pSivida Corp. (PSDV: Quote) announced that its partner Alimera Sciences disclosed an agreement for a $40 million equity financing. Alimera identified the development and commercialization of ILUVIEN as an intended use of the net proceeds from the offering.
Alimera reported that the closing of its proposed financing is subject to customary closing conditions, including the approval of the holders of a majority of the outstanding shares of common stock of Alimera, as required under the applicable regulations of The NASDAQ Global Market, at a special meeting of its stockholders.
Stockholders holding approximately 56% of Alimera's common stock, as of July 17, 2012, have entered into agreements with Alimera whereby they have agreed to vote all of their shares in favor of the financing transaction.
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by RTT Staff Writer
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