Alimera Sciences announces transactions to bolster balance sheet

Alimera Sciences announces a series of strategic transactions bolstering its balance sheet, extending its current term loan facility, and recovering value for common stockholders. Alimera also announces changes to its Board of Directors. On Friday, March 24, 2023, Alimera: Repurchased and retired all of its outstanding Series A Preferred Stock for approximately $938,000. The repurchase eliminated the associated $24 million liquidation preference. Alimera also repurchased 200,919 shares of common stock held by the Series A Preferred Stock holders for approximately $314,000. Completed a $12 million private placement of Series B Preferred Stock and common stock warrants pursuant to a securities purchase agreement with Velan Capital and Caligan Partners. The securities purchase agreement also provides for the sale of an additional tranche of up to $15 million of Series B Preferred Stock for potential in-licenses or product acquisitions, at the mutual agreement of Alimera and the purchasers. Amended and extended its $45 million term loan agreement with its current lenders, investment affiliates managed by SLR Capital Partners, LLC, to extend the interest-only period for at least two years and extend the final maturity date to April 30, 2028. The interest-only period may be extended up to three years if certain financial targets are achieved. In connection with the amendment, Alimera borrowed an additional $2.5 million under the facility. The amended facility also provides for an additional tranche of up to $15 million, at the discretion of the lenders, which the company would intend to use for potential in-licenses or product acquisitions. Appointed Michael Kaseta and Adam Morgan to its Board of Directors, as designees of Caligan Partners and Velan Capital, respectively.