Shares in pSivida (NSDQ:PSDV) rose yesterday after the medical device maker met expectations on Wall Street with its fiscal 2nd quarter results.
The Watertown, Mass.-based company pared its losses to -$0.1 million, or 0¢ per share, on sales of $6 million for the 3 months ended Dec. 31, for bottom-line growth of 98.7% on sales growth of 1035% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 0¢, beating the consensus on The Street by 18¢.
“Our efforts begun in late September 2016 to reprioritize pSivida’s development program profile from a higher risk, longer term focus to one that is moderate risk and nearer term, are making progress towards achieving our objectives,” president & CEO Nancy Lurker said in prepared remarks. “In addition to our planned EU and U.S. registration filings this year for our Durasert 3-year treatment for posterior segment uveitis, we are actively pursuing a partnership agreement to commercialize the product in the EU post approval.
“In the U.S., our second Phase III trial of Durasert 3-year uveitis requested by the FDA completed enrollment and we continue to expect top line read out of this trial by the end of the 2nd quarter of calendar 2017. We remain optimistic that the second trial will provide positive results due to the robustness of the first trial and the similar trial design. Concurrently, the robustness of our Durasert technology has led us to embark on an aggressive strategy to pursue collaboration agreements with other drug manufacturers. A key corporate objective remains to enter into at least one such agreement during calendar 2017.”
pSivida did not provide guidance for next quarter.
pSivida shares were trading at $1.79 apiece today in afternoon activity, up 1.7%.