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Drug Delivery Research Company, pSivida, Sells Food Industry Biosilicon Company, pSiNutria, to Intrinsiq

pSivida Limited and Intrinsiq Materials Cayman Limited today announced that the assets of SiNutria Limited, a wholly owned subsidiary of pSivida, have been sold to Intrinsiq, a UK based venture capital company funded by QinetiQ (pSivida’s second largest and founding shareholder) and headed by a former pSivida Non-executive Director, Mr Stephen Lake.

  • pSiNutria was established in December 2005 to develop applications of the Company’s BioSiliconTM technology for the food industry.
  • Intrinsiq is obligated to make a series of payments totaling US$1.23m in the first year following this closing of this transaction.
  • Intrinsiq is obligated to pay royalties with minimum royalty payments of US$3.95m over approximately the next 6 years, $500k of which would be payable 18 months after the closing.
  • pSivida retains all rights outside the food science arena.
  • Follows the sale last year of wholly owned subsidiary, AION Diagnostics
  • Increased focus on core business – drug delivery and oncology

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