Georgia-based Alimera Sciences is hoping to raise $87 million in an IPO, according to documents the company filed with the SEC today. The developer will offer 6 million shares at a price range of $15 to $17 a share. Alimera is developing new drugs for retina diseases. Its most advanced product candidate is Iluvien, an intravitreal insert containing fluocinolone acetonide that could treat ocular disease. Iluvien is currently in two Phase III trials for the treatment of diabetic macular edema.
The company abandoned its original plan to raise $75 million in an IPO last year after the stock market went south. Prior to attempting an IPO, the developer raised $71 million in venture funds and brought in $16.7 million from the sale of two OTC therapies to Bausch & Lomb. The additional funding would be used to repay debt, support R&D activities for other pipeline drug, make milestone payments to partner pSivida, and to commence the commercial launch of Iluvien.