ARTICLE | Financial News

Alimera raises $37.5 million in private placement

January 29, 2014 1:47 AM UTC

Alimera Sciences Inc. (NASDAQ:ALIM) raised $37.5 million through the sale of 6.3 million shares at $6 in a private placement to institutional investors. Alimera markets its Iluvien fluocinolone acetonide intravitreal implant in the U.K and Germany to treat diabetic macular edema (DME). FDA issued a third complete response letter for the injectable insert delivering sustained release fluocinolone acetonide (FA) to the retina in October. But last month, Alimera jumped $1.60 (74%) to $4.15 after it and partner pSivida Corp. (NASDAQ:PSDV; ASX:PVA) said FDA indicated Alimera will not need to conduct a new clinical trial prior to approval of Iluvien for DME. At the time, Alimera said it planned to submit a response for Iluvien to FDA this quarter (see BioCentury Extra, Dec. 18, 2013). ...