Navigation Links
Alimera Sciences Secures $20 Million Debt Facility
Date:5/8/2013

ATLANTA, May 8, 2013 /PRNewswire/ -- Alimera Sciences, Inc. (NASDAQ: ALIM) (Alimera), a biopharmaceutical company that specializes in the research, development and commercialization of prescription ophthalmic pharmaceuticals, announced today that its United Kingdom subsidiary, Alimera Sciences Limited, has 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 additional working capital for general corporate purposes. The line of credit will be utilized to finance accounts receivable in the United Kingdom, Germany and France, and replaces the current $20 million line of credit previously provided by SVB to finance accounts receivable in the United States.

"This debt facility strengthens our financial position for the commercialization of ILUVIEN® in the United Kingdom, Germany and France," said Dan Myers , Alimera's president and chief executive officer.  "In addition, this provides additional resources as we evaluate our expansion plans in Europe."

The term loan provides for interest only payments for six months followed by 36 monthly payments of interest, plus principal. Interest on outstanding borrowings under the term loan is payable at the rate of 7.5%. No advances were made at the closing under the working capital line of credit. Borrowings under the working capital line of credit will be advanced at 80% of eligible accounts receivable. Interest is payable on the balance of eligible accounts financed at the rate of 2.75% above SVB's most recently announced "prime rate." The maturity dates for the line of credit and the term loan are June 30, 2015 and October 31, 2016, respectively.

About Alimera Sciences, Inc.

Alimera Sciences, Inc., based in Alpharetta, Georgia, is a biopharmaceutical company that specializes in the research, development and commercialization of prescription ophthalmic pharmaceuticals. Presently, Alimera is focused on diseases affecting the back of the eye, or retina. Its primary product, ILUVIEN, is an intravitreal implant containing fluocinolone acetonide (FAc), a non-proprietary corticosteroid with demonstrated efficacy in the treatment of ocular disease.

Forward Looking Statements

This press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, regarding, among other things, Alimera's commercial plans for ILUVIEN in the European Union and Alimera's financing needs. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual results to differ materially from those projected in its forward-looking statements. Meaningful factors which could cause actual results to differ include, but are not limited to, uncertainty as to Alimera's ability to commercialize, and market acceptance of, ILUVIEN in the European Union, as well as other factors discussed in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Alimera's Annual Report on Form 10-K for the year ended December 31, 2012, which is on file with the Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov. Additional factors may also be set forth in those sections of Alimera's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 to be filed with the SEC in the second quarter of 2013. In addition to the risks described above and in Alimera's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the SEC, other unknown or unpredictable factors also could affect Alimera's results. There can be no assurance that the actual results or developments anticipated by Alimera will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Alimera. Therefore, no assurance can be given that the outcomes stated in such forward-looking statements and estimates will be achieved.

All forward-looking statements contained in this press release are expressly qualified by the cautionary statements contained or referred to herein. Alimera cautions investors not to rely too heavily on the forward-looking statements Alimera makes or that are made on its behalf. These forward-looking statements speak only as of the date of this press release (unless another date is indicated). Alimera undertakes no obligation, and specifically declines any obligation, to publicly update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact:

ICR, LLC

John Mills

310-954-1105

John.Mills@icrinc.com



'/>"/>
SOURCE Alimera Sciences, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Alimera Sciences To Present At 2012 Stifel Nicolaus Healthcare Conference
2. Alimera Sciences To Present At Credit Suisse 2012 Healthcare Conference
3. Alimera Sciences Names European Management Team
4. Alimera Sciences Participating in Credit Suisse London One-on-One Healthcare Conference
5. Alimera Sciences To Release Fourth Quarter And Fiscal Year 2012 Financial Results
6. Alimera Sciences Reports Fourth Quarter 2012 Financial Results
7. Alimera Sciences To Release First Quarter Fiscal Year 2013 Financial Results
8. Pressure BioSciences, Inc. and Target Discovery, Inc. Expand Strategic License Agreement and Collaboration Supporting TDIs Planned Offering of Personalized Medicine Clinical Diagnostic Services
9. Structural Trends to Profoundly Change Life Sciences Industry, Genpact Study Shows
10. University of Maryland BioPark Announces MedImmunes Dr. Bahija Jallal as Newest Member of Board of Directors for UM Health Sciences Research Park
11. Neurocrine Biosciences Announces Conference Call and Webcast to Present First Quarter 2012 Financial Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/5/2016)... and BOCA RATON, Fla. , ... for the Commercialization of Public Research (the ... a funding agreement SegAna, LLC, an ... University of Central Florida. The Florida Institute supports ... bridges early funding gaps for companies spinning out ...
(Date:12/5/2016)... , Dec. 5, 2016  Breckenridge Pharmaceutical, Inc. ... multi-product marketing agreement with development and manufacturing partner ... Under the terms of this agreement, Breckenridge will ... in the United States . ... tentatively-approved ANDA. The products cover a wide range ...
(Date:12/5/2016)... , Dec. 5, 2016  Sharn Anesthesia Inc. ... anesthesia sales and distribution partner for Salter Labs.  The ... the Year in recognition of outstanding sales performance. ... for respiratory and anesthesia care, including the market gold ... also the master distributor of the Parker Flex-Tip® Endotracheal ...
Breaking Medicine Technology:
(Date:12/6/2016)... ... December 06, 2016 , ... The Behavioral Health Center of ... the organization as a top behavioral service provider in the country. The award ... staff satisfaction and qualifications, and consumer satisfaction. These areas are measured via a ...
(Date:12/6/2016)... ... 2016 , ... Gateway Analytical, one of the world’s most ... sizing services for USP 788 and 789 particulate standards compliance. The new service ... to the needs of pharmaceutical and medical device manufacturers, who are required to ...
(Date:12/6/2016)... ... December 06, 2016 , ... ... when SevenPoint2 released the much-anticipated HydroFX for Water®. This first-of-its-kind water-soluble powder ... one of the world’s most powerful antioxidants, molecular hydrogen, HydroFX for Water ...
(Date:12/6/2016)... ... December 06, 2016 , ... Specialty Technical Publishers (STP) ... Audit Protocol Consortium (IAPC) EHS audit protocol for Great Britain . Leading ... of their EHS regulatory obligations and rapidly collect, share, archive, and export audit ...
(Date:12/6/2016)... ... 06, 2016 , ... U.S. Security Associates (USA) was named ... their industry leading training methods that engage their associates and link their achievements ... elite in employer-sponsored training and development programs. , “The 2017 Training Top 125 ...
Breaking Medicine News(10 mins):