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Thumbing its nose at a daunting IPO market, Alimera Sciences Inc. has made good on a promise made earlier this year to file for an initial public offering.

The Alpharetta, Ga.-based biopharmaceutical company filed Tuesday with the Securities and Exchange Commission to sell up to $75 million of common stock. Alimera didn't disclose how many shares will be offered or an estimated price range in its prospectus.

The company's filing came on the first day after a quarter that saw no IPOs of venture-backed companies, the first such quarter in 30 years. More than three times as many companies with venture backing have withdrawn their IPOs this year, 21, than have successfully completed an offering, six.

Alimera raised at least $87 million from venture investors, most recently a $28.5 million Series C round in March. Domain Associates, Intersouth Partners, Polaris Venture Partners and Scale Venture Partners each hold an 18.27% stake in Alimera, according to the company's S-1 filing. Venrock Associates holds 14.8%.

The company said it has incurred "significant losses" since its founding in 2003, accumulating a deficit of $85.5 million. It said it expects to continue operating at a loss for "the next few years."

One of Alimera's products, a dry eye lubricant product called Soothe, generated $4.4 million in net revenues from its launch in September 2004 to its sale in July 2007. Soothe represents Alimera's only revenue to date.

The company anticipates expenses of about $9.5 million this year and additional expenses of about $13.3 million between 2009 and 2011 to complete the clinical development and registration of Iluvien, an intravitreal insert used in the treatment of diabetic macular edema.

The company said it intends to use the proceeds from this offering primarily to complete the development of Iluvien, to repay debt and for general working capital purposes.

Credit Suisse, Citigroup, Cowen & Co. and Leerink Swann are listed as underwriters for the offering. The company plans to list its stock on the Nasdaq Global Market under the symbol ALIM.

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