WATERTOWN, Mass.--(BUSINESS WIRE)--pSivida Corp., a leader in developing sustained release, drug delivery products for treatment of back-of-the-eye diseases, today announced that it has entered into a technology evaluation agreement for its bioerodible Durasert™ drug delivery technology in ophthalmology with Neuron Systems, Inc., an ocular drug development company based in Burlington, MA. Under this agreement, the companies will evaluate the use of pSividas technology as a delivery system for a treatment for dry age related macular degeneration (Dry AMD), a serious retinal disease that afflicts millions of patients worldwide and can lead to blindness.

"While Wet AMD, which affects less than 20% of the population with AMD, is well treated with products such as Genentechs billion dollar Lucentis and/or Regenerons Eylea, there currently is no approved treatment for Dry AMD, a disease which affects far more people," said Dr. Paul Ashton, President and CEO of pSivida. Dr. Ashton added "this is the second tech evaluation agreement pSivida has signed for its bioerodible Durasert technology since pSivida regained the rights to its intellectual property from Pfizer last year."

"We are very pleased to enter into this technology evaluation agreement with pSivida as we believe the combination of Durasert™ and our proprietary compounds may provide an exciting new approach to treating this devastating disease," commented Dr. Todd C. Brady, CEO of Neuron Systems.

pSivida is also independently developing a product to treat uveitis affecting the posterior segment of the eye (posterior uveitis) and a product to treat glaucoma and ocular hypertension in collaboration with Pfizer.

About pSivida Corp.

pSivida Corp., headquartered in Watertown, MA, develops tiny, sustained release, drug delivery products designed to deliver drugs at a controlled and steady rate for months or years. pSivida is currently focused on treatment of chronic diseases of the back of the eye utilizing its core technology systems, Durasert™ and BioSilicon™. ILUVIEN® for the treatment of Diabetic Macular Edema (DME), which is licensed to Alimera Sciences, Inc., is pSividas most advanced product candidate, and based on a consensus arrived upon by the RMS and the CMS, the MHRA issued its Final Assessment Report that ILUVIEN for chronic DME is approvable. An investigator-sponsored Investigational New Drug application opened for an injectable insert to treat posterior uveitis of the same design as ILUVIEN for DME, and an investigator-sponsored trial is ongoing for an injectable, bioerodible insert to treat glaucoma and ocular hypertension. pSividas two FDA-approved products, Retisert® and Vitrasert®, are implants that provide long-term, sustained drug delivery to treat two other chronic diseases of the retina.

About Neuron Systems, Inc.

Neuron Systems, Inc. (Neuron) is developing treatments for the dry form of age-related macular degeneration, a serious eye disease that may lead to blindness and affects millions of individuals worldwide. Neurons approach involves the development of novel small molecule drugs specifically designed to inhibit the formation of toxic metabolites that accumulate in the back of the eye. Unlike other drugs in development, Neurons drugs do not appear to cause night blindness, or difficulty seeing in low-light conditions. Neuron Systems is an investment of Johnson & Johnson Development Corporation and Domain Associates, a leading healthcare venture capital firm. For more information, please go to