivery devices for use in ophthalmology and the treatment of other localized and systemic diseases."

Watertown, Massachusetts-based pSivida is engaged in the development of miniaturized, injectable, drug delivery systems for the eye. pSivida's lead development product, Iluvien, delivers fluocinolone acetonide for the treatment of diabetic macular edema. Formerly known as Medidur FA for DME, Iluvien is in fully recruited Phase III clinical trials, according to the company.

The company said it has licensed certain drug delivery technology to Alimera Sciences for the development of Iluvien and certain other ophthalmic products. PSivida also has two products approved by the Food and Drug Administration, including Retisert for the treatment of uveitis and Vitrasert for the treatment of AIDS-related cytomegalovirus retinitis. The company said it has licensed both of these products and the technologies underlying them to Bausch & Lomb Incorporated.

PSivida also has a worldwide collaborative research and license agreement with Pfizer under which Pfizer may develop additional ophthalmic products.

FinancialWire" ( http://www.financialwire.net ), an independent, proprietary news service of Investrend Communications, Inc., receives no compensation for its news or opinions. Further disclosure is at http://www.investrend.com/articles/secondlevel.asp?level=472 . To contact FinancialWire" write to inquiries@financialwire.net .

Free annual reports for companies mentioned in the news are accessible via http://investrend.ar.wilink.com/?level=279 .

Copyright(C)2009 by financialwire.net, Inc. All rights reserved.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.