Alimera Sciences, a public company without any revenue, has developed a drug delivery system to be implanted at the back of the eye and has raised $40 million through a private placement with institutional investors, both new and existing. The system is designed to treat vision problems related to diabetes.
Solution/Product:The company makes the Iluvien drug delivery system that is implanted at the back of the eye and is designed to release sub-microgram levels of fluocinolone acetonide for up to 36 months to treat chronic diabetic macular edema.
How it will be used:Funds will be used to commercialize the Iluvien system in Germany, U.K., and France. Products will be shipped in the fourth quarter with the company producing revenue in early 2013.
Investors: Current round investor information was not disclosed but investors who list Alimera as a portfolio company are Polaris Venture Partners, Intersouth Partners. Other investors represented on the board are Domain Associates and Scale Venture Partners.
Management team: Dan Myers, President & CEO; Susan Cabala, Senior VP, Regulatory & Medical Affairs; Rick Eisworth, COO and CFO; Ken Green, Chief Scientific Officer; Dave Holland, Senior VP, Sales and Marketing
Market:About 26 million Americans have diabetes and the number globally is 347 million, according to the World Health Organization. Diabetics are at a higher risk for developing eye problems. The risks are higher as the disease progresses.