Alimera Sciences, Inc. announced that it has received $40 million in funding from Solar Capital Partners, LLC, Suns SPV LLC
January 05, 2018
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Alimera Sciences, Inc. (NasdaqGM:ALIM) entered into a purchase agreement for a private placement of a term loan for $40,000,000 on January 5, 2018. The term loan is payable at one-month LIBOR plus 7.65% per annum, with current interest rate is 9.2%. The loan will mature on July 1, 2022, and provide for interest only payments for the first 30 months. The payment of interest is subjected to extension of only for 36 months followed by 18 months of principal and interest. The transaction will include participation from Solar Capital Ltd. (NasdaqGS:SLRC); a fund managed by Solar Capital Partners, LLC for $35,000,000 and Suns SPV LLC for $5,000,000. Solar Capital Ltd. will act as both the lender and collateral agent in the transaction. The company paid a closing fee of $400,000 and lender’s expenses of $175,000. The company is also obligated to pay a $1,800,000 fee upon repayment of the term loan in full and additional fees not to exceed $2,000,000 in total on a change in control or the achievement of certain sales milestones.
Alimera Sciences, Inc. is a global pharmaceutical company that specializes in the commercialization and development of prescription ophthalmic retinal pharmaceuticals. It is engaged in developing and commercializing ILUVIEN for the treatment of diabetic macular edema (DME), a cause of blindness, and outside the United States for non-infectious uveitis affecting the posterior segment of the eye (NIU-PS). ILUVIEN is a sustained-release intravitreal implant that enables patients to maintain vision longer, and importantly, with fewer injections. ILUVIEN is an intravitreal implant that treats patients by delivering a continuous micro dose of the corticosteroid fluocinolone acetonide (FAc) in the eye, for up to 36 months. ILUVIEN is inserted into the back of the patient's eye in a non-surgical procedure employing a device with a 25-gauge needle, which allows for a self-sealing wound. DME is also treated by laser photocoagulation, a retinal procedure in which a laser is used to apply a burn.
ALIMERA SCIENCES, INC. 
