Alimera Sciences Inc. Extends Gains On FDA News

Alimera Sciences Inc.

extended its gains Monday after the company's treatment for diabetes-related vision loss won U.S. marketing approval. Atlanta-based Alimera slated a conference call with analysts Wednesday to offer further details on the Sept. 26 approval of its Iluvien treatment for diabetic macular edema, a condition affecting more than 500,000 in the U.S. Iluvien is delivered through an implant that supplies the drug for a 36-month period and is approved for patients who have been previously treated with a course of corticosteroids and did not have a clinically significant rise in intraocular pressure. Benefits of the treatment "will outweigh concerns related to elevated intraocular pressure," according to Richard Parrish, director of glaucoma service at the University of Miami. Iluvien had been turned down three times previously by the Food and Drug Adminstration, which cited safety concerns. Parrish made the statement Wednesday in a press release from Alimera. PSivida Corp.

, which licensed the drug to Alimera, stands to gain a a milestone payment of $25 million and is entitled to 20 percent of net profits from U.S. sales, expected to begin in the first quarter of 2015. After the bell Monday Alimera jumped more that 12 percent to $5.52 a share; Psivida traded recently at $4.37 a share, up 2 percent. Read more: http://www.nasdaq.com/press-release/alimera-sciences-provides-details-on-fda-approval-of-iluvien-as-the-first-long-term-treatment-for-20140929-00264#ixzz3EiDciHVL holds a license for the treatment from pSivida Corp.

, which also opened sharply higher Monday.