SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Finlay Aaron

(Last)

(First)

(Middle)

C/O PSIVIDA LIMITED

400 PLEASANT STREET

(Street)

WATERTOWN

02472

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
07/13/2007

3. Issuer Name and Ticker or Trading Symbol
pSivida LTD [ PSDV ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Secretary

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Ordinary Shares⁽¹⁾	4,900	I	By The Aylesford Trust
Ordinary Shares⁽²⁾	10,100	I	By The Martime Superannuation Fund

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Option to purchase Ordinary Shares⁽³⁾	08/05/2005	08/05/2009	Ordinary Shares	700,000	$1.025⁽⁴⁾	I	By The Aylesford Trust
Option to purchase Ordinary Shares⁽³⁾	04/22/2006	03/31/2010	Ordinary Shares	200,000	$0.695⁽⁵⁾	I	By The Aylesford Trust
Option to purchase Ordinary Shares⁽³⁾	12/30/2006	10/30/2010	Ordinary Shares	200,000	$0.799⁽⁶⁾	I	By The Aylesford Trust

Explanation of Responses:

1. These shares are owned by The Aylesford Trust, of which Mrs. Sophie Finlay, Mr. Finlay's spouse, is the trustee. Mr. Finlay disclaims beneficial ownership in these shares except to the extent of his pecuniary interest.

2. These shares are owned by The Maritime Superannuation Fund, of which Mrs. Sophie Finlay, Mr. Finlay's spouse, is the trustee. Mr. Finlay disclaims beneficial ownership in these shares except to the extent of his pecuniary interest.

3. These options are owned by The Aylesford Trust, of which Mrs. Sophie Finlay, Mr. Finlay's spouse, is the trustee. Mr. Finlay disclaims beneficial ownership in these options except to the extent of his pecuniary interest.

4. The exercise price was converted from A$1.18 using the noon-day rate of exchange of the Federal Reserve Bank of New York on July 13, 2007. The actual exercise price will be the Australian dollar amount regardless of the exchange rate on the date of grant or of exercise.

5. The exercise price was converted from A$0.80 using the noon-day rate of exchange of the Federal Reserve Bank of New York on July 13, 2007. The actual exercise price will be the Australian dollar amount regardless of the exchange rate on the date of grant or of exercise.

6. The exercise price was converted from A$0.92 using the noon-day rate of exchange of the Federal Reserve Bank of New York on July 13, 2007. The actual exercise price will be the Australian dollar amount regardless of the exchange rate on the date of grant or of exercise.

	/s/ Aaron Finlay	08/27/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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