pSivida Corp. (NSDQ:PSDV) is touting its inclusion on Russell Investment Group’s Microcap Index.

According to the Watertown, Mass.-based maker of eye therapy implants, their selection means automatic inclusion in the "appropriate growth and value style indexes."

Russell reconstitutes its indices every year and investment managers and institutional investors use them for funds and as benchmarks for their investment strategies, pSivida said in a press release. The investment management and strategy firm determines membership for its indices "primarily by objective, market-capitalization rankings and style attributes."

“[In the last two years] we have moved our third product toward commercialization with an NDA being filed by our licensee Alimera … and, very importantly, improved our cash position," said pSivida CEO Paul Ashton in a prepared statement.

When reporting its third-quarter earnings in May, pSivida said it expects to complete its current fiscal year with about $17 million in cash on hand, up from $7 million in cash on June 30, 2009.