pSivida Moves to Complete Reincorporation as U.S. Company with Listing on NASDAQ

Business Wire, June 11, 2008

BOSTON & PERTH, Australia -- Following approval by the Federal Court of Australia of the reincorporation of pSivida Limited, a Western Australian corporation, to pSivida Corp., a new Delaware, United States corporation, pSivida Corp. announced that its common stock will commence trading on the NASDAQ Global Market on June 11, 2008 on a when-issued basis. The pSivida Corp. common stock will trade under the symbol "PSDVV" for so long as the common stock is trading on a when-issued basis. After the common stock of pSivida Corp. commences regular trading on NASDAQ, it is expected that the common stock will trade under the symbol "PSDV", the same symbol under which pSivida Limited's ADSs currently trade. Trading will reflect the reincorporation's exchange ratio of one share of pSivida Corp. common stock to four ADSs of pSivida Limited.

About pSivida Limited and pSivida Corp.

pSivida is a global drug delivery company committed to the biomedical sector and the development of drug delivery products. Retisert[R] is FDA approved for the treatment of uveitis. Vitrasert[R] is FDA approved for the treatment of AIDS-related CMV Retinitis. Bausch & Lomb owns the trademarks Vitrasert[R] and Retisert[R]. pSivida has licensed the technologies underlying both of these products to Bausch & Lomb. The technology underlying Medidur[TM] for diabetic macular edema is licensed to Alimera Sciences and is in Phase III clinical trials. pSivida has a worldwide collaborative research and license agreement with Pfizer Inc. for other ophthalmic applications of the Medidur[TM] technology (excluding FA).

pSivida owns the rights to develop and commercialize a modified form of silicon (porosified or nano-structured silicon) known as BioSilicon[TM], which has applications in drug delivery, wound healing, orthopedics, and tissue engineering. The most advanced BioSilicon[TM] product, BrachySil[TM], delivers a therapeutic, P32 directly to solid tumors and is presently in Phase II clinical trials for the treatment of pancreatic cancer.

pSivida's intellectual property portfolio consists of 68 patent families, 118 granted patents, including patents accepted for issuance, and 275 patent applications. pSivida conducts its operations from Boston in the United States, Malvern in the United Kingdom and Perth in Australia.

SAFE HARBOR STATEMENTS UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Various statements made in this release are forward-looking and involve a number of risks and uncertainties. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements. The following are some of the factors that could cause actual results to differ materially from the forward-looking statements: the scheme of arrangement for reincorporation of the company, including whether or not it is implemented; the achievement of milestones and other contingent contractual payment events; failure to prove efficacy for BrachySil; inability to raise capital; continued losses and lack of profitability; inability to develop or obtain regulatory approval for new products; inability to protect intellectual property or infringement of others' intellectual property; inability to obtain partners to develop and market products; termination of license agreements; competition; inability to pay any registration penalties; costs of international business operations; manufacturing problems; insufficient third-party reimbursement for products; failure to retain key personnel; product liability; inability to manage change; failure to comply with laws; failure to achieve and maintain effective internal control over financial reporting; amortization or impairment of intangibles; issues relating to Australian incorporation; potential delisting from ASX or NASDAQ; possible dilution through exercise of outstanding warrants and stock options or future stock issuances; potential restrictions from capital raises; possible influence by Pfizer; and other factors that may be described in our filings with the Securities and Exchange Commission. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We do not undertake to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied in such statements will not be realized.