Directors of Perth headquartered global bio-nanotech company pSivida Ltd have confirmed that they will be taking up rights to subscribe for pSivida shares under their respective individual eligible entitlements to raise approximately $29 million.

Capital raised from this rights issue will primarily fund the phase III clinical trials of Medidur for the treatment of Diabetic Macular Edema, and phase IIa clinical trials of our lead BioSilicon product, BrachySil which is being developed for the treatment of inoperable pancreatic cancer.

The rights issue is on a non-renounceable 1 for 8 basis to raise approximately $29 million at 60 cents per ordinary share, and has an incorporated top up facility whereby eligible shareholders may apply for additional new ordinary shares in excess of their entitlement at the same price.

The rights issue is not underwritten. The record date for the rights issue was 22 May 2006.

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