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Venture capital firms to sell stake in Alimera Sciences

Alimera Sciences, a US-based ophthalmic pharmaceutical company, has set the price band for its proposed initial public offering of six million shares of common stock between USD15 and USD17 per share.

The company is seeking to list its common stock on the Nasdaq Global Market under the symbol ALIM.

To the extent that the underwriters sell more than six million shares of common stock, the underwriters have the option to purchase up to an additional 0.9 million shares from the company at the IPO price less the underwriting discount.

Venture capital firms Scale Venture Partners (formerly BA Venture Partners), Domain Associates, Intersouth Partners, Polaris Venture Partners and Venrock Associates are planning to sell their stakes in Alimera through the IPO.

Scale Venture, Domain Associates, Intersouth Partners, Polaris Venture Partners hold an 18.44 per cent stake each in Alimera, while Venrock owns a 14.93 per cent stake.

Credit Suisse Securities (USA), Citigroup Global Markets, Cowen and Company, and Oppenheimer are acting as underwriters for the offering.

Alimera intends to use the proceeds from the offering to complete the clinical development, repay indebtedness, develop its product pipeline and for working capital and other general corporate purposes.

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