This Day On The Street
Continue to site
ADVERTISEMENT
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 Reports Second Quarter 2012 Financial Results

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.

1 of 4

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,122.20 -405.83 -2.46%
S&P 500 1,927.84 -44.34 -2.25%
NASDAQ 4,683.2210 -93.2870 -1.95%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs