Atlanta-based Alimera Sciences has refiled its IPO, upping the ante to $80 million as it tests investors' appetite for biotech stock.
Alimera, which is developing new drugs for retina diseases, dumped its original effort to raise $75 million in an IPO that was scuttled last spring by a severe setback in market confidence. The developer has raised $71 million in venture funds from Scale Venture Partners, Domain Associates, Intersouth Partners, Polaris Venture Partners, and Venrock Associates. And it ginned $16.7 million from the sale of two OTC therapies to Bausch & Lomb.
Alimera is one of several biotech companies that have either gone public or outlined plans for an IPO in recent weeks. A general revival in biotech share prices in the fall, though, foundered in October.
"There wasn't a lot to cheer about for biotech companies in October," said G. Steven Burrill, CEO of Burrill & Company. "The nervousness about the strength of the economic recovery combined with weaker or average financial results took its toll on biotech's top companies."
- check out the release from Burrill
- here's the TechJournal South report on Alimera