-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 QzsIrn8A/INsYwC6+ouoJiSC6HwSze+4Fzv7vnfiZrtJ+aZQ1tGTQ3hxeDIKr3jh
 Vx4Do7wQbtAdU7wfKoT5LQ==

<SEC-DOCUMENT>0001193125-09-259355.txt : 20100222
<SEC-HEADER>0001193125-09-259355.hdr.sgml : 20100222
<ACCEPTANCE-DATETIME>20091223164233
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-09-259355
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20091223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			pSivida Corp.
		CENTRAL INDEX KEY:			0001314102
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				262774444
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		400 PLEASANT STREET
		CITY:			WATERTOWN
		STATE:			MA
		ZIP:			02472
		BUSINESS PHONE:		617-926-5000

	MAIL ADDRESS:	
		STREET 1:		400 PLEASANT STREET
		CITY:			WATERTOWN
		STATE:			MA
		ZIP:			02472

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	pSivida LTD
		DATE OF NAME CHANGE:	20050111
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>Correspondence Letter</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="59%"></TD></TR>
<TR>
<TD VALIGN="top">

<IMG SRC="g84407g08o01.jpg" ALT="LOGO"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">ROPES &amp; GRAY LLP</FONT></P> <P
STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">ONE&nbsp;INTERNATIONAL&nbsp;PLACE</FONT></P> <P STYLE="margin-bottom:0px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">BOSTON, MA
02110-2624</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">WWW.ROPESGRAY.COM</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="39%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 23, 2009</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mary E. Weber</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman"
SIZE="2">617-951-7000</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">617-951-7050 fax</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman"
SIZE="2">Mary.Weber@ropesgray.com</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>VIA EDGAR </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Corporation Finance </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mail Stop 3030 </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="91%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms. Mary Beth Breslin</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr. Jay Mumford</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>pSivida Corp.</B> </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Registration Statement on Form S-3</B> </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Filed November&nbsp;25, 2009</B> </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>File No.&nbsp;333-163349</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear
Ms.&nbsp;Breslin and Mr.&nbsp;Mumford, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On behalf of pSivida Corp., a Delaware corporation (the &#147;<B>Company</B>&#148;),
we are writing in response to the comment letter, dated December&nbsp;22, 2009 (the &#147;<B>Comment Letter</B>&#148;), of the staff of the Division of Corporation Finance (the &#147;<B>Staff</B>&#148;) of the Securities and Exchange Commission (the
&#147;<B>Commission</B>&#148;) to the Company&#146;s Registration Statement on Form S-3, File No.&nbsp;333-163349, filed on November&nbsp;25, 2009 (the &#147;<B>Registration Statement</B>&#148;), and relating to the Company&#146;s registration of
shares of its Common Stock, $0.001 par value per share (&#147;<B>Common Stock</B>&#148;), underlying options and warrants. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman"
SIZE="2">For the convenience of the Staff&#146;s review, we have set forth the comment contained in the Comment Letter in italics followed by the responses of the Company. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR>
<TD VALIGN="top">

<IMG SRC="g84407g62m82.jpg" ALT="LOGO"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"> -&nbsp;
 2
&nbsp;-</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 23, 2009</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>General </U></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>1.</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please provide an analysis of your eligibility to use Form S-3 for this offering. To the extent that you are relying on Rule 430B for the omission of the identity of
most of the selling stockholders, please demonstrate your ability to conduct a primary offering pursuant to General Instruction I.B.1 of Form S-3. To the extent you are relying on General Instruction I.B.6 to use Form S-3, please provide the
calculation required by General Instruction I.B.6(a) on the outside front cover of the prospectus and identify the selling stockholders in a pre-effective amendment to the registration statement. Refer to Instruction 7 to General Instruction I.B of
Form S-3.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Response</U>: We respectfully submit that the Company is relying on General Instruction II.G.
and Rule 430B for the omission of the identity of most of the selling stockholders from the prospectus contained in the Registration Statement. The Company was not relying upon General Instruction I.B.6 to use Form S-3 when filing the Registration
Statement, and Instruction 7 to General Instruction I.B.6 was therefore inapplicable. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">At the time of filing of the
Registration Statement, the Company was eligible to register primary offerings pursuant to General Instruction I.B.1. The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Company exceeded $75,000,000,
as calculated in accordance with the Instruction to General Instruction I.B.1. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of November&nbsp;25, 2009, the Company had
18,321,392 shares of outstanding Common Stock. As of such date and as set forth in the following table, persons who are or may be considered affiliates of the Company held 2,416,538 shares of Common Stock and non-affiliates held 15,904,854 shares.
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:59pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Beneficial Owner</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Aggregate&nbsp;Number&nbsp;of<BR>shares&nbsp;of&nbsp;Common&nbsp;Stock</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pfizer, Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,862,093</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Directors and Officers as a group</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">554,445</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>All persons who are or may be considered to be affiliates of the Company as a group</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2,416,538</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>All non-affiliates of the Company as a group</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15,904,854</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>18,321,392</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company does not consider any other beneficial owner of the Common Stock of the
Company to be an affiliate of the Company. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR>
<TD VALIGN="top">

<IMG SRC="g84407g62m82.jpg" ALT="LOGO"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"> -&nbsp;
 3
&nbsp;-</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 23, 2009</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The principal market for the Common Stock of the Company is the NASDAQ Global Market. On
September&nbsp;28, 2009 (which is 59 days prior to the filing date of the Registration Statement), the closing price of Common Stock of the Company on the NASDAQ Global Market was $4.91. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%;padding-bottom:3px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">In accordance with General Instruction I.B.1 and the Instruction thereto, the Company calculated the aggregate market
value of the Common Stock of the Company to be $78,092,833, which is equal to $4.91 multiplied by the 15,904,854 shares of Common Stock held by non-affiliates.</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman"
SIZE="2">We therefore respectfully submit that the Company was eligible to register primary offerings on Form S-3 pursuant to General Instruction I.B.1 on November&nbsp;25, 2009 and is therefore eligible to rely upon General Instruction II.G. and
Rule 430B in connection with the Registration Statement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Please be advised that, in connection with the Comment Letter and the Company&#146;s responses thereto, the Company hereby acknowledges the
Staff&#146;s position that the Company is responsible for the adequacy and accuracy of the disclosure in the Registration Statement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman"
SIZE="2">On behalf of the Company, we respectfully request acceleration of the effective date of the Registration Statement to December&nbsp;28, 2009. In connection therewith, the Company acknowledges that: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">should the Commission or the Staff, acting pursuant to delegated authority, declare the Registration Statement effective, it does not foreclose the
Commission from taking any action with respect to the Registration Statement; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the action of the Commission or the Staff, acting pursuant to delegated authority, in declaring the Registration Statement effective, does not relieve
the Company from its full responsibility for the adequacy and accuracy of the disclosure in the Registration Statement; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company may not assert Staff comments and the declaration of effectiveness in a defense in any proceeding initiated by the Commission or any person
under the federal securities laws of the United States. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">We note that non-affiliates of the Company held the same number of shares of Common Stock on both September&nbsp;28, 2009 and November&nbsp;25, 2009.
</FONT></P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD></TR>
<TR>
<TD VALIGN="top">

<IMG SRC="g84407g62m82.jpg" ALT="LOGO"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2"> -&nbsp;
 4
&nbsp;-</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 23, 2009</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We hope that the foregoing has been responsive to the Staff&#146;s comments. Should you
have any questions relating to any of the foregoing, please feel free to contact me at (617)&nbsp;951-7391. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Best regards, </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Mary E. Weber</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mary E. Weber</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cc: Lori Freedman (pSivida Corp.) </FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g84407g08o01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g84407g08o01.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`5P!%`P$1``(1`0,1`?_$`,T```$$`P$!````````
M``````D%!@<(`@0*`P`!``(#`0$!``````````````,$`@4&``$'$```!@$"
M`P4#!P0(%P`````!`@,$!08'$0@`$@DA,1,4%B(5%T%A@2,8&0I1,K8Y<30E
M-W=X*1J1H<'10F*B0X,D-46U)C9VEB=GMUEY.A$``0(#!`4'!0L*!P``````
M`0(#`!$$(3$2!4%1<1,&8;'!(C(4%8&1H=%T\'*R(S,D-#46-@?A\4)28L)S
MLR5%@I*B0X-4%__:``P#`0`"$0,1`#\`Z%;UN4ZCN8^H_NYVA;6,D;:\:4S;
MACW!MVC767\5VRY24\KE"E1,M(,5I2NVF+\N1M,N%3%4\`PE1.4O*82B/&M3
M2Y!3</,9A6H=56..*29*D)!1`LV`#3;&!<S'B6JXFK<KR]QE-'3I:*0I$SUF
MTJ,SM493E(1:'IG[U<N;KX#<-1\_TBH4O/FU'.<S@;*1<>.Y%[0++*QK1N]8
M6NJ!+**RS%E)-SJ>(U<*'41$H#KH;E"MX@H*;+GFG*7%W1]`*0;2"963U6Q<
M\+9M4YG3U#68X36T[Q2<(D"-%EOG]$5$9[I>I-O;SKN[@=DUUVZX#Q%L]RG)
M81;*Y=Q_.Y,MN;LDP$8E)397IV$Q%-:%507,5!!=(BRXE5`XE.("!;-5%DF6
M4;!S1#JZI^1!"I!(,A=IMT7F*49GQ'F]<_X.MIFBIB0H+1B*B+9`SL)`/((O
M%TZMZUEWK[.6>?;14HFBY%A9C)F/[]6H5TO*UEG?\72;Z%F7$"[<B5VM!OW#
M=-=$BIQ53*<4S&,)1-Q49K0-T-::=$]W($3-LC[M47W#^:/YGE::JHP[\*6E
M4A(33=LY8$;A7>_UA,J;%K#U#JO;=FULHE):99M$O@F<Q9D&LVZ<JN'K#/Q5
MD087:-N3B.;RSJ-KZKIOJW`@FT3$=1XT[^6\-LYPC)5(>#[F$!6.P%21KTS.
MJ48S+,XXOJL@=S]UZG++9<ZN[D9(4KEE<-<[#%Y=X/4?R32>DC6^H+@R%@*[
M<[S4\%VZ%K]XC5;-#0J&3[)6XJ78.V[1Y#K2/DT)54$5`.D82@4PE`WL\5&3
M913N\2^$UZ5KITK6#A.$R`$K?5&ASKB"I:X5;SC+RANJ<P`%0Q":C(V'9%EM
MK];ZDC.YQEEW0YTVPW_%$K3W#E.K8HPW<Z-<&]CDB1KN$=#/SMTG8Y2-8-S+
MD<HB@4Z@F*8I@TTX2S9_(6&'6Z1EY-4EW"DJ7-,@;B+[=<6.5L\2*?*LP?85
M3*0"`EN1!(G:>B!^,-W'4DWJ9UWGQ>RV[[=<$X?V69$E,0)-LN8\FLD6W-N0
MJ]'+RDP+]TPGHEO1ZTN+0R""R!#K%*J0P@<Q3\MR<NR3+:*E<S)#KE15"8PJ
MPA(D-&F4]M\9RGSGB'.\QJFLI<9:I:)\H6%(Q%8$[`=!,K[KM<31]ZG;?N<?
MO(OA9"_%#T9Y3X:>]'OI+XH?$KX1Z>\^7WIZ1]2_X[I^V/*?5\W/[?"7@C?C
MWA\SW6>*^W!?*<KY63BP^U*_LGXWA^=8<,I6;RZ[5.V4-/:Q^OCZJ7\`&S@1
M^BA0XA_3XAF(;/"M'B!)WRMG;5+TW\D`RE3J>.\U!^3+3)'D:;$:O1^U'=#U
MGA#_`,@\L(A^S46>GTZ\'XM2314($K&D2VS1.!<&%2\QS%X6)54F_5:!Z?1&
M?1B.`Y%ZMW9K_*39;UU^>%B!^G@W&+:<.7H7VQ3)-ET[QS0?@FJ[VYF2W1()
MK%),M.$&<)G07U^[GRM^3[4.\+3_`(WE/Z_'<7HW>;4X'_5:)Y9SCS@A1\%J
M5GL=[>P[+(K]T[`T_#K9K'Y?A/OQT_8&<RD`_3IPWF:$#CQA1[:769>5*)]$
M5N4)"?PZJ<%RDODSY5*Z(C'=M_\`,'@K^!S:&'9\UWI(=W#&1*=7QJZM$@[\
M8>M9</+;".?)2?PZIPNX%HC#KQ'7*R4=2U+-_J?4@$/S:S`#KW?YI:#_`%./
MG[Z5+>=4Y(S=)'NVQ]5IDGNC-MN!/-`$>CFP5B<]=:;',F=%E<4-\%CFUX9=
M3D<H0USKLFXK<N=/05!CY%$!,10"B`@'9KJ&NMXF*=QECCO6IVVDD$6BY,QM
ME'S_`(+#R:C-T*PI>75*4D7&76`*A+9KC<^[/W(?<A_=^>9QU\>?>WFO']3O
M/0W@?:+^*/\`M![F\US^F/D\I^V?8[O:X'XYE_COBF%WNF"4I)Q3EJQ89>6)
M_9O./L;X1BI_%9XIS.[G??AG_IB"7.Y*W[:NMQU+['3]KV?MT+F=P;M0:O(#
M`<+7IF6K9(K&<$^0>SB5@GH,"M)0YQ1;^7!PH94AP$O<'#CM(FHX1HBI:4'?
M.2GIZZQK%U_DA0YCX7QOF+V[6Z%4[<PD$D2;1;8#JEY8M=T-FB5TIV\_=&[G
MZKZIW5[OKUD6TXLK[^1?36"GL6T90K?&.1"2L5"O6&0XQ`/$D6_ERI)F4*"9
MC@`FXKN+24KIZ<3P-M-@'09D6C7=;RQ;\#K154=17@87'*A4TW%,K;1HOC1Z
M,`?\Q>K?_P"R;+7^A(CASC7Y2@]D3S&$.`?[K[>YS1H]!;]7-E7^-!O"_3>3
MX[C3ZV8]C9Z8:X)^[[_M3\"NV-;LKBWZ.=QVB8FV>;N\X97R1%[GL;U.S4;$
M#Y;":TGDZZ72+(_?96=/VT(SCJVE-BH],8OU:B!T]0'M"^S/+T#BUK-WG6T4
M[2FB0I0!ZJ$&XZXRF39FM7!]3DR&W5/.;T)(22.LI0L(&BV+H]2O$5NV^_AX
M*EA*\D9^ML5T/:O3[4WCW`.FJ<_#7BE(R3-JZ*4J3L6SPADA.02D.8@\H@`@
M/"7##R<UXW<?:ZJ%[V^P2PCT1<\14BLKX`8IGF]\M!;FF8$NL3,S(M%T%?VA
M[OLBYXEF5`M>R?=1MVBH3'T;+-\AYH@*3'4V>79C&1I(2)<U^W3L@>5?(+BZ
M2*=!,@MTSB(@;0.,7FE&FG4LMNH5):K$F=QY#&JRC.*FI>33.4+K2$H3):B,
M-VCH@>^^9%QTZ^HEA#J1P)5V.W[<J>`VL[VVK4#^[820?*)-\19F?MR`9$%(
MIZBDS<N!`!*BWY1$17'71961GG#[F1OCYZSUT$RF1*12/+9(:")10Y\O[.<0
M,YXW;0U'4<E<#^L='+,V3$=!WG&7N_WAYMK[N\IYWS_F$_)>2\'S'G/-<W@^
M5\#V_$UY.3MUTXQF`_)R.*Z6F>J5\_3&^FC=3F-WAG.=DI7SNEIG`--JWZ^/
MJI?P`;./T#AN-AFOW2RSWSW\U<8?+?O_`)C[*U\%N/'H]%(CN6ZS39$A44$N
MH5-JD03#E2(HXJS8RQRD#0@'6.7F.8"@)A[1U'@?%WR%![,CG3$^#_IV;>V_
MN",.C"8/B'U;@[=0ZDV7-?IA(@0X/QJ/C:'V1/,81X!_NOM[G-"=T%OU<V5O
MGW0;POTWDN/>-/K9CV-GIAO@G[OO^TOP]_P]0B'2[Q&&H]F2<^AW_P#6>Y#H
M'S:CPCQK]X7-C?\`+3#G`?W;:]\[\,QE^(8_579N_P!\,*_]VJEPUP1]X!_!
M<^"81_$+[L*_CM_"@QM,$?1=3'3FTK-?'3\O[DM.SM[.WC)OJ*%K4+P3SQM&
M+*1DZ<">814[/U:P!OSVS;G,!,+94,BUYS$7G$UU&`DVDT-#R9"1HOFK22%H
M<YXJU4V<3:/`1,)%DE"%[M>'Z-VJR_-*:I((Q*!VB8M\ML5.8T]#GN5U66(4
M"TVV4&6A8MEM!'/`%/MI9>_FT7KWWR^^+OI_[(/K+S9O>'[ZOP/]3^:T\;WA
MZ,]GQ=?$\Q]9KKQO.XI^WN__`$I]YE9VNU+SQA?%W?\`SN[K3[MY.SS61>_:
MP4X=>/JH&[0*.`=G/;IV#I0H?4-=.\!TXS69K*^$:!*3UT.N#SN*)]$7V6+2
MYQYF00"%-LLA1U@MMJ')99='AT?S"&Y[K.B.@%'J$2H:]P=E3;`/;\OMCP3B
MV2F*'#>*='[A]<=P8YO:W,PE)'SQ1/*`"!S0A]'NR5RM9<ZPT%89J+@YB`Z@
MN3[=-Q4Q(M8Y_%561K[!9A8W[=T=$[6%=I,U#)N#:I"4-1-W!P[Q:DUHRU=,
MV3.G2DD3,S=S>O1`>$>[Y8YF0J7$@JJE+PD@3F+9:>3\I$;/03.5STV+_,-R
MB:*L&XK=O.P;PI%"MI:&>7>7*TE&"B@B+AFZ\(>50/9$P#IW<)\6J*\Y0VHS
M4AEM/D%PCW@</(R&H6[/`:EY0!U$"'O^'JU^Z[Q)J`@/Q)S]\@AW9FN?Y?G#
MA3C::<^?MF4[NW_C3#WX?%1X89*Q)14[_,5&7XA?4>E?FSY[EA0!^G+-3T#Z
M1TX+P4XM.=MK%I*%@[")=,*_B(VX[PJXEI24.;U!"E7"1G!?Z+*QCFJU%LVE
M(Y=8:W`<J2#YHLJH!8AF81(FFJ<P@!1U[`[NWNXSM93U3;SDTJ"=Z=!L3.VT
MB-90U%.JG8:WS3B]RFY0F5`"T`:#`2^DG-0U=1ZM,=/S,5"R%>ZA>XR<L+63
M?-&+B&AI&`A73"6D6[E9-1HP>LTA5375T34`IA`VA1TTV;L/./Y<:9!4DH;!
MD)SD;1MNC'<-/,4S&:;Q>!6_<7:;9D&VW19==R6P&?PW'\V"]Y^&;R7VJ_?O
MG?`5\E[D^UU_E?Q.[W7X7M>-KR?/QK\2/MWH^CRPSTX>QMT1D.O_`.=8\1Q=
M]Q8I?M3G*4I<LHZ/,\YOVF[-MS]JO$/@O)>2=VV?L9QUBR4&"*9)7F\/,/8F
M01A(ZT7)JO-,X:&K]?(@5LV,0A5W1TQ*4IQ*/'R\K?>I$T^*3253$]<X^OMT
MU)35[M6VCYV\4XSK"4A(]`B?]G4'M7L-(L>Y7:K78B.@=VMA4S'>;2Q3E6\E
M>;@NFM$OI6QQ\LX<'C9R/6;*-'+8A42I*)F#3N$95-14/E(?,PA&%/)#5+24
M=&ZIRE1A+JYJVR]<#0W]4?I<6S<^I4\I;/<@[H=V<G2F=DOE>VY5FX.+:%#2
M3*C%O,N.:C<*7$2L<NB0A6S>3.Z541T`"\HE*9FGS;-J>E#2'$[E,Y`Z!R$@
MG9HBCKLDRFKS!2U(4'S:9&0)EIUP1;9CFK:YES;B0=L5<3IN)L:)3&.)+$@5
M$U%FL:/ZVS.I,TF=IIS)J0THB@J(CJ;Z\RG/SF-J;A*H74./=Y?45.K`D2=5
MVR6H:(N*=FG0T6F$A%.E)!'+I(VSVQ0+;EU']AVWS`T6WPCMKW2XKVJ0D]:'
MK:]1V"+))XGK[V1L\@M;IA_9&L_8':3$;0Y<'=+&YRI'$1T``$`-7[^N<+CZ
MP:@RF=<@)>B%LM:8R^E4*<8:69DG2)W\EL%`S/1MN.[7;L]C\L0,%F#;S;ZQ
M%9%<,E'+\8.S044BC<(.6;+Q+^-?*%0*S(Y3+XA`,8H`;Y0X'1OU>7NARE4$
MOSE/;ZX)6T&7YOE:J:O;WE,NV5UVS3`R>G30NE5:(&V;S=FVV^<H4UA0;I6W
M<E)>L4+>B@--:3LRTA:Y+7J=B7Z,_7'1"MC*@!CB("42".O#E?6Y@Z0TZM*D
M*OLE".7Y+D]*Z*BC9*5-B0F29>DQ*C+9YTR>I-2:_O=L&WIA8`RY6S2TI8Y-
MY:\<62Q1-;</XI9EDR*I5IB6$XY8&B5$3E?@Y-X10(8PEU#@C6<9I1MAFF<`
M*>SB$Y3NE83`1P]EM47:E])PJGB`,IZY\OFY85OM/[$?NT/B;\$9/[#7+\'_
M`(6_#&*]V>E/6GPZ\?T1[R\GZ1]0_6>9\;QN7Z_3GX2[UF7>^^[W^I]O';+%
M?ME/T0YW3+/".Y;D>&X,."SLRE_FY9SG;.=L(TLF$9UC\C2+Y0C9F]Z:Z:Z2
MRPZ$,A$Y=D`>&`%!`#$;^,)C@7L`.T>!I^1'ONF'")5*CR?NP]NB^Q6:=.3`
M:RJ?*$LODV::&`/8682>4[DX:.$0$`$$'"`E.73L$!U#LXB\>OY!#22)ID1?
MZXC;:NDF;K!]398Y`%0F-]K*1%1#ZPB1J>50R13_`)Q4S'3`1*`Z"(<14H;H
M">OIA1%M<OWHZ(\>GM!2D/F3J\+O8*4AH^8W9V&1A5WL0[BV4LP4HJ@"_B%E
MVS="29'4#3QD!.F)OEUX(^I*DMX2#).B","27"JP$Q779*0CCH$91*X(5P0^
M(MX'.FX#QDSZ3N1A#G(IS%-RF#4-0[![0[>).?2/-S0NW]7*.WG,6<Q5<2X\
MZ',!=?'.W4KVP%\];K%,('([-C&12:&*;7F`XO%2``@/>/['$;W@/VN@0PR9
M9>G5(Q`G15K*6.+%NWP+((`#=O4=GN12QRH"4BS3)^V^`"8.9,_>59VP$#_*
M;N^;@U602E:;90.D!!4A4PK5'CM&ORFWCI>[]:<_7$DEM%R1O,QRT2$XI*-V
M@.I2?J(IE/HHD*Z=L2,B73M[--0$.!+$W!.XCFB;!DPXC]*9_)$W_9>7^XP^
MSOY7]W?L7>_/`\(OB^MO37Q3YN3DU\SZK[==.?G_`+;@>([_`,LNB!;L^'8)
M=;=W2MG*=VN(.ZU"DC5,L[0)O&60X7'N8,[&R5L]DGLBX\%7X1YH1K[&P64.
M3VDU*=+'3,T54]@CI\'*(#J/$V.R9W3@K_;LOE!8=M5DPS47EFV<XG:2S!7:
M!4,2TZ<8NHA1C$H1UJJ1Y*J*Q4D)S)2[A[&QJBSTQ``4W*A@-J)M>(.`E.,Z
M8DV/C,.J*+[60'[WOJ=ZAV#CO:P`?/K3#<+JN.SH@+'TQ[WIYH+E92Z5:Q#W
M",!+B8.8Q^WW:Y#L,8>X.[N#CQCLC;#:_D3L/-',_M.S_A.C]#7(-!L>4J.U
MR#+8_P!SM8B,=-[)$O\`(DM8K?9[PQK,-&T5D[7L[Q_,N9%$$$R-A$Q3@?\`
M-[>'2D[W%H_/"#1_II'(8L1N&867%G0(AJ!9HM[`7*4VW8-Q2]A'Q#MI!E+W
MJ=I];7C7*!N59%X1K*'`Z0@!RCJ40`=0#DVNSY3S")JF,M0.7I$2U@"&1Q+U
M:LO8_`!;M+WT_MO,VR((\I'3G$DXXQ^JL0O]D=JP$A1^4`T^3CC:W9^L><B#
M@RK-K?3%+=WC%S4KOU-=KT8=0BN[?.6PN>JS$PBD#M+/,Y$4?(JC3ET%0JJV
M.W(*B7NU$3?+Q)$BE*M0,+DD5)1K(//ZXZ6O3L5Z;])^6+[C]Q^G?*:!R^ZO
M(>[?+::<O+Y3V>[3A/$<6+3.<6,<_P#N<PR_WC;M^II2WI_.6?`>S_"M3V^B
M9'G4J%TLK=?.PSL,?VE&DQ-6R`8-%%T@!0S9+PA-R]G#+9"4)U%45R25UCR%
MVI2D2&JP1+72@S,EN*SGN]SBF4Q%\B8RV02TVB;3Q&=L0PO,QEO8N/9()7#2
MRQ[HAB@&F@!KV\<^)(`Y8ZB6I:U8HW<!0JUIZJG5;K+>>G*LXG,1;:X9&RUM
M=%I88$\IC]PT3F8%VX;NT&TQ&&5\5LH=)0J:Q"F$HZ:"J>CHB=-].=U886.G
M!:LHN9WJ28JR+F?)>:X_!&>Y'&E%L&4YMM/V5I66%&5<%2<OVD?&-CKNW!Q4
M5\-$A1/W!\G##B$-I;P"1(MB##KCA=2LDI!D/,?5`^MJ6U[`5[Z)UPS#.XMI
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MQA2"9O,/\$A.7"DN70&`2F/'2-K6$G=RZ:]O$$*5N#$*CJUC<M-\'>U^KYNW
M\SF^?NUX5Q'=XM,HLY=>7+`H-M)@+U6NIL0V@F4HNSHY":@)CD+BYVFH/*.F
M@`8X!V_EX;/R*=OKBN;&&N=.M*>8"*R])AC4L/[T>J%MWB!73]UYAB+=22*$
M(1%:CM'=@9/V#02C[9:O.V,C4^G84%"]@!Q-WK-I5KB%*-U4*:O_`#Q-&U4O
M\KYU-S:AH./MK)>WL,!B4SF[@U]D0-V".FOY.`*;DC'.\=$&93AK'#K3"'T[
M/W\.L;_&\L'Z!K<,5'9;V0M2=IW;T*B!]D1@+T",I"/<&(MX(C]$YD@>.=&*
MI&P<T3IQO*$INOAE0L/!Y*Q#^'ZPI88F+LU?LK@M[LU8F6#65B):$QQ@Q\Z\
M.7BWZ+AB^CC.I4H'353,41TXF9E3K@LE'B430P-`)YXL3O4Q!B3;KO+Z5V2L
M58PQ]B]&7W)VS%MJ5H5-KE/0E4+_`$56.BDY@T#&L!>D;+)K>""@F`HG[.!M
MS<;6";A."U"9.MJ-P5TP_MVP?RMW2]^:G;H?T/8Z_P!#3B"$_$$<L1JOIC4&
M1_O'^"U_N.%]W9NYVW1:?[O^+I@6F6MMUEL>\N[9HVA[OL<8=W!O\3U.C;@L
M5V.HUW,0/ZLU6<.\:W29HJ%TK5DI\P@@L9-D\<`+9\@F0H`8@'*<Z5R;PJ22
MF<)!L=X4XE0Q$"8AG[;=IF'L99]P_9*%NYJ&2\]8^8[ED=R;%2;J$O?LVR>4
M;-`RMVD9FN0%E\_2`QMDAHT*1`6SE-@10C17D4,!ADIQ13(I(&B!H9;%2'$K
M!7J]QA<R!MCG97>IE?.&S;>1C?%6?I_'U&JFY/#MFJE:S0U4C8MJ8<<VR<I3
M*ZUBWT.45B]"M%EC$0>I%U*!BF,`Q*_BL)39H,'"!W@K2JV5VF'?L4VZ5O"R
M>[H\ANCINXK,>6,L25JW#S57:5*!88[R"O7U6"T!)4ZO6.><4UPE'&!P=G(+
MI+E*&H%`O;QZZM2@D$$2'GA=AE*"X4K2K$=&BP\NV&GMQVT8OH73`NFW:O;H
M,:Y`QK+47/<,[W(P+RM+8\AV-UDK:XG)IVZ86Z2KP,J.I**IO1/*D(4S4_B'
M2$#`62G"7<6$@V6>2)T[:44Y0E04#.T0A8;VMXGJ60NF;/(;K,7W,-OVWK(E
M#Q'7(Y[6"N]P9IZK1#"2R/CL[6Y/5).)@8)IXRQ(Y*32*BL!S+$+VC[O%8%C
M";3YH]2VD);&(223Y=EL3UOZP?1,V,=LC:V9VI&"IS'^Z?&&2*!(W)Q")GOM
MJK9Y`R&-*TUF;%7C/K#9V:YR(IM3.7/U8F*@?MTBPM2,4DDS&C1$GT!93-0$
MCITQ]G7"%$N6^S9GF6;SK2*5=\45_,S&HX5F7,*G<LN-[7!-V<N_J;=Y8H^8
M71J*"8+.Q:L'Q03-]8*8:#Q!*B&R)&1B+S:5OH65`*&@WG9!`-`\/EY@TY-.
6;LTTTTU[]--.(3ZT],X=F<<Y6SC_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g84407g62m82.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g84407g62m82.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`$P"5`P$1``(1`0,1`?_$`(````("`@,!````````
M```````'!08$"`(#"0H!`0$!`0$````````````````!`@,$$``!!0$``0,%
M``(#`0`````%`@,$!@<!"``1$B$3%!46)1<B(Q@D$0`"`@$#`@4%`0``````
M`````1$"$B$Q`T$348&QP3+P<:'1(B/_V@`,`P$``A$#$0`_`/MUTW=YE%T6
MKY=6\MN>G6VSTVRWQ,6KD*>*C#*]5S-=!3GYDNW6(`PY(>GV:.EIMKKBN\^7
M>^WT]]UIDFY22!7&O+K,T9Z<O943>`9"NZ#W(R6:3J\A_3G=66F"[!H`:N"Y
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M`$;28?(6&Q3(`,&-%@!3SZW'G.NN*XEMIM:N_2]EZZJ$I$$UC&Q!=JH42\AA
M)<)_EK+6C0$QR$Z1!VFF'I]8M(9R6+E3Q!-L<;&/-MRXDAZ-);YQQ"O;OMSG
M:N+@A#ZMO0+,BE:J$2MV?0M,NS).34,WI,>!)/$1X9#7[2PE9Q6<+!5:HC7Y
M++3Y,A*88XZZEMO[CG>([D'5G&O7FT61^IZ!@V@922_5K,#S$\G4KE2"45J1
M'BN0D6VG&2,6`=X[(XI,*4TRMQKG5H4KV[S@":&>;@I^GIU,WBNM`,94?G@G
M=26FD%@XYD?;95,>L1<"(MTJVP*TV9B=X[)Y!<ZPUW[CB$H2M2>W9UQ360&S
MO_DK1O'.O@K!<Q]D+(/G>#8PNICD&3$<+`BNE;=<Y<'DAA;=5HM>CN3RDCG>
M]882GG$J6M*>EPV;A-%@G)&YU:!J]8R@G#)#Y=_J;]IS>V.]A.5"^.#>I>/5
MH&49E+7_`%`<0^R1_$=;0J4/<4\QUQ+3O$<W7'[D,R@;-7=+L6B!ZI`+30^<
M'VJ>0N:FHW*N=N+#2G+'7JO+1(<D%WJ@ZIN,1>2VEAJ:I4=*E.-.<3D&=6=7
M!VG0]0SB#!)L%LIY2.G)TIME`V=_>`GCXK]6XAU;SOV(K/P=^:$=XYWVYSO/
MKZ``6K@[!I6D9?#@DVS68B*&9,S9#;"!TV-H$<W)%)&K2\N0XY&0"=X_]QM'
M.*5SB>]^OH!<V[R'*!=0L665#&=`TPO3ZC5+G9YU7)T0?%'C;E+L<,)&C,VN
MU`)9,B\NJR^];:1\.?%/.K]U?3I7CFN3:2!)?^F\R_T/_P"A_:S_`,5\OP?U
M'\[+_M_Z?^P_UY_$?S'S_(_KO[S_`!'XWS^'YGT^Y]O_`+/4[;SPTD&N7DKB
MMGV7R8HPZOZ!KF1O0O&79VA&D988F5_HRU3KUEB0L$[,:ARH1F#[M*E=&/=1
MV2F,KJ>\^/>\WQVK6KRC=`4-0J%AJ^?87>!>1W)^Z^,V\VXAY'45"RMHNM\L
M=EHARAV[8ZD:.^\[3GY+%AAGAJT.]D2!2G(;7M(C\9]:O>KR2<RE`;A2QYZ_
MY#TC3,NO6:8Z-L&M:-HM0.T,-3(5'N(R(.E6P3,KZS%^)6,"*&52K@.S_OSW
M)KJ7>-,]0TTMU7$^N3X[JN36GD95ZOZ8M(WC"5L7D3_.E]%V^F#J#XAX!2DV
M_)+D9H$>YE0=CT0<707+,07VRLB,B,S(0SQSCT=$GY*]OGSOKJN1*B2B9>YM
M&#Y)9#0,[/\`AU4AY74\GRRFE]MZ3NN22[:BWBB!ND(E(EFK-7@UC-/R[M8)
M+[A"3(:ZN=*<7U2_?O??2M.34-Z>O@"_0D>/CN#Z.!-7#R%\@\\58*[(MTZ[
M1=/N]]J+\Q^(H(?K;\BL`+.)'5(@+23_`"QC3[PUUGLCZ=]N=JEV40K>7[#:
M2E['/Q=LMF5JEEH],U'3MX\?QU"B'(NB:H(GIL%2T9TZB(W0!>@D:]6I5_&S
M*\IR8]QR,_(%K9;XY)5U[J$QVJEJDF95Z]'H5SSAKPO0;=GN<['8KSFWCR[7
M#=QCZ5GP8K),,[L'FLCZD'*6@0*-SZ=`'`",HA'3QIEHP^AR*Z_UM"F'K6^C
M=8=O8T8OA];]-(7UNFWD44H%,J6:*K6%"*[GIO/LQVBOP#BEV+:7P9"-U^GV
MIUI,1F/7IJH\AF,](G-_D-2T]9X<OS9!P:/()8_Y,0-TL%;/F\KN.,CLIL%C
MK8$C9YF5G:Q=C5Q'$CH,-'FFFZ;;(9U4>1-B,2.19T%GKZ4MKXM.$FW"W(VE
MN+^BVY=M\NJ::R;9=ITK-K'7=5*:E5S$4OW(:'.;B5'F>Q`2B-*!M#9$F:HA
MQAG\Z2\KX*ZI/.?7UJU+T^7JB*]7L:FT;QYL-<RK&]5N4C<;[E,+4;\_N'C<
M9L=E?J8T3/UVR+J.B5O-X<&.\3&T0RQ&(SPSB7XT\?(<E)0I;#?%>A\E9<-3
M&C-FU+X+==BWC2M6K-+S(MF]9KQKQXH8C:)EV`]+#G'FYFMW00,"U<VU(#78
MQQD0U)<XTJ3`$?)'S:>^N<^/&)>\Z?C<"=-TK0U>"FX8?>0=E3MOB;%?=R:Y
MTI-@D$IZ@0O^CQ2\9A9G1[1::5'UN9P#-4RC\KBH<AEU'$N\3WGRM6M-=F0]
M/LOH=;S?-Z91JH(;$`*U6QD&!!XUSCJ7>14R)4N8OX)7(+3R+SLB4^O_`+7Y
M3JW%]ZM7>^N0-2`^G4S(O*7RGDZ&^=K\2VQ,$FUJ<BE78U`,L!:$3@%5PI]>
MKQ6&XL?*<2TZCJ^+0KOMWGK5:6ML"/!:]1*#Y/;_`&FXSK`*KFAYIXYD*48[
M1;\1@GHL`-?7"'8RQ=8G=CR(/2;'WV'^-2&E.IXI'.^_M>W?P!#2L?;WKREU
M"ZQ-!WJA4V=A.!+!&,MMMCS&#;T2S&L/RHY93HIJ3/EBX[C7?M*^U)A\E?\`
M)*>KYWUUJU6F+C*7OJ4W$_T'E7^E?]#?R<?_`%E^J_6?H?OS/R/G^S_=_N?V
MOY'[3^G_`*'_`"?[+[OY?[/_`.KY_=^OKGG_`*93U'4=?KF0/0!Z`/0!Z`/0
;!Z`/0!Z`/0!Z`/0!Z`/0!Z`/0!Z`/0!Z`__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
