Weary pSivida investors unmoved by positive Phase III trial

Shares in Massachusetts, USA-based drugmaker pSivida (Nasdaq: PSDV) have fallen over 15% since close of trading on Monday, despite positive news from the company’s second Phase III trial into Durasert for posterior uveitis.

The company, which specializes in sustained release ophthalmic medicines, said the primary endpoint of prevention of recurrence of posterior uveitis at six months, with patients continuing to be followed for 36 months, was met in the study of 153 patients.

Previously known as Medidur, the therapy has been under development for many years in collaboration with USA-based Alimera (Nasdaq: ALIM), but has failed to gain approval from regulators.