Alimera is increasing its equity in the future profits of Medidur FA from 50 to 80% in exchange for consideration of up to approximately $78 million to pSivida. Consideration to pSivida includes an up-front payment of $12 million, a $25 million milestone payment upon FDA approval of Medidur FA, other payments of up to approximately $21 million by September 30, 2012, and assumption of pSivida’s R&D funding obligations estimated at approximately $20 million.
Dan Myers, president and CEO of Alimera, said: “We are very pleased with this agreement as it provides us with the opportunity to increase our stake and consolidate the development and commercialization of our late stage diabetic macular edema (DME) product Medidur FA. In addition, we will further advance the delivery system’s application in other serious ophthalmic conditions like dry age-related macular degeneration (AMD) using exploratory treatments such as the groundbreaking work we are doing around NADPH oxidase inhibitors.”