More than half the proceeds
that ophthalmic play Alimera Sciences Inc. hopes to raise in an IPO this
week could go to partner pSivida Corp. (NASDAQ:PSDV; ASX:PVA). But the
payments would fulfill a revised partnership agreement that gives a greater
share of potential profits to Alimera.
Alimera licensed the Iluvien
retinal insert to treat diabetic macular edema (DME) from pSivida in 2005 and
then renegotiated the deal in 2008. pSivida originally would have received 50%
of profits. Under the new terms, pSivida gets 20% of profits, a $15 million
note and a $25 million milestone upon FDA approval of Iluvien.