Global nanotechnology company pSivida Limited (ASX: PSD), is pleased to
announce that it has been awarded the 2004 Frost & Sullivan Excellence in
Research Award for its work in the area of Nanomedicine.

In the recently published study “Nanomedicine – Global Technology Developments
and Growth Opportunities” Frost & Sullivan announced its 2004 Science and
Technology Awards recognising pSivida’s commitment to research in the core area
of controlled slow release drug delivery and diagnostics and also commended its
research efforts to leverage BioSiliconTM for a variety of applications, including
orthopaedics and tissue engineering.

Frost & Sullivan was founded in New York City in 1961 and has established a
reputation as one of the world's leading companies in providing world-class market
consulting information and intelligence on emerging high-technology and industrial
markets.

pSivida Managing Director, Mr Gavin Rezos said, “We are delighted to have received this award from Frost & Sullivan who are very well respected within the international scientific and market research community. The award is further recognition of the significant work that has been undertaken by the research and development team at pSivida. Their efforts are now bearing fruit with the Company’s lead BioSilicon TM product BrachySil TMcurrently in Phase IIa human trials with product launch in early 2006.”

Award Description
Frost & Sullivan’s Excellence in Research Award is bestowed upon the company that has carried out new ‘disruptive’ research and has a strong commitment to research and development. This award recognises a company’s research and development program that has or is expected to bring significant contributions to the industry in terms of adoption, change and competitive posture. The fruits of this research may already have or will potentially impact certain market sectors. The award also recognises the overall research excellence of a company as well as its commitment towards differentiating itself based on science-backed services or solutions.

The companies that are commended as award winners are those with the diligence, perseverance, and dedication required to develop a successful business plan and excel in the increasingly competitive global marketplace.

Other 2004 Science and Technology Award winners included:
•Product Leadership Award - Quantum Dot Corporation
•Excellence in Technology Award - Elan Corporation Plc.
•Technology Leadership Award - Nanosphere Inc.
•Enabling Technologies Award - Do-Coop Technologies Ltd