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EX-4.2 - EXHIBIT 4.2 - ALIMERA SCIENCES INC | c17446exv4w2.htm |
EX-4.1 - EXHIBIT 4.1 - ALIMERA SCIENCES INC | c17446exv4w1.htm |
EX-10.2 - EXHIBIT 10.2 - ALIMERA SCIENCES INC | c17446exv10w2.htm |
EX-10.1 - EXHIBIT 10.1 - ALIMERA SCIENCES INC | c17446exv10w1.htm |
8-K - FORM 8-K - ALIMERA SCIENCES INC | c17446e8vk.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
INVESTOR CONTACT:
ICR, LLC
John Mills
310-954-1105
John.Mills@icrinc.com
ICR, LLC
John Mills
310-954-1105
John.Mills@icrinc.com
ALIMERA SCIENCES EXTENDS AND EXPANDS CREDIT FACILITY
ATLANTA, GA. (May 17, 2011) Alimera Sciences, Inc. (NASDAQ: ALIM) (Alimera), a biopharmaceutical
company that specializes in the research, development and commercialization of prescription
ophthalmic pharmaceuticals, today announced modifications to its credit facility with lenders
Midcap Financial, LLC and Silicon Valley Bank. The credit facility includes both a term loan and a
working capital line of credit.
Term Loan
Under the original term loan agreement, Alimera was entitled to borrow up to $12.5 million, of
which $6.25 million was advanced on October 14, 2010. Alimera was entitled to a second advance of
$6.25 million if the U.S. Food and Drug Administration (FDA) approved Alimeras New Drug
Application (NDA) for ILUVIEN prior to or on July 31, 2011. The term loan agreement has been
modified to increase the amount available under the second advance by $4.75 million to $11.0
million, and to extend the NDA approval deadline for the second advance to December 31, 2011.
The interest rate on the amount borrowed under the first advance remains unchanged at 11.5%,
however, Alimera now has an additional six months to repay the principal, beginning August 31, 2011
in equal monthly installments, as a result of the extension of the maturity date from October 31,
2013 to April 30, 2014. The interest rate on amounts borrowed, if any, under the second advance
increased from 12.0% to 12.5%. Alimera is required to pay interest only on the amount borrowed, if
any, under the second advance through April 30, 2012, and thereafter will be required to repay the
principal in equal monthly installments through April 30, 2014, plus interest.
Working Capital Line Of Credit
The working capital line of credit provides Alimera with up to $20.0 million that may be drawn
against eligible domestic accounts receivable. The maturity date for this line of credit has been
extended from October 31, 2013 to April 30, 2014, consistent with the modified term loan.
We are very pleased that our short- and long-term outlook enables us to modify our term loan and
working capital line of credit to meet our future needs, said Rick Eiswirth, Chief Operating
Officer and Chief Financial Officer of Alimera. Our strong relationships with Silicon Valley Bank
and Midcap Financial position us to obtain this additional financing as we prepare for the next
step of ILUVIENs potential commercialization.
About Alimera Sciences, Inc.
Alimera Sciences, Inc., based in Alpharetta, Georgia, is a biopharmaceutical company that
specializes in the research, development and commercialization of prescription ophthalmic
pharmaceuticals. Presently, Alimera is focused on diseases affecting the back of the eye, or
retina. Its advanced product candidate, ILUVIEN, is an investigational intravitreal insert
containing fluocinolone acetonide (FAc), a non-proprietary corticosteroid with demonstrated
efficacy in the treatment of ocular disease. ILUVIEN is in development for the treatment of
diabetic macular edema (DME), a disease of the retina that affects individuals with diabetes and
can lead to severe vision loss and blindness.
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in the technology, life science,
venture capital, private equity and premium wine industries. SVB provides a comprehensive suite of
financing solutions, treasury management, corporate investment and international banking services
to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the
people and business issues driving them, Silicon Valley Bank provides a level of service and
partnership that measurably impacts its clients success. Founded in 1983 and headquartered in
Santa Clara, Calif., the company serves clients around the world through 26 U.S. offices and
international operations in China, India, Israel and the United Kingdom. Silicon Valley Bank is a
member of global financial services firm SVB Financial Group (Nasdaq:SIVB), with SVB Analytics, SVB
Capital, SVB Global and SVB Private Client Services. More information on the company can be found
at www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB
Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the
Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
About MidCap Financial, LLC
MidCap Financial is a commercial finance company focused on middle market lending in healthcare and
other specialty vertical markets. MidCap specializes in middle market loans in the $10 million to
$200 million range. Its principal officers are all veterans of the health care finance industry,
having worked together at three healthcare finance companies previously. The company is
headquartered in Bethesda, MD, with offices in Chicago and Los Angeles.
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, Alimeras future results
of operations and financial position, business strategy and plans and objectives of management for
Alimeras future operations. Words such as anticipate, believe, estimate, expect, intend,
may, plan, contemplate, predict, project, target, likely, potential, continue,
will, would, should, could, or the negative of these terms and similar expressions are
intended to identify forward-looking statements, although not all forward-looking statements
contain these identifying words. The events and circumstances reflected in Alimeras
forward-looking statements may not occur and actual results could differ materially from those
projected in its forward-looking statements. Meaningful factors which could cause actual results to
differ include, but are not limited to, delay in or failure to obtain regulatory approval of
Alimeras product candidates, uncertainty as to Alimeras ability to commercialize, and market
acceptance of, its product candidates, the extent of government regulations, uncertainty as to
relationship between the benefits of Alimeras product candidates and the risks of their
side-effect profiles, dependence on third-party manufacturers to manufacture Alimeras product
candidates in sufficient quantities and quality, uncertainty of clinical trial results, limited
sales and marketing infrastructure, inability of Alimeras outside sales force to successfully sell
and market ILUVIEN in the U.S. following regulatory approval and Alimeras ability to operate its
business in compliance with the covenants and restrictions that it is subject to under its credit
facility, as well as other factors discussed in the Risk Factors and Managements Discussion and
Analysis of Financial Condition and Results of Operations sections of Alimeras Annual Report on
Form 10-K for the year ended December 31, 2010 and Quarterly Report on Form 10-Q for the quarter
ended March 31, 2011, which are on file with the Securities and Exchange Commission (SEC) and
available on the SECs website at www.sec.gov. In addition to the risks described above and in
Alimeras Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K
and other filings with the SEC, other unknown or unpredictable factors also could affect Alimeras
results. There can be no assurance that the actual results or developments anticipated by Alimera
will be realized or, even if substantially realized, that they will have the expected consequences
to, or effects on, Alimera. Therefore, no assurance can be given that the outcomes stated in such
forward-looking statements and estimates will be achieved.
All forward-looking statements contained in this press release are expressly qualified by the
cautionary statements contained or referred to herein. Alimera cautions investors not to rely too
heavily on the forward-looking statements Alimera makes or that are made on its behalf. These
forward-looking statements speak only as of the date of this press release (unless another date is
indicated). Alimera undertakes no obligation, and specifically declines any obligation, to publicly
update or revise any such forward-looking statements, whether as a result of new information,
future events or otherwise.
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