Alimera Sciences Meets Revenue Milestone & Accesses Additional $2.5 Million
Alimera Sciences, Inc. recently announced it has drawn down the remaining $2.5 million under the $45-million term loan agreement with its current lenders, investment affiliates managed by Solar Capital Partners, LLC.
Under the terms of the agreement, Alimera had the option to draw down an additional $2.5 million if it achieved $30 million in revenue for any trailing 6-month period ending on or before November 30, 2020. The $2.5-million loan brings the total Alimera borrowings under the agreement to the maximum $45 million available.
“We are pleased to draw these funds so quickly, as it reflects the continued strong growth of our ILUVIEN franchise and will be added to our current cash on hand,” said Rick Eiswirth, Alimera’s President and Chief Executive Officer.
Solar Capital Partners, LLC is an SEC-registered investment adviser that primarily invests directly in leveraged, US middle market companies in the form of cash flow and asset-based senior secured loans. Solar Capital Partners manages approximately $6.5 billion of investable capital, including serving as the investment adviser to two publicly traded business development companies, Solar Capital Ltd. and Solar Senior Capital Ltd, and multiple private credit funds. Solar Capital Partners’ life science lending business provides financing solutions for later-stage bio-pharma, medical device, healthcare IT and healthcare services companies, both venture-backed private and public, and from pre-revenue clinical to early commercial stage. For more information, visit http://www.solarcapltd.com/Life-Science-Lending.
Alimera is a pharmaceutical company that specializes in the commercialization and development of prescription ophthalmic pharmaceuticals for the management of retinal diseases. Alimera is presently focused on diseases affecting the back of the eye, or retina, because these diseases are not well treated with current therapies and will affect millions of people in our aging populations. For more information, visit www.alimerasciences.com.
ILUVIEN (fluocinolone acetonide intravitreal implant) 0.19 mg is a sustained release intravitreal implant, injected into the back of the eye. With its CONTINUOUS MICRODOSING technology, ILUVIEN is designed to release submicrogram levels of fluocinolone acetonide, a corticosteroid, for up to 36 months, to reduce the recurrence of disease, enabling patients to maintain vision longer with fewer injections. ILUVIEN is approved in the US, Canada, Kuwait, Lebanon, and the UAE to treat diabetic macular edema (DME) in patients who have been previously treated with a course of corticosteroids and did not have a clinically significant rise in intraocular pressure. In 17 European countries, ILUVIEN is indicated for the treatment of vision impairment associated with chronic DME considered insufficiently responsive to available therapies and for prevention of relapse in recurrent non-infectious uveitis affecting the posterior segment of the eye (NIPU). Alimera does not have the contractual right to pursue approval to treat uveitis in the US, and therefore does not have a regulatory license in the US to treat NIPU.
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