Alimera Sciences has entered a purchase agreement with a group of institutional investors for a $40 million convertible preferred stock financing, according to a news release. The company also announced that Iluvien has been granted marketing authorization in France.
“We are very excited to announce this financing to provide the necessary capital to launch Iluvien in Europe,” Dan Myers, Alimera’s president and CEO, said in the release. “We intend to proceed with the direct commercialization of Iluvien in the United Kingdom, France and Germany … in 2013.”
The securities purchase agreement includes the sale of 1 million shares of Alimera’s Series A Convertible Preferred Stock, the release said, along with a warrant to purchase 300,000 more shares.
The deal also calls for Alimera’s board of directors to expand to nine members, with Garheng Kong, MD, PhD, managing member of Sofinnova Venture Partners, being elected to the new seat when the financing is complete, according to the release.
In a separate press release, Alimera said the National Security Agency of Medicines and Health Products in France had granted marketing authorization to Iluvien (sustained-release fluocinolone acetonide) for the treatment of vision impairment related to chronic diabetic macular edema.
The authorization follows Iluvien’s successful completion of the decentralized regulatory procedure in the European Union. France joins Austria, Portugal and the United Kingdom in granting authorization.
“Iluvien has now been granted marketing authorizations in four of the seven EU countries in which we have applied. We are continuing to work with regulatory authorities in Germany, Italy and Spain,” Myers said in the release.