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Alimera Sciences raises $40mm through the sale of Series A preferred shares

Executive Summary

Alimera Sciences Inc. (prescription ophthalmic drugs) has raised $40mm through the sale of Series A convertible preferred shares. The group of new and returning institutional investors--including Palo Alto Investors (lead), Sofinnova Ventures (it contributes a board member), and New Enterprise Associates--bought 1mm shares at $40 apiece and received warrants to buy another 300k shares at $44. Each Series A share converts into 13.75 common shares at $2.91. (The current market average is $2.96.) The proceeds will be used to continue developing and eventually market Iluvien for chronic diabetic macular edema. Iluvien has been approved in the EU and is in Phase II in the US.
Deal Industry
  • Biotechnology
  • Pharmaceuticals
  • Pharmaceuticals
    • Drug Delivery
      • Controlled Release
      • Site Specific
  • Medical Devices
    • Implantable Devices
Deal Status
  • Final
Deal Type
  • Financing
    • Other
    • Private Placement

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