pSivida raises $15m for BioSilicon development
This article was originally published in Clinica
Executive Summary
Australian bio-nanotech firm pSivida has secured an additional $15m funding, following the sale of subordinated convertible debts to a New York-based institutional investor. The debts will mature three years from the date of closing, expected to be in mid-November, and are convertible into American Depository Receipts at an initial conversion price of $7.10. Perth-based pSivida says it will use the proceeds from the note sale for the expanded development of its proprietary product, BioSilicon. The company recently acquired Control Delivery Systems (CDS), a Boston, Massachusetts-based ophthalmic drug delivery company, and is planning to incorporate BioSilicon with CDS' Aeon technology.