Alimera Sciences Terminates Equity Purchase Agreement
14 November 2019 - 12:00AM
Alimera Sciences, Inc. (Nasdaq: ALIM) (“Alimera”), a leader in the
commercialization and development of prescription ophthalmology
treatments for the management of retinal diseases, announces that
it has terminated its $20.0 million common stock purchase
agreement with Lincoln Park Capital Fund, LLC (“LPC”), effective
November 12, 2019.
“After assessing our expectations for the remainder of this year
and plans for 2020, we have made the decision to terminate our
equity purchase agreement. Having completed the third quarter of
2019 at an annualized revenue run rate in excess of $50 million, we
believe we have sufficient cash on hand to fund our operations
throughout 2020,” said Rick Eiswirth, president and CEO of Alimera.
“Currently we believe that our common stock is significantly
undervalued and we have no plans to issue equity at these levels.
We continue to expand the usage of ILUVIEN both domestically and
internationally and believe the best course of action is to
continue to execute this plan without further dilution to our
stockholders at this time. We appreciate the commitment from
LPC and their initial investment of $1.0 million.”
Other than the initial investment, Alimera has not requested any
additional purchases under the agreement.
About Alimera Sciences, Inc.
Alimera, founded in June 2003, is a pharmaceutical company that
specializes in the commercialization and development of
prescription ophthalmic pharmaceuticals for the management of
retinal diseases. Alimera is presently focused on diseases
affecting the back of the eye, or retina, because these diseases
are not well treated with current therapies and will affect
millions of people in our aging populations. For more information,
please visit www.alimerasciences.com.
About ILUVIEN
ILUVIEN (fluocinolone acetonide intravitreal implant) 0.19 mg is
a sustained release intravitreal implant, injected into the back of
the eye. With its CONTINUOUS MICRODOSINGTM technology, ILUVIEN is
designed to release submicrogram levels of fluocinolone acetonide,
a corticosteroid, for up to 36 months, to reduce the recurrence of
disease, enabling patients to maintain vision longer with fewer
injections. ILUVIEN is approved in the U.S., Canada, Kuwait,
Lebanon and the U.A.E to treat diabetic macular edema (DME) in
patients who have been previously treated with a course of
corticosteroids and did not have a clinically significant rise in
intraocular pressure. In 17 European countries, ILUVIEN is
indicated for the treatment of vision impairment associated with
chronic DME considered insufficiently responsive to available
therapies. In March 2019, ILUVIEN received approval in the 17
countries under the Mutual Recognition Procedure for prevention of
relapse in recurrent non-infectious uveitis affecting the posterior
segment of the eye. The 17 European countries include the U.K.,
Germany, France, Italy, Spain, Portugal, Ireland, Austria, Belgium,
Denmark, Norway, Finland, Sweden, Poland, Czech Republic, the
Netherlands, and Luxembourg. The regulatory process is now in the
national phase in which the European member states have finalized
or are expected to finalize the label for the new indication to
meet each country’s local requirements. Timeline to this goal
varies by each country. ILUVIEN is not approved for treatment of
uveitis in the United States.
Forward-Looking Statements
This press release contains “forward-looking statements,” within
the meaning of the Private Securities Litigation Reform Act of 1995
regarding, among other things, Alimera’s expectations that it has
sufficient cash on hand to fund its operations throughout 2020, its
belief that it has no plans to issue equity at the current trading
price of its common stock, its expectations regarding its expansion
of the usage of ILUVIEN both domestically and internationally and
its belief that the best course of action is to continue to execute
this plan without further dilution to its stockholders at this
time. Such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties,
including factors that could delay, divert or change them, and
could cause actual results to differ materially from those
projected in the forward-looking statements. Meaningful factors
that could cause actual results to differ include, but are not
limited to, (a) a slowdown or reduction in Alimera’s sales in due
to a reduction in end user demand, unanticipated competition,
regulatory issues, or other unexpected circumstances; and (b) other
factors discussed in the “Special Note Regarding Forward-Looking
Statements and Projections,” “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” sections of Alimera’s Annual Report on Form 10-K for
the year ended December 31, 2018, and its Quarterly Reports on Form
10-Q for the quarters ended March 31, 2019, June 30, 2019, and
September 30, 2019, which are on file with the Securities and
Exchange Commission and available on its website at
http://www.sec.gov.
For press
inquiries:Jules Abrahamfor Alimera Sciences
917-885-7378julesa@coreir.com |
For investor inquiries:Scott Gordonfor Alimera
Sciences scottg@coreir.com |
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