UPDATE: pSivida's therapy candidate for chronic non-infectious posterior uveitis achieves main goal in Phase III trial; shares jump

Shares in drug maker pSivida (Nasdaq: PSDV) surged to close up over 21% on the Nasdaq after the company said its said late-stage trials for its lead experimental therapy prevented inflammation in the back of patients' eyes.

The company said Phase III trials for its injectable micro-insert Medidur to treat chronic non-infectious posterior uveitis with 129 patients randomized to receive treatment with Medidur or placebo injection.

About 18.4% of Medidur-treated eyes experienced posterior uveitis recurrence at six-months of follow-up compared to 78.6% of control eyes. Meanwhile, 23% of Medidur-treated eyes versus 4.9% of control eyes showed improvement in visual acuity gaining 15 or more letters from baseline on the Early Treatment Diabetic Retinopathy Study eye chart.