January 25, 2008 — pSivida Ltd. (Nasdaq: PSDV), a nanotech-based drug delivery company, has sold the assets of its wholy owned subsidiary, pSiNutria Ltd., to Intrinsiq Materials, a U.K.-based venture capital backed company.
pSiNutria was established in December 2005 to develop applications of the company’s BioSilicon technology for the food industry.
As part of the deal, Intrinsiq will make a series of payments totalling $1.23 million in the first year following this closing of the transaction, then about $3.9 million over the next six years.