Why Alimera Sciences (ALIM) Stock Is Up Today
Shares of Alimera Sciences (ALIM) are up after the company announced it had received a $25 million advance from Hercules Technology Growth Capital (HTGC).
NEW YORK (TheStreet) -- Shares of Alimera Sciences Inc. (ALIM) - Get Alimera Sciences, Inc. Report closed up 1.69% to $5.42 on Tuesday after the company announced it had received a $25 million advance from Hercules Technology Growth Capital (HTGC) - Get Hercules Capital, Inc. Report .
The advance will allow Alimera to pay for its milestone obligation to the "licensor of certain intellectual property" triggered by the FDA's recent approval of the diabetic macular edema drug Iluvien.
Receipt of the advance was conditional on the FDA's approval of the drug on or before October 31, 2014.
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