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Alimera Sciences Reports First Quarter 2013 Financial Results
Date:5/9/2013

European operations.

Sales and Marketing expenses in the first quarter of 2013 were $3.6 million, compared to $1.1 million for the first quarter of 2012. The increase was primarily attributable to the expansion of Alimera's sales and marketing team, directly and in conjunction with Quintiles Commercial, and the development of market awareness in preparation for the launch of ILUVIEN in Europe.

Net loss for the quarter ended March 31, 2013 was $14.0 million, or $(0.44) per common share, compared with a net loss of $4.4 million, or $(0.14) per common share, for the quarter ended March 31, 2012. Net loss for the quarter ended March 31, 2013 was impacted by a non-cash warrant valuation adjustment of $5.6 million resulting from the increase in Alimera's common stock price.  Adjusted net loss excluding the non-cash warrant valuation adjustment for the quarter ended March 31, 2013 was $8.4 million, or $(0.27) per common share. Net loss and adjusted net loss per share were based on 31,545,569 weighted average shares outstanding for the first quarter of 2013 and 31,427,355 weighted average shares outstanding for the first quarter of 2012.  A reconciliation of net loss to adjusted net loss and net loss per common share to adjusted net loss per common share is included below under the heading "Non-GAAP Financial Measures."

As of March 31, 2013, Alimera had cash, cash equivalents and investments of $39.3 million, compared to $49.6 million as of December 31, 2012.

$20 Million Debt Facility Alimera announced on May 8, 2013, that its United Kingdom subsidiary, Alimera Sciences Limited, had entered into a Loan and Security Agreement with Silicon Valley Bank (SVB) providing for a term loan in the principal amount of $5 million and up to an additional $15 million under a working capital line of credit. 

The proceeds of the term loan will provide Alimera Sciences Limited with additional working capital for gener
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SOURCE Alimera Sciences, Inc.
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