Shares in pSivida have climbed around 17 per cent after the US-based biotech reported positive results from an advanced clinical trial of a treatment for chronic uveitis affecting the eye.
Posterior uveitis is an inflammatory disease affecting the posterior of the eye, often involving the retina.
It afflicts people of all ages, producing swelling and destroying eye tissues, which can lead to severe vision loss and blindness.
pSivida's treatment, called Medidur, is a micro-insert that is injected into the back of the eye and releases a steroid at a controlled rate directly to the retina for three years.
pSivida said on Wednesday that a phase III trial involving 129 patients showed that a single injection of Medidur could control the recurrence of posterior uveitis, improve visual acuity and prevent vision loss.
"The results of this phase III trial are extraordinary," said the trial's principal investigator, Dr Glenn Jaffe of Duke University.
Shares in pSivida were 92 cents, or 17.26 per cent, higher at $6.25 at 1327 AEDT.
