Alimera uses $30M in VC to position lead therapy

Atlanta-based Alimera Sciences has rounded up $30 million in its third venture round and plans to use much of that money to grab a much bigger share of the future profits expected from its late-stage therapy for diabetic macular edema. In the deal Alimera will assume pSivida's responsibilities in the development of Medidur FA, increasing its profit share from 50 percent to 80 percent. Alimera put up $12 million in cash and a note for $15 million. An additional $25 million payment will be due on an FDA approval. The company says that all five of its existing investors agreed to participate in the fundraising.

Alimera is also completing the licensing of the Medidur technology for use with NADPH oxidase inhibitors recently obtained from Emory University. Alimera is pursuing a treatment for dry AMD with these compounds. There are currently no therapies for DME.

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