ATLANTA, Sept. 30, 2014 /PRNewswire/ -- Alimera
Sciences, Inc. (NASDAQ: ALIM) (Alimera), a pharmaceutical company
that specializes in the research, development and commercialization
of prescription ophthalmic pharmaceuticals, announced today that it
has received a $25 million advance
from Hercules Technology Growth Capital, Inc. (NYSE: HTGC)
(Hercules). The payment is the second and final advance under the
Loan and Security Agreement that Alimera's subsidiary in the
United Kingdom, Alimera Sciences
Limited, entered into with Hercules in April of this year. Receipt
of the $25 million was conditional on
the approval, on or before October 31,
2014, of ILUVIEN® by the U.S. Food and Drug
Administration (FDA). On September 26,
2014, the FDA approved ILUVIEN® for the treatment
of diabetic macular edema (DME) in patients who have been
previously treated with a course of corticosteroids and did not
have a clinically significant rise in intraocular pressure
(IOP).
Alimera will use the advance to fund a $25 million milestone payment owed to the
licensor of certain intellectual properly as a result of the recent
FDA approval of ILUVIEN®.
Interest on outstanding borrowings under the term loan is
payable at the greater of 10.90%, or 7.65% plus the prime rate per
annum. The term loan, which matures on May
1, 2018, provides for interest only payments thru
November 30, 2015, followed by 30
equal monthly payments of principal and interest. The interest-only
period may be extended to May 31,
2017, followed by 12 equal monthly payments of principal and
interest, if certain revenue thresholds are reached.
About Hercules Technology Growth Capital, Inc.
Hercules Technology Growth Capital, Inc. (NYSE: HTGC)
("Hercules") is the leading specialty finance company focused on
providing senior secured loans to venture capital-backed companies
in technology-related markets, including technology, biotechnology,
life science, and energy & renewable technology industries, at
all stages of development. Since inception (December 2003), Hercules has committed more than
$4.4 billion to over 290 companies
and is the lender of choice for entrepreneurs and venture capital
firms seeking growth capital financing.
Hercules' common stock trades on the New York Stock Exchange
(NYSE) under the ticker symbol "HTGC."
In addition, Hercules has three outstanding bond issuances of
7.00% Senior Notes due April 2019,
7.00% Senior Notes due September
2019, and 6.25% Notes due July
2024, which trade on the NYSE under the symbols "HTGZ",
"HTGY," and "HTGX," respectively.
Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call
650.289.3060.
About Alimera Sciences, Inc.
Alimera Sciences, Inc., based in Alpharetta, GA, is a pharmaceutical company
that specializes in the research, development and commercialization
of prescription ophthalmic pharmaceuticals. Alimera Sciences
Limited, a subsidiary of Alimera, is based in the United Kingdom and is the headquarters of
Alimera's European operations.
Investor Contact:
ICR, LLC
John Mills
646-277-1254
John.Mills@icrinc.com
SOURCE Alimera Sciences, Inc.