Alimera Sciences narrows fourth-quarter loss

ATLANTA — On the heels of Alimera Sciences announcement of positive results from its FAME study, the company reported a fourth-quarter net loss of $6.3 million, or $0.20 per share, compared with a net loss of $24.8 million, or $15.85 per share, for the fourth quarter of 2009.

Alimera primarily attributed the narrowed loss to an increase in the fair value of the conversion feature for the company's outstanding preferred stock during the fourth quarter of 2009, according to a press release from the company.

As previously reported, 3-year data from the FAME study showed a steady response rate for patients whose best corrected visual acuity improved by 15 or more letters at both 24- and 36-month follow-up, demonstrating that Iluvien (sustained release fluocinolone acetonide) may be considered a long-term treatment option for diabetic macular edema, the release said.

"We continue to believe that Iluvien will be the first ophthalmic drug approved in the United States for the treatment of DME and have an addressable market that could reach $1 billion per year," Dan Myers, president and CEO of Alimera, said in the release.

Fourth-quarter research and development expenses, which benefitted from the company's completion of the FAME study patient follow-up, totaled $2.1 million, down from $3.1 million during the same period in 2009.

General and administrative expenses in the fourth quarter were $1.3 million compared with $1.1 million in the fourth quarter of 2009.