Alimera has also agreed to issue an additional 124.378 shares of preferred stock as a subscription premium. The preferred stock will be convertible into an aggregate of 8,416,251 shares of Alimera common stock.
Alimera plans to use the proceeds for commercial launch of its lead product, ILUVIEN, in the United States, continued marketing efforts in Europe and general corporate purposes.
The closing of the financing is expected to occur on or before December 17, 2014.
A registration statement relating to the preferred stock and underlying common stock has been filed with and declared effective by the Securities and Exchange Commission. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
"By securing this financing, we have further strengthened our balance sheet and will have the capital required to execute our ILUVIEN commercial launch in the United States. In addition, it positions us to continue to enhance our marketing and commercialization efforts in the United Kingdom and in Germany as we seek to gain global market share for our novel, long-acting treatment for diabetic macular edema," said Dan Myers, Alimera’s president and chief executive officer.
"We believe this financing demonstrates Deerfield’s confidence in our ability to execute our near-term commercialization goals, and also validates our long-term commitment to make ILUVIEN readily available for the growing number of patients suffering from DME."