Alimera Sciences Closes $30 Million in Series C Financing, Increasing Stake in Medi...( ATLANTA March 18 /- Alimera Scien...),Health

ATLANTA, March 18 /PRNewswire/ -- Alimera Sciences today announced that it has closed a Series C financing round of $30 million with all five of the company's existing venture capital firms exercising the right to participate at their full pro rata share.

The proceeds from the Series C will enable Alimera to, as previously announced, acquire a majority stake in Medidur(TM) FA, the company's Phase III investigative treatment for diabetic macular edema (DME), from development partner pSivida Ltd (Nasdaq: PSDV, ASX: PSD, Xetra: PSI) and fund the remaining development obligations for the product.

Under the new agreement, Alimera will assume pSivida's Medidur FA development responsibilities and increase its share of future profits from 50 to 80 percent. For this increased equity in Medidur FA, Alimera has paid pSivida $12 million in cash and has issued a $15 million note (which would accrue interest of up to $6 million over the life of the note) and will make an additional $25 million milestone payment upon FDA approval of the product. Alimera Sciences will also assume pSivida's remaining development obligations.

"Alimera is fortunate to have received continued support from our investors who share our confidence in the potential Medidur FA can bring to the many sufferers of DME," said Dan Myers, President and CEO of Alimera Sciences.

In connection with this acquisition, Alimera will complete the licensing of the Medidur technology for use with NADPH oxidase inhibitors recently obtained from Emory University. Alimera is pursuing a treatment for dry AMD with these compounds.

"Alimera will now also have solidified access to the Medidur delivery platform for our announced NADPH oxidase inhibitors for the treatmen
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