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Alimera Sciences Reports Second Quarter 2012 Financial Results

Stocks in this article: ALIM

Company Expects to Begin Generating Revenue in the First Quarter of 2013

Alimera Will Host a Conference Call at 4:30 P.M. ET Today

ATLANTA, Aug. 9, 2012 (GLOBE NEWSWIRE) -- Alimera Sciences, Inc. (Nasdaq:ALIM) ("Alimera"), a biopharmaceutical company that specializes in the research, development and commercialization of prescription ophthalmic pharmaceuticals, today announced financial results for the second quarter ended June 30, 2012. Alimera believes that it is financially positioned to proceed with the direct commercialization of ILUVIEN, and that it will begin to generate revenue in the first quarter of 2013 with an initial commercial launch in Germany, followed by subsequent launches in the United Kingdom and France later that year.

"During the second quarter, we made significant advances in the European Union, gaining marketing authorizations in three of the seven countries we had initially targeted. With additional approvals received since the close of the second quarter, we now have marketing authorization for ILUVIEN in Austria, Portugal, the United Kingdom, France and Germany, and pending authorizations in Spain and Italy," said Dan Myers, president and chief executive officer of Alimera Sciences. "Our preparation for the commercial launch of ILUVIEN in the EU in 2013 is well underway."

Convertible Preferred Stock Offering

On July 17, 2012, Alimera entered into a securities purchase agreement (Purchase Agreement) with Palo Alto Investors, Sofinnova Ventures and New Enterprise Associates for a $40 million Series A Convertible Preferred Stock (Series A Preferred) financing. Alimera intends to use the net proceeds of this offering to fund the commercialization of ILUVIEN in Germany, the UK and France, in addition to other working capital purposes permitted under the Purchase Agreement. Upon the closing of the financing, Alimera's Board of Directors will be expanded to nine members and Dr. Garheng Kong, M.D., Ph.D., managing member of Sofinnova Venture Partners, will be elected to fill the new Board seat. The closing of the financing is subject to customary closing conditions, including the approval of the holders of a majority of the outstanding shares of common stock of the company, as required under the applicable regulations of The NASDAQ Global Market, at a special meeting of Alimera' stockholders. Stockholders holding approximately 56% of the company's common stock, as of July 17, 2012, have entered into separate agreements with Alimera whereby they have agreed to vote all of their shares in favor of the transaction. The company expects the financing to close during the third quarter of 2012.

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