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<TYPE>6-K
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<PERIOD>20060918
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<STATE-OF-INCORPORATION>C3
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<BUSINESS-ADDRESS>
<STREET1>LEVEL 12 BGC CENTRE
<STREET2>28 THE ESPLANADE
<CITY>PERTH
<STATE>C3
<ZIP>6000
<PHONE>61 8 9226 5099
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<CITY>PERTH
<STATE>C3
<ZIP>6000
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<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>v052991_6k.htm
<TEXT>
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      AND EXCHANGE COMMISSION</strong></font></a></div>
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      by check mark if the registrant is submitting the Form 6-K in paper as permitted
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      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>
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      "Yes"
      is marked, indicate below the file number assigned to the registrant in
      connection with Rule&#160;12g3-2(b): 82- ___. </font></div>
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    <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"><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="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>
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      <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: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">pSivida
              Limited</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:
              September 18, 2006</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/
              Aaron Finlay</font></td>
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              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Aaron
              Finlay</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: "><em>Company
              Secretary</em>&#160;</font></td>
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    <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>
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            <td align="left" valign="top" width="15%">
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                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"><strong>pSivida
                completes agreement with existing Convertible Note
                Holder</strong></font></div>
            </td>
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    <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">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
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        </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v052991_ex99-1.htm
<TEXT>
<html>
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     </title>
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  <body bgcolor="#ffffff">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><img src="psivida.jpg" alt="psivida logo"></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td width="50%">&#160;<strong><font size="2">ASX/MEDIA
                RELEASE</font></strong></td>
              <td width="50%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<strong><font size="2">15
                  September
                  2006</font></strong></div>
              </td>
            </tr>

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      <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: 18pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</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: 18pt; FONT-FAMILY: Times New Roman"><strong>pSivida
        completes agreement with existing<br>Convertible Note
        Holder</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: 18pt; FONT-FAMILY: Times New Roman">&#160;
        </font>
        <div>
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      <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="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Boston,
        MA. and Perth, Australia - Global bio-nanotech company pSivida Limited (ASX:PSD,
        NASDAQ:PSDV, Xetra:PSI) is pleased to announce that the definitive documentation
        related to the previously announced renegotiated terms of the Convertible
        Note
        dated 16 November 2005 between the Company and Castlerigg Master Investments
        Ltd. has been completed.</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
        renegotiated terms provided for the lifting of restrictions on future sales
        of
        securities enabling the Company to enter into additional capital raising
        transactions, which the Company will be seeking to do. </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
        renegotiated terms also provided for an extension to October 15, 2006 of
        the
        registration deadline under the Company&#8217;s registration rights agreement with the
        note holder. The delays in the registration statement being declared effective
        have been a direct result of complex accounting issues associated with the
        Company&#8217;s recent acquisition and the convertible note, the change-over in
        Australia from Australian GAAP to Australian IFRS and the reconciliation
        of the
        Company&#8217;s financial statements prepared under that new accounting scheme to U.S.
        GAAP.</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 will hold an Extraordinary General Meeting in Perth on 19 September
        2006
        to consider resolutions relating to the ratification of the renegotiation
        of
        Convertible Notes and the approval of other pending financing
        transactions.</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
        RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER
        TO
        BUY ANY SECURITIES DESCRIBED HEREIN.</font></div>
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      <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"><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="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 a global bio-nanotech company committed to the biomedical sector and the
        development of drug delivery products. Retisert&#8482; is FDA approved for the
        treatment of uveitis. Vitrasert&#174; is FDA approved for the treatment of
        AIDS-related CMV Retinitis. Bausch &amp; Lomb own the trademarks Vitrasert&#174; and
        Retisert&#8482;. pSivida has licensed the technologies underlying both of these
        products to Bausch &amp; Lomb. The technology underlying Medidur&#8482;, a treatment
        for diabetic macular edema, is licensed to Alimera Sciences and is in Phase
        III
        clinical trials.</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 rights to develop and commercialise a modified form of silicon
        (porosified or nano-structured silicon) known as BioSilicon&#8482;, which has
        applications in drug delivery, wound healing, orthopaedics, and tissue
        engineering. pSivida&#8217;s subsidiary, AION Diagnostics Limited is developing
        diagnostic products and the subsidiary pSiNutria is developing food technology
        products both using BioSilicon&#8482;. </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&#8217;s
        intellectual property portfolio consists of 70 patent families, 74 granted
        patents and over 290 patent applications.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        pSivida
        conducts its operations from offices and facilities near Boston in the United
        States, Malvern in the United Kingdom, Perth in Australia and Singapore.
        </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 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 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's largest shareholder and a strategic partner is QinetiQ, a leading
        international defence, security and Technology Company, formed in 2001 from
        the
        UK Government's Defence Evaluation &amp; Research Agency (DERA). QinetiQ (QQ.)
        was instrumental in discovering BioSilicon</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><sup>TM</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        and
        pSivida&#8217;s strong relationship with QinetiQ includes access to its cutting edge
        research and development facilities.</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"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">This
        document contains forward-looking statements that involve risks and
        uncertainties. The statements reference potential products, applications
        and
        regulatory approvals. 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 inability to raise additional funds at favourable terms or
        any
        terms; our inability to repay the amended notes; issues relating to share
        registration in the U.S. that may delay our registration; our inability to
        develop proposed products, including without limitation, in the drug delivery,
        wound healing, orthopaedics, and tissue engineering, diagnostics and food
        technology fields; failure of our evaluation agreements to result in license
        agreements; failure to develop applications for BioSilicon&#8482; due to regulatory,
        scientific or other issues; failure to complete negotiations for new centers
        for
        the BrachySil&#8482; phase&#160;IIb clinical trial for inoperable primary liver
        cancer; failure of our discussions with the FDA for BrachySil&#8482; to continue or to
        lead to FDA approval; failure of the BrachySil&#8482; phase&#160;IIb clinical trial
        for inoperable primary liver cancer to determine the optimal dose, provide
        key
        safety data or support future pivotal efficacy trials or product registration
        or
        approval; failure of the BrachySil&#8482; primary liver programme that is in
        phase&#160;IIb clinical trials to&#160;provide a valuable platform for the
        development and commercialisation of BrachySil&#8482; for pancreatic cancer and other
        indications; failure to commence phase&#160;IIa BrachySilTM trials for the
        treatment of pancreatic cancer; failure of the findings&#160;of the pancreatic
        cancer phase&#160;IIa trial to provide a platform for further multicentre
        efficacy and safety trials; failure of there to be optimisation&#160;and
        standardisation between our two&#160; pancreatic cancer&#160;study&#160;centres;
        failure of the results of the Retisert&#8482; for DME trial to be a good indicator of
        the results of pSivida&#8217;s ongoing phase&#160;III Medidur&#8482; for DME trial; failure
        of the Medidur&#8482; trials in DME to show a very similar improvement in visual
        acuity and diabetic retinopathy severity score as Retisert&#8482; for DME; failure of
        Medidur&#8482; to release fluocinolone acetonide at the same rate as Retisert&#8482;; our
        inability to recruit patients for the phase&#160;III Medidur&#8482; for DME trial.
        Other reasons are contained in cautionary statements in the Annual Report
        on
        Form 20-F filed with the U.S. Securities and Exchange Commission, including,
        without limitation, under Item 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>
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