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Alimera raises $40 million to market Iluvien
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Alimera Sciences has completed the private sale of $40 million in series A convertible preferred stock and warrants to purchase series A preferred stock to existing and new institutional investors, according to a company news release.
"We believe the closing of this financing combined with our current cash position will enable us to proceed with the direct commercialization of Iluvien in Germany, the United Kingdom and France without needing to raise any additional funds for this purpose," Dan Myers, Alimera's president and CEO, said in the release.
Alimera holds the global license to manufacture and sell Iluvien, a sustained-release intravitreal implant produced by pSivida that delivers submicrogram levels of fluocinolone acetonide for up to 36 months.
Alimera has received marketing authorization for Iluvien in Austria, Portugal, Germany, the U.K. and France.
"We expect to begin shipping Iluvien to Europe in the fourth quarter of 2012 and generating revenue during the first quarter of 2013," Myers said in the release.