pSivida develops sustained-release drug delivery products mainly for the treatment of chronic eye diseases. Co.'s approved products and product candidates deliver drugs at a controlled rate for months or years. Durasert™ three-year non-erodible fluocinolone acetonide insert for posterior segment uveitis is Co.'s key product candidate. ILUVIEN® for diabetic macular edema, which is Co.'s key licensed product is sold directly in the U.S. and three European Union countries. Retisert®, an earlier generation product approved by the U.S. Food and Drug Administration for the treatment of posterior segment uveitis is sold in the U.S. by Bausch & Lomb Incorporated.