pSivida gets U.K. nod for behind-the-eye treatment

More good news for pSivida ($PSDV): The company's behind-the-eye macular edema treatment, Iluvien, picked up another approval, this time from the U.K.'s Medicines and Healthcare products Regulatory Agency.

The treatment uses the company's Durasert platform, an injectable intravitreal insert placed behind the eye to release drugs. Iluvien uses the platform to deposit sub-microgram amounts of fluocinolone acetonide into the eye to treat chronic diabetic macular edema.

The U.K. authorization follows one from Austria last month, and the news highlights the treatment's market potential, the company said. "We are extremely pleased Iluvien has received this marketing authorization and will soon be available to patients in the U.K. and Austria," company CEO Paul Ashton said in a statement. "We look forward to Iluvien receiving the additional expected EU approvals."

The treatment was rebuffed by the FDA in 2011, as regulators weren't satisfied with the safety data presented, but pSivida has continued to find success since focusing on Europe. The company has said that it will weigh its options in the U.S., while pursuing approval abroad.

Durasert continues to be a boon for the Massachusetts-based drug delivery company. Its stock nearly doubled last month after announcing a licensing deal with Neuron Systems, and a 2011 partnership with Pfizer ($PFE) could be worth up to $169 million.

- read the company's release