Alimera raising $40M ahead of Iluvien launch

Alimera Sciences Inc. (NASDAQ:ALIM) said it plans to raise $40 million 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 initially convertible into common stock at $2.91. Palo Alto Investors is the lead investor. Sofinnova Ventures and New Enterprise Associates are also participating. Alimera was off $0.21 to $2.76 on Wednesday. ...