BOSTON–(EMWNews)–pSivida Corp. (NASDAQ:PSDV)(ASX:PVA)(FF:PSI), a leading drug delivery

company headquartered in Watertown, MA, today announced the appointment

to their Board of Directors of Peter G. Savas and Paul A. Hopper as

non-executive Directors.

Peter Savas is the Chairman and Chief Executive Officer of Alseres

Pharmaceuticals, Inc. a NASDAQ listed (ALSE) biotechnology company based

in Hopkinton, MA. engaged in the clinical development of

biopharmaceutical products for the diagnosis of degenerative

neurological diseases and the treatment of acute spinal cord injury. Mr.

Savas has served as Chairman and CEO of Alseres since September 2004.

Prior to joining Alseres, Mr. Savas was Chairman, President, and Chief

Executive Officer of Aderis Pharmaceuticals which was subsequently sold

to one of its corporate partners in 2004. Mr. Savas was also Chairman,

President and CEO of Unisyn Technologies, a company he repositioned,

refinanced and subsequently sold to Cellex Biosciences in 2000. Mr.

Savas has a BA in chemistry from Syracuse University.

Paul Hopper is the founder and lead Director of Polynoma LLC and also a

Director of ASX listed Somnomed Limited (SOM) which globally

manufactures and markets a dental device for sleep disorders. Mr. Hopper

was previously the Executive Chairman of ASX listed Bone Medical Limited

(BNE) and Cell Aquaculture Limited (CAQ) and Managing Director of

Australian Cancer Technology Limited (ACU), which was rated by CitiGroup

as one of the best performing biotechs in the Australian index in 2004.

Mr Hopper holds a degree in Political Science from The University of New

South Wales (B.A.) and a Diploma from the Securities Institute of

Australia (A.S.I.A.). Mr Hopper is an Australian citizen based in Los

Angeles, California.

“Both Peter and Paul have demonstrated track

records of success in building successful biotech companies,”

said Dr. David J. Mazzo, Non-executive Chairman, pSivida Corp. “The

pSivida Board will benefit from their skills and experience as we

continue to work to build shareholder value.”

About pSivida Corp.

pSivida is a leading drug delivery company committed to the biomedical

sector and the development of drug delivery products. Retisert®

is FDA approved for the treatment of uveitis. Vitrasert®

is FDA approved for the treatment of AIDS-related CMV Retinitis. Bausch

& Lomb owns the trademarks Vitrasert® and

Retisert®. pSivida has licensed the

technologies underlying both of these products to Bausch & Lomb. The

technology underlying Medidur™ for diabetic

macular edema is licensed to Alimera Sciences in an agreement valued at

up to US$78m and is in fully funded and recruited Phase III clinical

trials. If approved, it is anticipated that Medidur will be marketed

under the name Iluvien. pSivida has a worldwide collaborative research

and license agreement with previous and future payments up US$165m with

Pfizer Inc. for certain other ophthalmic applications of the Medidur™

technology.

pSivida owns the rights to develop and commercialize a modified form of

silicon (porosified or nano-structured silicon) known as BioSilicon™,

which has applications in drug delivery, wound healing, orthopedics, and

tissue engineering. The most advanced BioSilicon™

product, BrachySil™, delivers a therapeutic,

P32 directly to solid tumors and is presently in dose ranging clinical

trials as a device 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: 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; 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.

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