In this report: Alimera Sciences (NASDAQ:ALIM), Bio-Reference Laboratories Inc. (NASDAQ:BRIL) and Microvision Inc. (NASDAQ:MVIS)
Alimera Sciences (NASDAQ:ALIM) has tumbled by more than 72 percent today after the company announce that it received a complete response letter from the FDA regarding its new drug application for Iluvien which is aimed a treating diabetic macular edema. The letter stated that the Food and Drug Administration was unable to approve the drug because the New Drug Application did not provide sufficient data to support that the drug is safe and effective on the treatment of patients with diabetic macular edema. The company stated that they will request a meeting with the FDA in order to clarify the next steps its should take in the process. Alimera Sciences currently trades at $2.04 per share.
Bio-Reference Laboratories Inc. (NASDAQ:BRIL) has lost over 20 percent of its share value today. It announced on Friday that it has approved a Stock Repurchase Program for up to 1 million common shares through over-the-counter market at prevailing market prices. The company said that the board believes its stock is currently undervalued and that the buyback program will help increase shareholders equity in the company. Bio-Reference Laboratories currently trades at $12.89 per share.
Microvision Inc. (NASDAQ:MVIS) has dropped by more than 21 percent today after the company announced that it has priced a underwritten pubic offering of 17,948,716 units at a price of $0.585 per unit, totaling $10.5 million in gross proceeds. Units will be made up of one warrant to purchase 0.5 shares of common stock at an exercise price of $0.78 per share. The company has also granter the underwriter a 30-day option to purchase an additional 2,692,306 shares of common stock as well as warrants to purchase an additional 1,346,153 share of common stock to allow for over-allotments. Net proceeds are expected to be around $9.7 million or $11.2 million if the underwriter exercises the over-allotment option in full. Net proceeds from the offering are to be used for general corporate purposes.
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