This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Alimera Sciences Secures $32.5 Million Credit Facility

ATLANTA, Oct. 14, 2010 (GLOBE NEWSWIRE) -- Alimera Sciences, Inc. (Nasdaq:ALIM) ("Alimera") announced today that it has obtained a $32.5 million senior secured credit facility to help fund its working capital requirements. The credit facility consists of a $20 million revolving line of credit provided by Silicon Valley Bank and a $12.5 million term loan provided by MidCap Financial, LLC and Silicon Valley Bank.

The lenders have advanced $6.25 million under the term loan and may advance the remaining $6.25 million following FDA approval of Iluvien, but no later than July 31, 2011. The revolving line of credit may be drawn by Alimera against accounts receivable subsequent to the launch of Iluvien.

The interest rate on amounts advanced under the term loan on or prior to February 28, 2011 will be 11.5%, and 12.0% on amounts advanced subsequent to February 28, 2011. The revolving line of credit will bear interest at Silicon Valley Bank's prime rate plus 2.50% with a floor of 6.50%.

In connection with the term loan, Alimera issued the lenders ten-year warrants to purchase an aggregate of up to 79,546 shares of common stock at an exercise price of $11.00 per share, Alimera's initial public offering price.

"We are very pleased to have secured this financing on attractive terms to supplement the proceeds from our initial public offering in April of this year," said Rick Eiswirth, Chief Operating Officer and Chief Financial Officer of Alimera. "This agreement provides us with additional financial cushion as we prepare to commercialize our lead product candidate, Iluvien®, which was granted Priority Review status by the U.S. Food and Drug Administration on August 30, 2010."

"We are excited to partner with Alimera and provide them with the financing they need to grow and bring to market their solution for treating one of the leading causes of blindness in the world," said Scott McCarty, relationship manager at Silicon Valley Bank. "Silicon Valley Bank is committed to providing life science companies at all stages of growth with the right financial products and services for their specific needs. We look forward to building a longstanding relationship with the Alimera team."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $92.59 -0.70%
FB $119.23 1.20%
GOOG $711.26 1.40%
TSLA $214.48 1.40%
YHOO $37.28 0.92%


Chart of I:DJI
DOW 17,718.62 +57.91 0.33%
S&P 500 2,056.05 +5.42 0.26%
NASDAQ 4,729.6070 +12.5130 0.27%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs