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Alimera Sciences Reports Second Quarter 2012 Financial Results

About Alimera Sciences, Inc.

Alimera Sciences, Inc., based in Alpharetta, Georgia, is a biopharmaceutical company that specializes in the research, development and commercialization of prescription ophthalmic pharmaceuticals. Presently Alimera is focused on diseases affecting the back of the eye, or retina. Its primary product, ILUVIEN, is an intravitreal implant containing fluocinolone acetonide (FAc), a non-proprietary corticosteroid with demonstrated efficacy in the treatment of ocular disease.

Forward Looking Statements

This press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, regarding, among other things, Alimera's commercial plans for ILUVIEN in Germany, the UK and France. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual results to differ materially from those projected in its forward-looking statements. Meaningful factors which could cause actual results to differ include, but are not limited to, uncertainty as to Alimera's ability to commercialize, and market acceptance of, ILUVIEN in Germany, the UK and France, as well as other factors discussed in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Alimera's Annual Report on Form 10-K for the year ended December 31, 2011 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov . Additional factors may also be set forth in those sections of Alimera's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 to be filed with the SEC. In addition to the risks described above and in Alimera's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the SEC, other unknown or unpredictable factors also could affect Alimera's results. There can be no assurance that the actual results or developments anticipated by Alimera will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Alimera. Therefore, no assurance can be given that the outcomes stated in such forward-looking statements and estimates will be achieved.

All forward-looking statements contained in this press release are expressly qualified by the cautionary statements contained or referred to herein. Alimera cautions investors not to rely too heavily on the forward-looking statements Alimera makes or that are made on its behalf. These forward-looking statements speak only as of the date of this press release (unless another date is indicated). Alimera undertakes no obligation, and specifically declines any obligation, to publicly update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

ALIMERA SCIENCES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
     
  June 30, 2012 December 31, 2011
  (Unaudited)
     
CURRENT ASSETS:    
Cash and cash equivalents  $ 22,291  $ 33,108
Investments in marketable securities 500
Prepaid expenses and other current assets 938 692
Inventory 206
Deferred financing costs 145 201
     
Total current assets 23,580 34,501
PROPERTY AND EQUIPMENT — at cost less accumulated depreciation 155 197
     
TOTAL ASSETS  $ 23,735  $ 34,698
     
CURRENT LIABILITIES:    
Accounts payable  $ 1,279  $ 1,948
Accrued expenses 1,147 1,638
Outsourced services payable 131 658
Notes payable 2,348 2,462
Capital lease obligations 12 12
     
Total current liabilities 4,917 6,718
LONG-TERM LIABILITIES:    
Notes payable, net of discount — less current portion 1,793 2,868
Other long-term liabilities 174 134
COMMITMENTS AND CONTINGENCIES    
STOCKHOLDERS' EQUITY:    
Preferred stock
Common stock 314 314
Additional paid-in capital 236,555 235,619
Common stock warrants 415 415
Accumulated deficit (220,433) (211,370)
     
TOTAL STOCKHOLDERS' EQUITY 16,851 24,978
     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $ 23,735  $ 34,698
 
ALIMERA SCIENCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
         
  Three Months Ended June 30, Six Months Ended June 30,
  2012 2011 2012 2011
  (Unaudited)
         
RESEARCH AND DEVELOPMENT EXPENSES  $ 1,856  $ 1,751  $ 3,437  $ 3,508
GENERAL AND ADMINISTRATIVE EXPENSES 1,548 1,866 2,982 3,406
MARKETING EXPENSES 1,088 1,309 2,201 2,426
         
OPERATING EXPENSES 4,492 4,926 8,620 9,340
INTEREST INCOME 1 2 2 14
INTEREST EXPENSE (211) (284) (445) (579)
         
NET LOSS $ (4,702) $ (5,208) $ (9,063) $ (9,905)
         
NET LOSS PER SHARE APPLICABLE TO COMMON SHAREHOLDERS — Basic and diluted  $ (0.15)  $ (0.17)  $ (0.29)  $ (0.32)
         
WEIGHTED-AVERAGE SHARES OUTSTANDING — Basic and diluted 31,430,651 31,354,243 31,429,003 31,316,181
CONTACT: For investor inquiries:
         John Mills, ICR
         for Alimera Sciences
         310-954-1105
         John.Mills@ICRINC.com

         For press inquiries:
         Katie Brazel, Fleishman-Hillard
         for Alimera Sciences 
         404-739-0150
         Katie.Brazel@fleishman.com

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