<SUBMISSION>
<ACCESSION-NUMBER>0001144204-05-030941
<TYPE>6-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20051006
<FILING-DATE>20051006
<DATE-OF-FILING-DATE-CHANGE>20051006
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>pSivida LTD
<CIK>0001314102
<ASSIGNED-SIC>3826
<IRS-NUMBER>000000000
<STATE-OF-INCORPORATION>C3
<FISCAL-YEAR-END>0630
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>6-K
<ACT>34
<FILE-NUMBER>000-51122
<FILM-NUMBER>051126222
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>LEVEL 12 BGC CENTRE
<STREET2>28 THE ESPLANADE
<CITY>PERTH
<STATE>C3
<ZIP>6000
<PHONE>61 8 9226 5099
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>LEVEL 12 BGC CENTRE
<STREET2>28 THE ESPLANADE
<CITY>PERTH
<STATE>C3
<ZIP>6000
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>v026825-6k.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARIZER HTML 3.0.0.26435 -->
<!-- Copyright 2005 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff">
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><a name="return"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></a></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
        D.C. 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>FORM
        6-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REPORT
        OF
        FOREIGN ISSUER</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to Rule 13a-16 or 15d-16 of</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
        Securities Exchange Act of 1934</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>For
        the month of October 2005</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Commission
        File Number 000-5112</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>pSivida
        Limited</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Translation
        of registrant&#8217;s name into English) </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Level
        12
        BGC Centre</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28
        The
        Esplanade</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Perth
        WA
        6000</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
        of principal executive offices)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Indicate
        by check mark whether the registrant files or will file annual reports under
        cover Form&#160;20-F or Form&#160;40-F). </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
        20-F
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#253;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Form
        40-F </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
        by check mark if the registrant is submitting the Form 6-K in paper as permitted
        by Regulation S-T Rule 101(b)(1):</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
        by check mark if the registrant is submitting the Form 6-K in paper as permitted
        by Regulation S-T Rule 101(b)(7):</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
        by check mark whether the registrant by furnishing the information contained
        in
        this Form is also thereby furnishing the information to the Commission pursuant
        to Rule&#160;12g3-2(b) under the Securities Exchange Act of 1934.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Yes
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#253;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        "Yes"
        is marked, indicate below the file number assigned to the registrant in
        connection with Rule&#160;12g3-2(b): 82- ___. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURE
        </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant,
        pSivida Limited, has duly caused this report to be signed on its behalf by
        the
        undersigned, thereunto duly authorized. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr valign="top" bgcolor="#ffffff">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pSivida
                Limited</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&#160;October
                6, 2005</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;Aaron
                Finlay</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="FONT-FAMILY: Times New Roman" size="1">&#160;</font></td>
              <td align="left">
                <hr style="COLOR: #000000" align="left" noshade size="2" width="80%"><font size="2">Aaron
                Finlay</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Chief
                Financial Officer and Company
                Secretary</em></font></td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 207pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em><u>EXHIBIT
        INDEX</u></em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
                  99.1:</strong></font></div>
              </td>
              <td align="left" valign="top" width="62%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pSivida
                  secures additional US$15m funding</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v026825-ex99_1.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARIZER HTML 3.0.0.26435 -->
<!-- Copyright 2005 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff">
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">EXHIBIT
        99.1</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><img src="logo.jpg" alt=""></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ASX/MEDIA
        RELEASE</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 161.1pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 0.9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>pSivida
        secures additional US$15m funding</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Effective
        conversion price of US$7.10 per ADR (AU$0.95 per ordinary share)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
        <div>
          <hr style="COLOR: #000000" align="left" noshade size="1" width="100%">
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Global
        bio-nanotech company pSivida Limited </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(ASX:PSD,
        NASDAQ:PSDV, Xetra:PSI)</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        is
        pleased to announce that it has signed an agreement with a New York based
        institutional accredited investor (the &#8220;Investor&#8221;) pursuant to which the
        Investor, subject to satisfaction of closing conditions, will purchase US$15m
        (AU$20m) of Subordinated Convertible Debentures convertible into PSDV American
        Depository Receipts (&#8220;ADR&#8221;) at an initial conversion price of US$7.10 (AU$0.95
        per ordinary share). The proceeds of the issuance are expected to be used
        for
        the expanded development of pSivida&#8217;s platform technology,
        BioSilicon</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>TM</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        debentures will mature three years from the date of closing and will bear
        8%
        interest payable quarterly. pSivida may, at its sole discretion, choose to
        make
        interest payments in cash and/or ADRs . The Investor will also receive warrants
        to purchase approximately 633,000 additional ADRs. The warrants are exercisable
        for six years at an initial exercise price of US$7.20 (AU$0.96 per ordinary
        share).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ADRs
        issued upon conversion of the debentures or exercise of the warrants will
        be
        registered under the Securities Act of 1933 to permit resale in the United
        States on behalf of the Investor within 180 days from the date of the agreement.
        </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        transaction is subject to shareholder approval for the issuance. The closing
        is
        anticipated to occur in mid November.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        announcement follows pSivida&#8217;s acquisition of Boston based drug delivery
        company, Controlled Delivery Systems (&#8220;CDS&#8221;) earlier this week. Gavin Rezos,
        Managing Director of pSivida Limited said, &#8220;Revenue from CDS&#8217;s
        Retisert</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>TM</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        products
        and an expected BioSilicon</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>TM</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        licensing deal make convertible debt financing an appropriate strategy to
        meet
        our funding needs in the short to medium term.&#8221;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BIO-IB,
        LLC, a New York based healthcare investment banking boutique, acted as financial
        advisor and Curtis, Mallet-Prevost, Colt &amp; Mosle LLP acted as legal advisor
        to pSivida on this transaction.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>-ENDS-</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Released
        by:</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="26%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>pSivida
                  Limited</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Brian
                  Leedman</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investor
                  Relations</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pSivida
                  Limited</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Tel:
                  + 61 8 9226 5099</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">brianl@psivida.com</font></div>
              </td>
              <td align="left" valign="top" width="26%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>US
                  Public Relations</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beverley
                  Jedynak</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">President</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Martin
                  E. Janis &amp; Company, Inc</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Tel:
                  +1 (312) 9 1100 ext. 12</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">bjedynak@janispr.com</font></div>
              </td>
              <td align="left" valign="top" width="28%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UK
                  &amp; Europe Public</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Relations</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mark
                  Swallow / Helena Podd</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Citigate
                  Dewe Rogerson</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Tel:
                  +44 (0)20 7638 9571</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">mark.swallow@citigatedr.co.uk</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NOTES
        TO EDITORS:</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>pSivida
        Limited</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pSivida
        is a global drug delivery company committed to the biomedical sector and
        the
        development of products in healthcare. The company&#8217;s focus is the development
        and commercialisation of a modified form of silicon (porosified or
        nano-structured silicon) known as BioSilicon&#8482;. As a new and exciting
        biocompatible material, BioSilicon&#8482; offers multiple potential applications
        across the high growth healthcare sector, including controlled release drug
        delivery, targeted cancer therapies (including brachytherapy and localized
        chemotherapy), tissue engineering and orthopedics. Potential diagnostics
        applications are being developed through its subsidiary AION Diagnostics
        Limited. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pSivida
        owns the intellectual property rights to BioSilicon&#8482; for use in or on humans and
        animals. The IP portfolio consists of 29 patent families, 34 granted patents
        and
        over 80 patent applications. The core patent, which recognises BioSilicon&#8482; as a
        biomaterial was granted in the UK in 2000 and in the US in 2001. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pSivida
        is listed on NASDAQ (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PSDV</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">),
        the
        Australian Stock Exchange (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PSD</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)
        and in
        Germany on the Frankfurt Stock Exchange on the XETRA system (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>German</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Symbol:
        PSI. Securities Code (WKN) 358705</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">).
        pSivida&#8217;s shares also trade in the United Kingdom on the OFEX International
        Market Service (IMS) under the ticker symbol </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PSD</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        pSivida
        is a founding member of the NASDAQ Health Care Index and the Merrill Lynch
        Nanotechnology Index.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company&#8217;s strategic partner and largest shareholder is the QinetiQ group, the
        largest science and technology company in Europe. QinetiQ is the former UK
        government Defence Evaluation Research Agency and was instrumental in
        discovering BioSilicon&#8482;. pSivida enjoys a strong relationship with QinetiQ
        having access to its cutting edge research and development facilities. For
        more
        information on QinetiQ visit </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>www.qinetiq.com</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
        more
        information, visit </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>www.psivida.com</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        document contains forward-looking statements that involve risks and
        uncertainties. Although we believe that the expectations reflected in such
        forward-looking statements are reasonable at this time, we can give no assurance
        that such expectations will prove to be correct. Given these uncertainties,
        readers are cautioned not to place undue reliance on such forward-looking
        statements. Actual results could differ materially from those anticipated
        in
        these forward-looking statements due to many important factors including:
        our
        failure to develop applications for BioSilicon</font><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: Arial, sans-serif"><sup>TM</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        due to
        regulatory, scientific or other issues. Other reasons are contained in
        cautionary statements in the Registration Statement on Form 20-F filed with
        the
        U.S. Securities and Exchange Commission, including, without limitation, under
        Item&#160;3.D, "Risk Factors" therein. We do not undertake to update any
        oral or
        written forward-looking statements that may be made by or on behalf of
        pSivida.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X``02D9)1@`!`@$`2`!(``#_X0HV17AI9@``34T`*@````@`!P$2``,`
M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q
M``(````4````<@$R``(````4````AH=I``0````!````G````,@```!(````
M`0```$@````!061O8F4@4&AO=&]S:&]P(#<N,``R,#`U.C$P.C`T(#`T.C$T
M.C`T``````.@`0`#`````?__``"@`@`$`````0```-B@`P`$`````0```#T`
M````````!@$#``,````!``8```$:``4````!```!%@$;``4````!```!'@$H
M``,````!``(```(!``0````!```!)@("``0````!```)"`````````!(````
M`0```$@````!_]C_X``02D9)1@`!`@$`2`!(``#_[0`,061O8F5?0TT``O_N
M``Y!9&]B90!D@`````'_VP"$``P("`@)"`P)"0P1"PH+$14/#`P/%1@3$Q43
M$Q@1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P!#0L+#0X-
M$`X.$!0.#@X4%`X.#@X4$0P,#`P,$1$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#/_``!$(`"0`@`,!(@`"$0$#$0'_W0`$``C_Q`$_```!
M!0$!`0$!`0`````````#``$"!`4&!P@)"@L!``$%`0$!`0$!``````````$`
M`@,$!08'"`D*"Q```00!`P($`@4'!@@%`PPS`0`"$0,$(1(Q!4%181,B<8$R
M!A21H;%"(R054L%B,S1R@M%#!R624_#A\6-S-1:BLH,F1)-49$7"HW0V%])5
MXF7RLX3#TW7C\T8GE*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8W1U=G=X>7
MI[?'U^?W$0`"`@$"!`0#!`4&!P<&!34!``(1`R$Q$@1!46%Q(A,%,H&1%*&Q
M0B/!4M'P,R1BX7*"DD-3%6-S-/$E!A:BLH,')C7"TD235*,79$55-G1EXO*S
MA,/3=>/S1I2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=WAY>GM\?_
MV@`,`P$``A$#$0`_`/54R=9/4@,;(9DT-V/!!?M$;MSMKVOCZ6Y0<SG]C'[A
MCQ1!]>NL8_O)B+-.LJ'4>L4X5C,9E5N7FVMW58E#=SRV0SU++';*,:G<?Y[)
MMJK_`+:R^HY>!D7W?8G%[Z+33E6-W;#:&[G4M?\`S=EE'^']/^9?^BL_2*\_
M]5Z0U]$LLO;7N=))W/V[G#=^<JYY\QS9\<L8`Y>/N2D)WQ1,>*'!'@^;_"3P
MV`0=S6WVH7XO5,BI^5UG.^P8U;38_%PW[&L8V7N.5U%X;D6;6?2=C_8:_P#C
M/IHOU8;FCI0LRWVO%UMEN*W(UN9C/<78E>0]VZQUOH[7N]7]+7O]*S^;4Z^E
M8F1CU-M9-0?OLK@`6.K=^A]?_2LK=^DV/_PBL]3ZCC],P+L_)W&G';N?L&YT
M2&^UOS5S%,SQQD1PF0XN&^*K\?2QF(B2?W>K:27-._Q@_5YK\>3?Z61$Y'I$
M55N(!=5;:?\`"U;V^OZ/K>C_`(1:/6,FZNRFAEAI99J^T>$@<_R)W.3.9SQP
M8CED"0*%#J9'ABF!C,U$@TZB2SL:C/HR6[;CD8KQ+G/=)_L?2_\`(*=GV;]K
M5;G6"_9[6C^;B'_2_E?23!S),`98SC)R1Q<.0\/S_I8Y^J.1?P^-Z6WDEF=.
M^L/3^HYN;@T[V7].=MO%K=HY>S=6Z3O9^C^DLK-Z_P!$Z[]5\_*<[+IZ?4YM
M5MM30RZ0ZI_Z"=_^DKW*S3$<D0+L;$_XKU"2PL+JO2.D_57%SC;<<"NE@I=<
M-U[]WMJ8YK8W7/7.]8^M8ZEU7ZOGIE^5BLLR&C)QW;Z2YC[<=M3K&C]%D4VM
M%VQ];[:T:1++&(!.YK3^\]^DL?K?UJZ3T2VO'R39;E6C<S&H9ZEA:26AVWVM
M;N<WV^_WHO0_K%TSKU#[<![IJ(%M5C=KV%WT-S?W7[?:]B"[CCQ<-CB[/__0
M]56*_*'5\[(P\2H/Q\,.KOS2XAOVB6_JE+6?SOH_]J;/4_06_HOTEGK5UF^L
M-F><)N)TXN9DYEK,=U]8EU%5A_3YD?\`!5-?Z+O^Y'I(S?V1T#IE=9?5@X&*
MT,87N#6C^T_Z=ECO^N6V)F3'#)`PF.*,A1".(WH:KJYG4:<FBFFJX5!K2\L-
M0(DGW6.>V&MW.<=RMU8N;E48S;'5-QV-:YK1N+CI['/^C[O[2HYN7E=7%;\/
M'NHQ&R6Y-E1]6P'_`+BXE@_1-T_I&>QG_!8F4MCIC6,Q6UM98Q[6M%AM#MQ,
M?Z2W^<67#DXGG<T<DY&,XPX8\9X\G`(_SDO^XXN-DX_2*&W7_O6U76VMC6-X
M:("Q?KK_`.);J/\`Q8_ZIBW%C_6^B_(^K6?3CUONM?6`RNMI<YQW-^BQON<M
M>(`H#0#1BR:PE_=+Q772/_&SZ1Q/K"/\W*E=YD787HX^+F-)-C6D.(@-,;=W
MJ:;5SO0/J1TC*Z7T_+ZEBVUY;&[K\=Y>QKGAWTLC&=^?[&;_`/3?X;U%UN3B
M493`RYNX#5IX(^#@HN:C.>*4<?`9'IE'%CD/THR6<O$@\4M+C$:?U0Y=8LZ=
MU&O&JL-E-I$UGMNT_P`[\Y&N_P"7J/\`BS^2U6<7IF)BO]2MI+^SG&2)_=17
M8E+LEN40?58-K3)B/=^;_;5''R688XQ/#$#F,>>.+BE..'%CEQ2A&<FP9"_I
M5O`_6RX]!^LN=F-!V=7Z=96UPTVVPVG=_P!;]&E__75<R.G_`+._Q8.H(BQ]
M-=UGCNMMKNVG^HU_IKI>M_5SI7712.HUN?\`9RXU[7N9]/;O:=A&YKMC59ZE
MT[%ZG@VX&4TG'N`#VM):8:0]L.9[OI-6I>S5.$WDU'J!$/\`#^9X+ZQ3_P"-
MKTB/&G_SW<KOUL=6>J?5+TR"SU6%NV(VFS"VQ'YJZBSZO]+MZ,WHEE9?A,:U
MC&EQW#8=U;VVSOWL=^<J&/\`47ZO8YQGLJL-N)8VZNYUCB\N:6NK:]T_S5>S
MV4?S/^>E:#AEK5:B'_C;2ZGU!]WUI/3>A8.*>L55;LGJF4T'TF%K?;7LBZUV
MRZK\_P#POI_Z7TZGU!;8WK_U@;;:,BP6`67@!HL<+<G?:VMI<UGJ.]VQ;O5/
MJ=T/JF>.H9-=@O(`L-5CJQ8`-GZ7TRUW\W^C]FS]&K'2?JYTGHU^1?T^HTG)
M@/9N)8`TN<QM=9]M;6[_`,U*]$^W,Y!(U0D3]"/W7__1[#ZT_8_MF)'[2_:.
MRST_V5_.>C+/5^T^I^A]#U?2V>I_A/YM"Z-_S2^WU>IZO[:@>G^U_5^U=X^S
M?;_9_P"P"^?TD>C#_E#\OU_E\S]5)+Y5209GZJ27RJDDI^JDE\JI)*?JI)?*
MJ22GZJ27RJDDI^JDE\JI)*?JI)?*J22G_]G_[0[P4&AO=&]S:&]P(#,N,``X
M0DE-!"4``````!``````````````````````.$))30/M```````0`$@````!
M``$`2`````$``3A"24T$)@``````#@`````````````_@```.$))300-````
M```$````>#A"24T$&0``````!````!XX0DE-`_,```````D```````````$`
M.$))300*```````!```X0DE-)Q````````H``0`````````!.$))30/U````
M``!(`"]F9@`!`&QF9@`&```````!`"]F9@`!`*&9F@`&```````!`#(````!
M`%H````&```````!`#4````!`"T````&```````!.$))30/X``````!P``#_
M____________________________`^@`````________________________
M_____P/H`````/____________________________\#Z`````#_________
M____________________`^@``#A"24T$`````````@`!.$))300"```````$
M`````#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````-)````!@``````````````/0```-@````*`%4`;@!T
M`&D`=`!L`&4`9``M`#$````!``````````````````````````$`````````
M`````-@````]``````````````````````$`````````````````````````
M$`````$```````!N=6QL`````@````9B;W5N9'-/8FIC`````0```````%)C
M=#$````$`````%1O<"!L;VYG``````````!,969T;&]N9P``````````0G1O
M;6QO;F<````]`````%)G:'1L;VYG````V`````9S;&EC97-6;$QS`````4]B
M:F,````!```````%<VQI8V4````2````!W-L:6-E241L;VYG``````````=G
M<F]U<$E$;&]N9P`````````&;W)I9VEN96YU;0````Q%4VQI8V5/<FEG:6X`
M```-875T;T=E;F5R871E9`````!4>7!E96YU;0````I%4VQI8V54>7!E````
M`$EM9R`````&8F]U;F1S3V)J8P````$```````!28W0Q````!`````!4;W`@
M;&]N9P``````````3&5F=&QO;F<``````````$)T;VUL;VYG````/0````!2
M9VAT;&]N9P```-@````#=7)L5$585`````$```````!N=6QL5$585`````$`
M``````!-<V=E5$585`````$```````9A;'1486=415A4`````0``````#F-E
M;&Q497AT27-(5$U,8F]O;`$````(8V5L;%1E>'1415A4`````0``````"6AO
M<GI!;&EG;F5N=6T````/15-L:6-E2&]R>D%L:6=N````!V1E9F%U;'0````)
M=F5R=$%L:6=N96YU;0````]%4VQI8V5697)T06QI9VX````'9&5F875L=```
M``MB9T-O;&]R5'EP965N=6T````115-L:6-E0D=#;VQO<E1Y<&4`````3F]N
M90````ET;W!/=71S971L;VYG``````````IL969T3W5T<V5T;&]N9P``````
M```,8F]T=&]M3W5T<V5T;&]N9P`````````+<FEG:'1/=71S971L;VYG````
M```X0DE-!!$```````$!`#A"24T$%```````!`````(X0DE-!`P`````"20`
M```!````@````"0```&````V````"0@`&``!_]C_X``02D9)1@`!`@$`2`!(
M``#_[0`,061O8F5?0TT``O_N``Y!9&]B90!D@`````'_VP"$``P("`@)"`P)
M"0P1"PH+$14/#`P/%1@3$Q43$Q@1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P!#0L+#0X-$`X.$!0.#@X4%`X.#@X4$0P,#`P,$1$,#`P,
M#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#/_``!$(`"0`@`,!(@`"
M$0$#$0'_W0`$``C_Q`$_```!!0$!`0$!`0`````````#``$"!`4&!P@)"@L!
M``$%`0$!`0$!``````````$``@,$!08'"`D*"Q```00!`P($`@4'!@@%`PPS
M`0`"$0,$(1(Q!4%181,B<8$R!A21H;%"(R054L%B,S1R@M%#!R624_#A\6-S
M-1:BLH,F1)-49$7"HW0V%])5XF7RLX3#TW7C\T8GE*2%M)7$U.3TI;7%U>7U
M5F9VAI:FML;6YO8W1U=G=X>7I[?'U^?W$0`"`@$"!`0#!`4&!P<&!34!``(1
M`R$Q$@1!46%Q(A,%,H&1%*&Q0B/!4M'P,R1BX7*"DD-3%6-S-/$E!A:BLH,'
M)C7"TD235*,79$55-G1EXO*SA,/3=>/S1I2DA;25Q-3D]*6UQ=7E]59F=H:6
MIK;&UN;V)S='5V=WAY>GM\?_V@`,`P$``A$#$0`_`/54R=9/4@,;(9DT-V/!
M!?M$;MSMKVOCZ6Y0<SG]C'[ACQ1!]>NL8_O)B+-.LJ'4>L4X5C,9E5N7FVMW
M58E#=SRV0SU++';*,:G<?Y[)MJK_`+:R^HY>!D7W?8G%[Z+33E6-W;#:&[G4
MM?\`S=EE'^']/^9?^BL_2*\_]5Z0U]$LLO;7N=))W/V[G#=^<JYY\QS9\<L8
M`Y>/N2D)WQ1,>*'!'@^;_"3PV`0=S6WVH7XO5,BI^5UG.^P8U;38_%PW[&L8
MV7N.5U%X;D6;6?2=C_8:_P#C/IHOU8;FCI0LRWVO%UMEN*W(UN9C/<78E>0]
MVZQUOH[7N]7]+7O]*S^;4Z^E8F1CU-M9-0?OLK@`6.K=^A]?_2LK=^DV/_PB
ML]3ZCC],P+L_)W&G';N?L&YT2&^UOS5S%,SQQD1PF0XN&^*K\?2QF(B2?W>K
M:27-._Q@_5YK\>3?Z61$Y'I$55N(!=5;:?\`"U;V^OZ/K>C_`(1:/6,FZNRF
MAEAI99J^T>$@<_R)W.3.9SQP8CED"0*%#J9'ABF!C,U$@TZB2SL:C/HR6[;C
MD8KQ+G/=)_L?2_\`(*=GV;]K5;G6"_9[6C^;B'_2_E?23!S),`98SC)R1Q<.
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MSOH_]J;/4_06_HOTEGK5UF^L-F><)N)TXN9DYEK,=U]8EU%5A_3YD?\`!5-?
MZ+O^Y'I(S?V1T#IE=9?5@X&*T,87N#6C^T_Z=ECO^N6V)F3'#)`PF.*,A1".
M(WH:KJYG4:<FBFFJX5!K2\L-0(DGW6.>V&MW.<=RMU8N;E48S;'5-QV-:YK1
MN+CI['/^C[O[2HYN7E=7%;\/'NHQ&R6Y-E1]6P'_`+BXE@_1-T_I&>QG_!8F
M4MCIC6,Q6UM98Q[6M%AM#MQ,?Z2W^<67#DXGG<T<DY&,XPX8\9X\G`(_SDO^
MXXN-DX_2*&W7_O6U76VMC6-X:("Q?KK_`.);J/\`Q8_ZIBW%C_6^B_(^K6?3
MCUONM?6`RNMI<YQW-^BQON<M>(`H#0#1BR:PE_=+Q772/_&SZ1Q/K"/\W*E=
MYD787HX^+F-)-C6D.(@-,;=WJ:;5SO0/J1TC*Z7T_+ZEBVUY;&[K\=Y>QKGA
MWTLC&=^?[&;_`/3?X;U%UN3B493`RYNX#5IX(^#@HN:C.>*4<?`9'IE'%CD/
MTHR6<O$@\4M+C$:?U0Y=8LZ=U&O&JL-E-I$UGMNT_P`[\Y&N_P"7J/\`BS^2
MU6<7IF)BO]2MI+^SG&2)_=178E+LEN40?58-K3)B/=^;_;5''R688XQ/#$#F
M,>>.+BE..'%CEQ2A&<FP9"_I5O`_6RX]!^LN=F-!V=7Z=96UPTVVPVG=_P!;
M]&E__75<R.G_`+._Q8.H(BQ]-=UGCNMMKNVG^HU_IKI>M_5SI7712.HUN?\`
M9RXU[7N9]/;O:=A&YKMC59ZET[%ZG@VX&4TG'N`#VM):8:0]L.9[OI-6I>S5
M.$WDU'J!$/\`#^9X+ZQ3_P"-KTB/&G_SW<KOUL=6>J?5+TR"SU6%NV(VFS"V
MQ'YJZBSZO]+MZ,WHEE9?A,:UC&EQW#8=U;VVSOWL=^<J&/\`47ZO8YQGLJL-
MN)8VZNYUCB\N:6NK:]T_S5>SV4?S/^>E:#AEK5:B'_C;2ZGU!]WUI/3>A8.*
M>L55;LGJF4T'TF%K?;7LBZUVRZK\_P#POI_Z7TZGU!;8WK_U@;;:,BP6`67@
M!HL<+<G?:VMI<UGJ.]VQ;O5/J=T/JF>.H9-=@O(`L-5CJQ8`-GZ7TRUW\W^C
M]FS]&K'2?JYTGHU^1?T^HTG)@/9N)8`TN<QM=9]M;6[_`,U*]$^W,Y!(U0D3
M]"/W7__1[#ZT_8_MF)'[2_:.RST_V5_.>C+/5^T^I^A]#U?2V>I_A/YM"Z-_
MS2^WU>IZO[:@>G^U_5^U=X^S?;_9_P"P"^?TD>C#_E#\OU_E\S]5)+Y5209G
MZJ27RJDDI^JDE\JI)*?JI)?*J22GZJ27RJDDI^JDE\JI)*?JI)?*J22G_]DX
M0DE-!"$``````%4````!`0````\`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`
M:`!O`'`````3`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P`"``-P`N
M`#`````!`#A"24T$!@``````!P`!`````0$`_^$22&AT='`Z+R]N<RYA9&]B
M92YC;VTO>&%P+S$N,"\`/#]X<&%C:V5T(&)E9VEN/2?ON[\G(&ED/2=7-4TP
M37!#96AI2'IR95-Z3E1C>FMC.60G/SX*/#]A9&]B92UX87`M9FEL=&5R<R!E
M<V,](D-2(C\^"CQX.GAA<&UE=&$@>&UL;G,Z>#TG861O8F4Z;G,Z;65T82\G
M('@Z>&%P=&L])UA-4"!T;V]L:VET(#(N."XR+3,S+"!F<F%M97=O<FL@,2XU
M)SX*/')D9CI21$8@>&UL;G,Z<F1F/2=H='1P.B\O=W=W+G<S+F]R9R\Q.3DY
M+S`R+S(R+7)D9BUS>6YT87@M;G,C)R!X;6QN<SII6#TG:'1T<#HO+VYS+F%D
M;V)E+F-O;2]I6"\Q+C`O)SX*"B`\<F1F.D1E<V-R:7!T:6]N(&%B;W5T/2=U
M=6ED.C9E,&(S86(W+3,T864M,3%D82UA.6)F+65E,#@U8S1B-V%F8R<*("!X
M;6QN<SIX87!-33TG:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP+VUM+R<^
M"B`@/'AA<$U-.D1O8W5M96YT240^861O8F4Z9&]C:60Z<&AO=&]S:&]P.C9E
M,&(S86(U+3,T864M,3%D82UA.6)F+65E,#@U8S1B-V%F8SPO>&%P34TZ1&]C
M=6UE;G1)1#X*(#PO<F1F.D1E<V-R:7!T:6]N/@H*/"]R9&8Z4D1&/@H\+W@Z
M>&%P;65T83X*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"CP_>'!A8VME="!E;F0])W<G/S[_[@`.061O8F4`9(`````!
M_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,#!$,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.%!0.#@X.
M%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_
MP``1"``]`-@#`2(``A$!`Q$!_]T`!``._\0!/P```04!`0$!`0$`````````
M`P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)"@L0``$$
M`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D%5+!8C,T
M<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-UX_-&)Y2D
MA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$``@(!`@0$
M`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D8N%R@I)#
M4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4I(6TE<34
MY/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1`Q$`/P#U
M5)),3`)\$E+I*G7U3%>X-.ZLNT&]I:#\U8NOJHK]2UVU@TGXJ*',89QE..2)
MC'YC?R?WOW4T>R1)4_VM@?Z7\#_<A974R^HU]-?4_+>8K%VYK)/[VQKG)HYO
MEB0!FQDG0>N*B"!='[&WE9>+ATNR,JUM-+/I/>0!^*Q&]>ZIU4EO0<2,?C]H
M9DLJ/\JBD?IKDU?U?I:]O4/K)D_M#*:996X1CUG]VC&_._KO6SCYM%Q+*VN8
M&-F7-VM@*0YL49C&9Q]P[0OU?XK'626I]$?^=]OZ+S/6[OK1T2BC/?U)F8Y]
MS*G8GHM8UV\_1K<#ZBZX20"=#X+GZ:7]?ZM7U*P1TKI[C]A:?\-;]%^7_P`3
M7]''_P"W%T*D*,8UD03PGY;/%_A>I2222#(I))#=D8[3#K6-/@7`(2E&.LB(
M^9I21),US7"6D$'N-5&VUE3#98=K&\E(R`!D2!$"[Z5W4S20J,FC(!-+]X;H
M45",XSB)1(E$[2B>**E))(>1?5C469%SME532^QQ[-:-SBG*2)+/Z9U[I/57
MO9T_(%[J@'/`#A`/'TVM6@D@$$6""/!22A9;74PV6O;6P<N<0`/[3DU.1CW@
MFBUEH;H2QP='QVI)OHD22224I))))3__T/54DDDE.3U>L.+M)]L@^\Q']7]$
MK'3;Q9T\.N(BN0YSN(;^<Z?Y*;J51)#APX%O#S^%1VK&=TQ_5::^FW9#L;'9
M87Y5#?:ZYA`V5;OS6[Q^D61#]7\3/%48YHRC_>E_.0XOZZ^1/MV!Q$=&74+*
M;<DVXY:ZFQK7L<W@@CZ06MT9C/L37;1NW.UC7E974::J,GT*6AE53&,K8.`T
M-AK0M;I#FMZ>'.(#0723\54Y`1_TKS.@H>[]/UD5TK]N-[Z-+J#C?U+TW:LJ
M&C8<1Q)_F_<KXQ6Y6$RFPGTG_P`ZT%TN$_S9-GZ38[\]9@)OS+LAH.QQ(:8>
M0>W^"A;M+-E36=P`#S_W[W*Y\,N>?F,VA$Y2J7Z7#Q?J_P#!X8+<@'"`R:UK
M&AC`&M:(:T:``=@AY.5CXE#\C)L;536)?8XP`.-458?UU_\`$OG_`-1O_5L6
ML-V*9X8RD/T03]C<9U_HK\5^8W,J.-6[8^W<-H=&[9_63].Z[TCJA<W`RF7O
M9JY@,.`\=CMKEP/U%^K^!UIF4>H;[*L9S?3I#BUFYX.ZQVW\_P!BI8M7[$^N
M]>-C..RG*%0)Y-=D-V._L/3N$:CLU1S.3AQS,1P3/#OZGTKK.393CM96=KK#
M!(Y@<JAA=).50;C9MDD-$3Q^\M7J&&,NC8#M>TRP^?@L:N[.Z;86D%H/+':M
M/P7/?$8"/.C+S4)9.4,>&/#?#CEX\+HP^6HFI)NGLSL7+](,<ZO=MLCZ/]<+
M7RV4OQWMO=LK(]SIB-4'!ZE3E^WZ%HU+#W_JI^J?T"[X#\H5SEH8L7(Y3BR?
M>,7#.<1/Y8CA_FO^^6DDR%BBMTZK#J:\8MGJ`D;C,P5#'Z]T;*R1B8^959D$
MD"IKO=+?IZ?R4'H'\U=_6'Y%P756?L+Z]B]OMJ-[+Q_4M_G?^JL5GX;(9.5Q
MR$1CL&H0^6/JDP<SD.(@[@R$9$^+Z3G=2P.G5MLSKV8['G:USS`)YA!NR.F=
M2Z1?9Z[78%M;VV7L.@;!;8X/_DKB?\9V8;,[#P&&?38;2T?O6'8S_HL73W8(
MZ?\`4RW#`@TX3P[^L6.=9_TRKE:`]UGNF4\D:'#C'_.[(/JGTWZM85^0[HN8
M<JQ[&BT%X?#03M/M:Q;F=U'!Z?3Z^;<RBJ8#GF)/@W]Y<'_BM_IF?_Q5?_5.
M0/\`&7DVV=:HQI/ITTAS6]MSW.W._P"BU*KE3''/P<N,@B!K0B/EW>A^M75^
MF=4^JF<[!R&9`:&;FM/N'O9])CO<J7^*T`86?_QK/^I5?ZP_4[I73?JT<W'W
MMRZ6,]2S<2+-Q:UX>SZ.WW*S_BN_H6?_`,:S_J4=.$UW6@S/-8^,`'@/R[?I
M/79W4L#I]8LS<BO'8>"]P$_U1])RIXGUI^K^9:*:,ZIUCC#6DEI)_D^IM7-]
M7^I76>L=>?F9E]8PG/AH:XE[*1PUC2W9O6#]<NC=#Z7;CMZ5?O>[<+Z=XL+2
MV-C]/H;D``>J_)GRPXI<`$(FO4?5+^Z^KI+)^JN5=E_5[!OO=OL=4`YQY.TE
MDG_-20K6FQQC@X^G#Q/_T?55%[V5L=98X-8P%SG'0`#DE27*]=NNZ]U<?5O$
M>68E(%O5+F\[>68S3_+2"V<^$=R=(CO))@9O4?K%U/[7CO=C="Q2YC=(.4[Z
M+IG_``#5J6]$H>[<RQ[#VD[OR^Y7L?'IQJ&8]#!754T-8QN@`"(H<_+8,]>[
MC$ZV_>_QHIQ\4!\UDZR>7S:#CY+JB\V$`>X\ZA6\'I8RL<6.M<UI)&P<:%4^
MMY3&]4=CU`WY3@"W'KU=$?2?^;57_P`)8M3HN/<<9K\BQKH)VU5_0:9[O/NN
M=_+^@L+E/A\9<[F&3'^HO(,8D3'CX9_HZ\>2,66630")N6EU^CYMO%Z=1BG<
MTN<X<%QX^#?HJTDDN@Q8L>*(ACB(1'2*PDG=2Q/KK_XE\_\`J-_ZMBVUB?77
M_P`2^?\`U&_]6Q2#<,>7^;G_`'9?DX'^*W^8ZC_7J_(]8?4??_C`.W7]>K&G
MD62I?4_HF;U+'S+^G9K\',H<QK'-)#'-<'$MLV^[LM[ZM_4/+PNJ,ZEU2YEC
MZ7%]=;"7%SS_`(2RQX:GF@26C",\F+#`1T$N+CZ5;U>?GC##9K+]\P08&B?'
MNHZAC2]H,Z/8=8*)DXU>34:K.#J".0?%9+NB9;''TK&EI[R6F/.%D\S/G<><
MRCC^\\M.->T.$2A+_NG4CPD;T>[5(%'4-M!D,L`8?FMOJG]`N^`_*$#!Z.W'
ML%MSM[V_1`X!\5;S*'9&,^EI`+QH3QRH>2Y/-CY7FA*/!+.)G'A!O@],N$)E
M(&4?#JT>@?S5W]8?D7+_`.-#`]N'U%HX+J+#\?TE7_HQ=ATW!LPV/:]P=O((
MCR0/K)T<]9Z1=@M<UECMKJGNX#FG=V5[X9CGBY7%#(.&40>*/^%)@YJ'N0F!
MK>WF'SKI3K?K'];,1]PD#TS8#K[:&-W?Y[F?]->D_6#_`)"ZA_X6M_ZARQ/J
MC]3LCH69=EY5M=SWUBNOTP=).Y_TOZK5T/4\5^9T[*Q*R&OOJ?6USN`7-+9*
MN2(L5T8<&*<<4^(>N=DO"_XK?Z9G_P#%5_\`5.5+_&."WZQM<>/0K/W%ZZCZ
MG_5/,Z!?DVY-U=HO8UK17.A:2==WQ4_KA]47=>]+(QK&U9=(+/?.U["=VUQ;
M]':Y&QQ6Q>QD/*B%>L'BX?JS^N;FN^J&0YIEKF5$'Q!<Q97^*[^A9_\`QK/^
MI4*?J'UF_I[L?J742\5L+<3&#G&ICOS7V$Q]#]S8MKZG_5S*Z!CY-63:RTWO
M:YIKG0`;==R&E$6OC')+/#(8&($:>6ZAUGJWUJZ[^Q\&\XN$7N8T`D2UD^I=
M;M]S_H^VI5_KC]6NG=!Q<)F*YS[[G/\`6L>=7`!NWV#VL;JM+._Q>]5JZF[+
MZ/E,K87FRLN+F/K+C.W<QKMRGG?XN^IY=;+KNH_:,]Q/K67;BP-_-95])WTD
M;&FNC#+%EE'()8S+(3I,G01_J/1?4O\`\3&!_4/_`%;TE:^K_3KNE]'QL"YS
M7V4-+7.9,&7.=IN_K))O7ZMSA/L\->K@JO'A?__2]-SLVC!Q795YVU,+0YW8
M;G!DG_.5+HG26]-=G7FUMQSLAV1ZO?8[Z#''_@_<C];_`&=^R<K]I_T+TSZW
M,Q_)C\_=]!>=4#ZI;1N=U@XG8$`5Q\:W%$;,4^(3C41+]VY<)XOTGN^I_6SH
M?33LLR!=?PW'H_2/)_=VL^C_`&E2KL^M'73.T]#Z<[OH[*>/*?;CHGU;_P"9
MT#]B>AZL:S_/?/UOTRZ%+3HGAG+YY4/W8?MFXE7U=&-4:,1S:JW&;#JZRP_O
MY%SO?:Y6\/"S<7:P7,-0,ENW7S@K025'[KR_WCCXY?>*NO=E[G!_<XOYMEC+
MT`1`X.E#TJ2225U"EG]>Z:_JO2<G`K>*WWM#0]PD"'-=V_JK0221(`Q(EM6O
MD\]]4?JS?]7Z\EEU[+_M#F.!8"(VAP_._K+H4DD3=ZK<8@(`0UCTH\2DDDD%
AZDDDDE*22224I))))2DDDDE*22224I))))2DDDDE/__9
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
