A Medical Device Daily
pSivida (Boston/Perth, Australia) reported that the Federal Court of Australia has approved the Scheme of Arrangement for the company's reincorporation in the U.S. The court approval follows shareholder approval of the reincorporation at a June 6 meeting.
pSivida said it intended to lodge a copy of the court order with the Australian Securities and Investments Commission today, at which time the reincorporation will become effective under the Australian Corporations Act.
Company shares will cease trading on the Australian Stock Exchange (ASX) at the close of trading today. The record date for determining entitlements to the scheme consideration will be June 18.
pSivida CHESS Depositary Interests are expected to begin trading on ASX on a deferred settlement basis on Thursday, with normal trading expected to begin on June 26.
The company said its common stock is expected to begin trading on Nasdaq on a when-issued basis today or Thursday, and pSivida securities are expected to begin trading on the Frankfurt Stock Exchange on a deferred settlement basis on Thursday.
pSivida is a drug delivery company that 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 currently in Phase II clinical trials for the treatment of pancreatic cancer.