Alimera Sciences has entered into a securities purchase agreement with non-affiliated institutional investors to purchase approximately $37.5 million of its common stock in a private placement, according to a company press release.
An aggregate of 6,250,000 shares of common stock will be sold for $6.00 per share, the release said.
Proceeds will be put toward general corporate and working capital purposes, including the continued commercialization of Iluvien in Europe and ongoing pursuit of Food and Drug Administration approval of Iluvien in the U.S., according to the release.
The shares of common stock were offered only to accredited investors. Alimera has agreed to file a registration statement with the Securities Exchange Commission covering the common stock purchased by the investors. Any offering of Alimera's securities under the resale registration statement will be made only by means of a prospectus, according to the release.