Alimera Sciences Appoints Todd Wood as President of U.S. Operations and Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
December 12 2023 - 7:30AM
Alimera Sciences, Inc. (Nasdaq: ALIM) (“Alimera” or the “Company”),
a global pharmaceutical company whose mission is to be invaluable
to patients, physicians, and partners concerned with retinal
health, and maintaining better vision longer, today announced the
appointment of Todd Wood as President U.S. effective
immediately.
“As we prepare to enter 2024 with a significantly larger U.S.
business, we are excited to have Todd join our team to oversee our
U.S. operations and accelerate our growth trajectory,” said Rick
Eiswirth, Alimera’s President and CEO. “Todd brings strong
commercial leadership across sales, marketing and market access
from both the pharmaceutical and medical device industries,
including leading the eye care sales organization at Allergan.”
Mr. Wood spent the majority of his career at Allergan, an AbbVie
company, where he held a variety of roles including Vice President
of U.S. Sales, Eye Care, Area Director, Facial Aesthetics and
Senior Product Manager, Lumigan (glaucoma product). He most
recently served as Chief Commercial Officer at Dermtech
International, a leading genomics company in dermatology.
Previously, he was Vice-President, Global Sales at Obalon
Therapeutics, which focused on developing and commercializing novel
technologies for weight loss before merging with ReShape
Lifesciences in 2021. He received his B.S. in business
administration from Grand Valley State University, Allendale,
Mich.
“I’m looking forward to building upon Alimera’s strong
foundation to establish a program for long-term success,” said Mr.
Wood. “I strongly believe that ILUVIEN and YUTIQ provide unique
opportunities to better control diabetic macular edema and uveitis,
reduce the recurrence of both diseases and help patients see longer
with fewer injections, and I look forward to driving increased
utilization of both products.”
The Company also announced today that on December 11, 2023, in
connection with Mr. Wood’s appointment as President of U.S.
Operations, the Compensation Committee of the Board of Directors of
the Company approved an inducement option to purchase up to 125,000
shares of common stock (the “Inducement Option”) to Mr. Wood. The
Inducement Option has an exercise price of $3.71 per share, which
is equal to the fair market value per share of the Company’s common
stock on the Nasdaq Global Market on December 11, 2023, will vest
over four years, subject to Mr. Wood’s continued service with the
Company on each applicable vesting date, with 25% of the underlying
shares vesting on the one-year anniversary of the vesting
commencement date, and 75% of the underlying shares vesting in
equal monthly installments over the next thirty-six months. The
Inducement Option is an inducement material to Mr. Wood entering
into employment with the Company in accordance with Nasdaq Listing
Rule 5635(c)(4).
About Alimera Sciences, Inc.
Alimera Sciences is a global pharmaceutical company whose
mission is to be invaluable to patients, physicians and partners
concerned with retinal health and maintaining better vision longer.
For more information, please visit www.alimerasciences.com.
For
investor inquiries: |
|
For
media inquiries: |
Scott Gordon |
|
Jules Abraham |
for Alimera Sciences |
|
for Alimera Sciences |
scottg@coreir.com |
|
julesa@coreir.com |
Forward Looking Statements
This press release includes “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
regarding, among other things, Alimera’s expectations with respect
to its business strategy, future operations, projected growth, and
anticipated impact of the YUTIQ acquisition. Words such as
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,”
“plan,” “contemplates,” “predict,” “project,” “target,” “likely,”
“potential,” “continue,” “ongoing,” “will,” “would,” “should,”
“could,” or the negative of these terms and similar expressions or
words, identify forward-looking statements. Forward-looking
statements are based on current expectations and involve inherent
risks and uncertainties (some of which are beyond Alimera’s
control), including factors that could delay, divert, or change any
of them, and could cause actual results to differ materially from
those projected in these forward-looking statements. These risks
and uncertainties include, but are not limited to, those factors
discussed in the “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” sections
of Alimera’s most recently filed Annual Report on Form 10-K, most
recently filed Quarterly Report on Form 10-Q, and any of Alimera’s
subsequent filings with the Securities and Exchange Commission
(SEC) and available on the SEC’s website at www.sec.gov.
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 on the
forward-looking statements Alimera makes or that are made on its
behalf as predictions of future events. These forward-looking
statements speak only as of the date of this press release. Alimera
undertakes no obligation to publicly update or revise any of the
forward-looking statements made in this press release, whether as a
result of new information, future events or otherwise, except as
may be required under applicable securities laws.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f9a694d7-374e-4423-af38-fcffdfec3fe2
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