pSivida appoints Boston-based CFO & General Counsel

Perth headquartered global bio-nanotech company pSivida Ltd has announced that Michael Soja has been appointed Vice President, Finance and Chief Financial Officer, and Lori Freedman has been appointed Vice President, Corporate Affairs, General Counsel and Secretary.

Both Mr Soja and Ms Freedman are based at pSivida's Boston facility in the United States.

Mr Soja has 20 years of experience as Chief Financial Officer of XTRA Corporation (New York Stock Exchange). He is the former Vice President, Finance and Chief Financial Officer of Control Delivery Systems Inc., which was acquired by pSivida in December 2005.

Ms Freedman has 14 years of experience in corporate law, intellectual property protection and corporate strategy development skills. She is the former Vice President of Corporate Affairs, General Counsel, and Secretary of Control Delivery Systems.

At 1020 WST, shares in pSivida were down 2 cents to 56 cents.

Earlier this month, pSivida was looking to raise $29 million through a non-renounceable rights issue to fund clinical trials for two of its treatments.

The capital raised would be used to fund the phase III clinical trials of Medidur for the treatment of Diabetic Macular Edema (DME), and phase IIa clinical trials of its lead BioSilicon product, BrachySil which was being developed for the treatment of inoperable pancreatic cancer.

Below is the full announcement:

Boston, MA. and Perth, Australia -Global bio-nanotech company pSivida Limited (ASX:PSD,NASDAQ:PSDV, Xetra:PSI) is pleased to announce that Mr. Michael J. Soja has been appointed Vice President, Finance and Chief Financial Officer, and Ms. Lori H. Freedman has been appointed Vice President, Corporate Affairs, General Counsel and Secretary.

Both Mr. Soja and Ms .Freedman are based at pSivida's Boston facility in the United States. As Vice President, Finance and Chief Financial Officer, Mr. Soja will be responsible for all financial and accounting functions of the Company, reporting directly to the Chief Executive Officer.

Mr. Soja brings to pSivida a substantial and varied financial background, including 20 years of experience as Chief Financial Officer of XTRA Corporation (New York Stock Exchange). He is the former Vice President, Finance and Chief Financial Officer of Control Delivery Systems Inc. (CDS), which was acquired by pSivida in December 2005.

Mr. Soja earned a Masters in Business Administration from Babson College (Wellesley MA), a Masters in Accounting from Northeastern University (Boston MA) and a Bachelor of Arts degree in Mathematics from the College of the Holy Cross (Worcester MA).

Aaron Finlay, who has served as pSivida's Chief Financial Officer and Company Secretary will remain in Australia and continue as the Company Secretary while pSivida is still an Australian company and Chief Financial Officer of AION Diagnostics and pSiNutria, both wholly owned subsidiaries.

As Vice President, Corporate Affairs, General Counsel and Secretary, Ms. Freedman will be responsible for overseeing all legal affairs of the Company. Reporting directly to the Chief Executive Officer, Ms Freeman will also be assisting in the development of corporate strategies and serving as a Company Secretary to the Board of Directors.

Ms. Freedman brings 14 years of legal experience and corporate law, intellectual property protection and corporate strategy development skills to pSivida. She is the former Vice President of Corporate Affairs, General Counsel, and Secretary of Control Delivery Systems.

Prior to her tenure at CDS, Ms. Freedman served as Vice President, General Counsel and Secretary of Allaire Corporation (NASDAQ) and following their acquisition of Allaire, as Vice President, Business Development, and Counsel of Macromedia Inc. (NASDAQ).
Ms. Freedman earned her Law degree from Boston University School of Law and her Bachelor of Arts degree in Economics and Psychology from Brandeis University (Waltham MA).

"We are very pleased to appoint Mike and Lori to these key positions. Their appointments are an integral part of pSivida's ongoing U.S. growth strategy as we build our Boston base and their wealth of experience and expertise are a valuable asset to us as we continue to grow.

The strength and experience of pSivida's corporate management team are enhanced by their appointments," said Mr. Gavin Rezos, CEO and Managing Director of pSivida.