The Atlanta, Ga.-based device maker sold about 6.3 million newly issued shares of common stock in a private placement funding round that drew 21 unnamed investors, according to an SEC filing.
The funds will go toward "general corporate and working capital purposes" for Alimera, which has suffered some significant setbacks in pursuing regulatory approval for its Iluvien drug-device combination. The company landed a major win late last year when the FDA agreed to let the company skip past the usual advisory panel committee meeting and head straight to final FDA review.
The Iluvien product, which Alimera licenses from pSivida (NSDQ:PSDV), has been thrice rejected by FDA regulators, but the drug-device combination product has come a long way. The product won CE Mark approval in the European Union last year with indication cataract surgery patients who don’t respond to standard treatment for diabetic macular edema.
ALIM shares were down 2.4% today, trading at $6.51 as of about 3 p.m.