Someday your contact lenses will give you your medicine; Unilife raises nearly $34 million;

> Australian company Phosphagenics will be launching a 65-patient pharmacokinetic study of its oxycodone drug delivery patch by the end of November, the publication Australian Life Scientist is reporting. Healthy patients will take part in the trial, which will evaluate the treatment's safety and whether it is well-tolerated with repeat dosing. The treatment, Phosphagenics' lead product, uses its patented targeted penetration matrix delivery technology. Story

> Drug delivery systems maker Unilife ($UNIS) has raised a net of nearly $34 million in a stock offering, after expenses, to fund clinical development, commercial operations and workforce expansion, the company said. Unilife issued more than 8.2 million shares of common stock at $4.35 per share. Underwriters have a 30-day option to buy more than 1.2 million additional shares to cover any over-allotments. Release

> pSivida ($PSDV) has signed a technology evaluation agreement with an undisclosed "global pharmaceutical company" that will evaluate its bioerodible Durasert drug delivery technology in ophthalmology. Financial terms were not disclosed. The company is using Durasert to develop a sustained released implant of the ocular hypertension and glaucoma treatment latanoprost, according to its website. Release

> Hospira ($HSP) has begun a commercial roll-out of imipenem-cilastatin for injection, I.V. It is the first U.S. generic version of Merck's ($MRK) Primaxin, which generated $140 million in U.S. sales in 2010. Release

And Finally... What if you could receive medication from your contact lenses? Researchers at Auburn University in Alabama have asked that question and are developing a way for contact lenses to deliver controlled doses of medication. Story