SVB Provides Alimera Sciences $20MM Debt Facility
Alimera Sciences, a biopharmaceutical company, announced that its United Kingdom subsidiary, Alimera Sciences Limited, entered into a loan and security agreement with Silicon Valley Bank (SVB) providing for a term loan in the principal amount of $5 million and up to an additional $15 million under a working capital line of credit.
The proceeds of the term loan will provide additional working capital for general corporate purposes. The line of credit will be utilized to finance accounts receivable in the United Kingdom, Germany and France, and replaces the current $20 million line of credit previously provided by SVB to finance accounts receivable in the United States.
“This debt facility strengthens our financial position for the commercialization of ILUVIEN in the United Kingdom, Germany and France,” said Dan Myers, Alimera’s president and chief executive officer. “In addition, this provides additional resources as we evaluate our expansion plans in Europe.”
Alimera Sciences, based in Alpharetta, GA, is a biopharmaceutical company that specializes in the research, development and commercialization of prescription ophthalmic pharmaceuticals.