Alimera Sciences Inks Deal With Deerfield Management For $50.0 Mln Financing

(RTTNews) - Alimera Sciences, Inc. (ALIM) has signed a Securities Purchase Agreement with Deerfield Management and certain of its affiliates, under which Alimera will issue shares of preferred stock to Deerfield with an aggregate purchase price of around $50.0 million upon the satisfaction of certain closing conditions.

Also, Alimera would issue an additional 124.378 shares of preferred stock as a subscription premium. The preferred stock would be convertible into an aggregate of 8.42 million common shares of Alimera. The company plans to use the proceeds for commercial launch of its lead product, ILUVIEN, in the U.S., continued marketing efforts in Europe and general corporate purposes.

The completion of the financing is likely to occur on or before December 17, 2014.