Alimera Sciences Expects IPO To Raise about $87M
From Associated Press (April 19, 2010)
Alimera Sciences Inc., a biopharmaceutical company that specializes in prescription eye drugs, plans an initial public offering of its stock this week.
Alimera is conducting two late-stage clinical trials for Iluvien, which aims to treat diabetic macular edema, a retinal disease that can lead to blindness. The company called Iluvien its most advanced drug candidate.
The Alpharetta, Ga., company plans to offer 6 million shares, with a proposed price per share of between $15 and $17. It expects to raise about $87.2 million, assuming an IPO price of $16 per share and after deducting expenses.
Alimera plans to use the proceeds to repay debt, make some milestone payments and complete the clinical development of Iluvien and launch the drug.
It plans to file an application for approval of Iluvien with the Food and Drug Administration by the second quarter.
"We are presently focused on diseases affecting the back of the eye, or retina, because we believe these diseases are not well treated with current therapies and represent a significant market opportunity," the company said in a filing with the Securities and Exchange Commission.
The company said it also is testing potential treatments of a form of age-related macular degeneration.
Alimera said it had a $171
Posted: April 2010