Alimera Sciences Reports Third Quarter 2010 Financial Results
ATLANTA, Nov. 4, 2010 (GLOBE NEWSWIRE) -- Alimera Sciences, Inc., (Nasdaq:ALIM), ("Alimera"), today announced financial results for the third quarter ended September 30, 2010 and provided an update on the Company's progress.
"In August 2010, the FDA accepted our New Drug Application (NDA) for our lead product candidate, Iluvien®, for the treatment of diabetic macular edema (DME), and granted the NDA priority review status. Alimera could receive an action letter from the FDA by the end of this year," said Dan Myers, President and Chief Executive Officer of Alimera. "If the NDA is approved in the fourth quarter of 2010, we anticipate launching Iluvien® as early as the first quarter of 2011."
"We continue to believe Iluvien® could be the first ophthalmic drug approved in the United States for the treatment of DME, and that the addressable market for Iluvien® could reach $1 billion per year," said Mr. Myers. "Iluvien® is also being investigated in three Phase 2 pilot trials for the treatment of the dry form of age-related macular degeneration (AMD), the wet form of AMD and retinal vein occlusion."Financial Highlights Net loss for the quarter ended September 30, 2010 was $6.1 million, or $0.20 per common share, compared with a net loss of $7.5 million, or $4.89 per common share, for the quarter ended September 30, 2009. Research and development expenses for the third quarter of 2010 totaled $3.3 million, compared to $3.6 million for the third quarter of 2009. General and administrative expenses were $1.3 million for the quarter ended September 30, 2010, compared to $0.8 million for the quarter ended September 30, 2009. Marketing expenses were $1.6 million for the third quarter of 2010, compared to $0.2 million for the third quarter of 2009. As of September 30, 2010, Alimera had cash, cash equivalents and investments of $54.7 million, compared to $4.9 million as of December 31, 2009. In October 2010, the Company obtained a $32.5 million senior secured credit facility to help fund working capital requirements.
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