Alimera Sciences Closes $5 Million in Extended Series C Financing
ATLANTA, Aug. 27 /PRNewswire/ -- Alimera Sciences, Inc., today announced that it has closed a $5 million extension of its Series C financing which was originally completed in March 2008. In connection with this financing, the purchasers of the $5 million in Series C preferred stock received warrants for an additional $10 million in Series C preferred stock. The warrant holders will have up to 30 days from the delivery of Phase III top-line data for Iluvien(R) to elect to exercise the warrants. If the majority of the holders of warrants make such election, then all warrant holders will be required to exercise their warrants in full. Alimera expects to receive the Phase III top-line data for Iluvien in December of this year.
Iluvien is an investigative, extended release intravitreal insert that Alimera is developing for the treatment of diabetic macular edema (DME). Currently, nearly 24 million people, or 8 percent of the population, in the U.S. have diabetes. Over time, all diabetics are at risk of developing DME. Based on published data, Alimera estimates that there are as many as 300,000 new cases of DME each year and 1,000,000 people have DME. There are no ophthalmic drug therapies currently approved by the U.S. Food and Drug Administration for the treatment of this disease.
Each Iluvien insert is designed to provide a sustained therapeutic effect of up to 36 months, for the low dose of Iluvien, and up to 24 months, for the high dose of Iluvien. Iluvien is inserted into the patient's eye with a 25-gauge needle, which allows for a self-sealing wound. This insertion is very similar to an intravitreal injection, a procedure commonly employed by retinal specialists.
About Alimera Sciences Inc.
Alimera Sciences is a biopharmaceutical company that specializes in the research, development and commercialization of prescription ophthalmic pharmaceuticals. Presently the company is focused on diseases affecting the back of the eye, or retina. Its most advanced product candidate is Iluvien(R), which is being developed for the treatment of diabetic macular edema, or DME. DME is a disease of the retina, which affects individuals with diabetes and can lead to severe vision loss and blindness. Under one protocol, enrollment was completed in October 2007 in two Phase 3 pivotal trials for the use of Iluvien in the treatment of DME conducted across the U.S., Canada, Europe and India.
Alimera also has entered into an exclusive worldwide agreement with Emory University to explore oxidative stress management -- specifically the reduction of reactive oxygen species (ROS) -- as a treatment strategy for ophthalmic diseases. Under this agreement, Alimera has acquired options to exclusive, worldwide licenses for two classes of nicotinamide adenine dinucleotide phosphate reduced form (NADPH) oxidase inhibitors, which Alimera is studying as potential treatments for conditions such as the dry form of age-related macular degeneration (AMD), particularly the late stage of this condition known as geographic atrophy. Alimera has exercised its option to acquire a license with respect to one of these classes of NADPH oxidase inhibitors.
SOURCE Alimera Sciences, Inc.