pSivida stock rallies after Durasert partnerships

New applications for Durasert, pSivida's ($PSDV) back-of-the-eye drug delivery tech, have helped the company nearly double its share price since January, Proactive Investors reports.

The company's stock rose from $1.04 per share at the start of the year to $2.10 this week, as investors responded to pSivida's March announcement of a licensing deal with Neuron Systems, an ocular drug developer. That comes after last year's deal with Pfizer ($PFE), worth a possible $169 million.

Durasert is a bioerodible delivery implant, going in behind the eye to deliver treatment and then break apart. It can be implanted in a minimally invasive outpatient procedure, pSivida has said. The Neuron deal would pair Durasert with a drug to treat dry age-related macular degeneration, a retinal disease that affects millions of people and can cause blindness. In its pact with Pfizer, pSivida looks to administer constant latanoprost and treat glaucoma and ocular hypertension.

Furthermore, pSivida's pipeline also includes an in-house project that uses Durasert: The company is working on a drug to treat back-of-the eye inflammation called uveitis.

- read the Proactive Investors report