PSivida To Locate Research And Product Development Activities In U.S. Facility

(RTTNews) - pSivida Corp. (PSDV) announced it is implementing a site consolidation plan and plans to conduct all future research and product development in a single location. The company proposes to close its research facility in Malvern, U.K. and locate all research and product development activities in its cGMP facility in Watertown, MA.

pSivida expects the site consolidation plan will reduce pre-tax operating expenses by approximately $900 thousand annually, beginning in the second quarter of fiscal 2017, ending December 31, 2016. pSivida estimates that it will record approximately $680 thousand of charges associated with the plan, of which approximately $550 thousand is estimated to be cash expenditures. The charges are expected to be recorded primarily in the first quarter of fiscal 2017, ending September 30, 2016.