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Alimera Sciences (Nasdaq: ALIM) announced significant financial maneuvers on March 24, 2023, including the repurchase of its Series A Preferred Stock for approximately $938,000, eliminating a $24 million liquidation preference. The company also completed a $12 million private placement of Series B Preferred Stock and warrants at a 55% premium to the stock's closing price. Additionally, Alimera extended its $45 million term loan's maturity to April 2028, with the potential for further funding. The company appointed two new directors, enhancing its leadership team as it aims to improve its balance sheet and support its mission of retinal health.
Alimera Sciences (Nasdaq: ALIM) announces the release of its fourth quarter and full year 2022 financial results on March 31, 2023, prior to market opening. Following this, management will host a conference call at 9:00 AM ET to discuss results and corporate updates. Interested parties can pre-register or join via a live webcast.
Alimera Sciences (Nasdaq: ALIM) announced the appointment of Dr. Roger Sawhney to its Board of Directors, filling the position left by Dr. Brian K. Halak. Dr. Sawhney currently serves as CFO at Garuda Therapeutics, bringing extensive financial expertise from both the pharmaceutical and healthcare investment sectors. His previous roles include CFO of Omega Therapeutics and Director at KKR & Co. Inc. Alimera's President, Rick Eiswirth, emphasized Dr. Sawhney's valuable insights as the company focuses on growth in retinal health, particularly with the ILUVIEN product showing significant growth and the NEW DAY study nearing completion.
Alimera Sciences has announced the filing of a marketing authorization application in Switzerland for ILUVIEN®, a treatment for diabetic macular edema (DME), through its distribution partner Horus Pharma S.A.S. This marks a significant step in Alimera's geographic expansion efforts in Europe.
ILUVIEN is currently approved in 17 European countries and is also indicated in the U.S., Kuwait, and the U.A.E. The Swiss application seeks approval consistent with U.S. labeling, targeting patients previously treated with corticosteroids who have not experienced significant intraocular pressure increases.
On January 9, 2023, Alimera Sciences (Nasdaq: ALIM) appointed Russell L. Skibsted as Senior Vice President and Chief Financial Officer. Skibsted brings nearly 30 years of experience in financial management and business development, having previously served as CFO at various life sciences companies, including Rockwell Medical and BioTime, Inc. His expertise in acquisitions, capital markets, and investor relations is expected to advance Alimera's mission in retinal health and enhance growth opportunities, particularly for ILUVIEN, a treatment for diabetic macular edema.
Alimera Sciences (Nasdaq: ALIM) announced an amendment to its loan agreement with SLR Investment Corp, extending the interest-only period until March 31, 2023, with a possibility to extend to July 1, 2023. CEO Rick Eiswirth emphasized the productive relationship with SLR and the intention to explore long-term options collaboratively. The company's focus remains on retinal health and improving vision for patients. This update may ease immediate financial pressures as Alimera navigates its fiscal strategies.
Alimera Sciences recently presented findings at The Retina Society's annual meeting, highlighting consensus among retina specialists regarding the role of inflammation in diabetic retinopathy (DR) and diabetic macular edema (DME). Data from the PALADIN study revealed that the ILUVIEN implant effectively reduces retinal thickness variability, correlating to improved visual outcomes over 36 months. Key findings included the management of intraocular pressure elevation and a notable reduction in treatment burden. The study involved 202 eyes treated with ILUVIEN, demonstrating its long-term efficacy.
Alimera Sciences (NASDAQ: ALIM) reported Q3 2022 net product revenue of $13.6 million, up 11% year-over-year, despite an $800,000 negative impact from foreign currency fluctuations. When excluding these fluctuations, revenue grew by 18%. U.S. revenue soared by 27% to $8.9 million, driven by increased end user demand, while international revenue fell 10% to $4.7 million, impacted by currency dynamics. Operating expenses rose to $15.0 million, leading to a net loss of $5.3 million, up from $4.2 million in Q3 2021. Alimera's cash position decreased to $5.5 million as of September 30, 2022.
Alimera Sciences (Nasdaq: ALIM) will report its third quarter financial results on November 14, 2022, before market opening.
A conference call is scheduled for 9:00 AM ET on the same day to discuss the financial results and corporate developments. Participants can pre-register for the call and will receive dial-in details upon registration.
The call will also be accessible via a live webcast, and a replay will be available after the call until February 27, 2023.
Alimera Sciences has partnered with Medis Pharmaceutical to launch ILUVIEN for the treatment of non-infectious uveitis affecting the posterior segment in the Czech Republic this quarter. This follows the State Institute for Drug Control's confirmation of reimbursement after an agreement with the National Health Insurance Fund. ILUVIEN is designed to prevent relapses in adult patients and has received positive assessments in several European countries for similar indications.