Alimera Sciences Inc (NASDAQ:ALIM) seems to be onto something with their diabetes drug, Iluvien. At least MEAgate International, a Middle East-based company believes so — so much so that they have agreed to enter into a distribution deal with the company.
Shares of Alimera Sciences Inc (NASDAQ:ALIM) are trading up heavily in early afternoon trading today, at least partially responding to this positive news. This latest deal will see MEAgate distribute Iluvien throughout most of the Middle East, in countries such as Qatar, Egypt, Iraq, Bahrain, Saudi Arabia, the UAE, Yemen, Kuwait, and more.
It is estimated that there are about 16 million people living with diabetes in these regions, thus providing MEAgate and Alimera Sciences Inc (NASDAQ:ALIM) with plenty of potential buyers.
“The Middle East market holds great opportunity with a population that exceeds 200 million people, a high rate of diabetes and developing healthcare systems,” explained Dream Samir, partner and CEO of MEAgate. “We believe Iluvien will be a welcome addition for those with diabetic macular edema in the region. MEAgate will ensure high scientific and compliant standards while managing a network of carefully chosen country distributors for Alimera.”
The stock is up 24.15% or $0.57 following the news, hitting $2.93 per share. About 1.14 million shares traded hands or up 610.26% from the average. ALIM has declined 48.13% since May 14, 2015 and is currently downtrending. It has underperformed the S&P500 by 45.87%.
The institutional sentiment decreased to 1.04 in Q2 2015. It’s down 0.46, from 1.5 in 2015Q2. The ratio dived, as 7 funds sold all their Alimera Sciences Inc shares they owned while 17 reduced their positions. 6 funds bought stakes while 19 increased their total positions. Institutions now own 31.12 million shares which is 19.06% more than the previous share count of 26.14 million in 2015Q2.
Polaris Venture Management Co Iv Llc holds 12.23% of its total portfolio in Alimera Sciences Inc, equating to 3.15 million shares. Great Point Partners Llc owns 1.68 million shares representing 1.47% of their total US portfolio. Moreover, Longwood Capital Partners Llc has 1.25% of their total portfolio invested in the company, equating to 974,318 shares. The Massachusetts-based North Run Capital Lp has a total of 0.76% of their portfolio invested in the stock. Deerfield Management Co, a New York-based fund reported 4.42 million shares owned.
Since March 9, 2015, the stock had 4 insider purchases, and 6 sales for a total of $1.92 million in net activity. Flynn James E bought 60,364 shares worth $181,113. Eiswirth Richard S Jr sold 13,625 shares worth $36,616. Roberts Calvin W. bought 6,424 shares worth $19,272. Green Kenneth sold 20,000 shares worth $65,808. The insider Bavp – L.P. sold 932 shares worth $4,660.
Alimera Sciences, Inc. is a pharmaceutical company. The company has a market cap of $127.96 million. The Firm is engaged in the research, development and commercialization of prescription ophthalmic pharmaceuticals. It currently has negative earnings. The Firm focuses on diseases affecting the back of the eye, or retina.