Alimera Sciences Meets Revenue Milestone and Accesses Additional $2.5 Million Under Solar Debt Agreement
February 24 2020 - 8:00AM
Alimera Sciences, Inc. (Nasdaq: ALIM) (“Alimera”), a leader in the
commercialization and development of prescription ophthalmology
treatments for the management of retinal diseases, today announced
that it has drawn down the remaining $2.5 million under the
$45 million term loan agreement with its current lenders,
investment affiliates managed by Solar Capital Partners, LLC.
Under the terms of the agreement, Alimera had the option to draw
down an additional $2.5 million if it achieved $30.0 million
in revenue for any trailing six-month period ending on or before
November 30, 2020. The $2.5 million loan brings the total Alimera
borrowings under the agreement to the maximum $45 million
available.
“We are pleased to draw these funds so quickly, as it reflects
the continued strong growth of our ILUVIEN® franchise and will be
added to our current cash on hand,” said Rick Eiswirth, Alimera’s
president and chief executive officer.
About Solar Capital Partners, LLC.
Solar Capital Partners, LLC (“Solar Capital Partners”) is an
SEC-registered investment adviser that primarily invests directly
in leveraged, U.S. middle market companies in the form of cash flow
and asset-based senior secured loans. Solar Capital Partners
manages approximately $6.5 billion of investable capital, including
serving as the investment adviser to two publicly-traded business
development companies, Solar Capital Ltd. and Solar Senior Capital
Ltd, and multiple private credit funds. Solar Capital Partners’
life science lending business provides financing solutions for
later-stage bio-pharma, medical device, healthcare IT and
healthcare services companies, both venture-backed private and
public, and from pre-revenue clinical to early commercial stage.
For more information, please visit
http://www.solarcapltd.com/Life-Science-Lending.
About Alimera Sciences, Inc.
Alimera 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 and for prevention of relapse in recurrent non-infectious
uveitis affecting the posterior segment of the eye (NIPU). Alimera
does not have the contractual right to pursue approval to treat
uveitis in the U.S., and therefore does not have a regulatory
license in the U.S. to treat NIPU.
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 and ILUVIEN’s future
growth and the sufficiency of the Company’s cash to meet future
needs. Such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties,
including factors that could delay, divert or change these
expectations, and could cause actual results to differ materially
from those projected in these forward-looking statements.
Meaningful factors that could cause actual results to differ
include but are not limited to, lower revenue and a corresponding
decrease in cash due to a reduction in end user demand,
unanticipated competition, regulatory issues, or other unexpected
circumstances, as well as the other factors discussed in the “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
Alimera’s Quarterly Reports on Form 10-Q for the first, second and
third quarters of 2019, which are on file with the Securities and
Exchange Commission (SEC) and available on the SEC’s website at
http://www.sec.gov. Additional factors will also be described in
those sections of Alimera’s Annual Report on Form 10-K for the year
ended December 31, 2019, to be filed with the SEC soon.
The forward-looking statements in this press release 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.
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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