Alimera raises $40M ahead of Iluvien launch

Alimera Sciences Inc. (NASDAQ:ALIM) raised $40 million in a private placement through the sale of 1 million units at $40 per unit to institutional investors. Each unit comprises a series A convertible preferred share and a five-year warrant to purchase 0.3 shares of series A stock, with each whole warrant exercisable at $44. The preferred stock is convertible into common stock at prices ranging from $2.66 to $3.16. Palo Alto Investors; Sofinnova Ventures; and New Enterprise Associates participated in the round. Alimera was up $0.01 to $2.50 on Wednesday. ...