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Biotech / Medical : PSDV - pSivida Limited

PSDV 1.220

+14.0%

Mar 29 4:00 PM EDT

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From: John McCarthy	2/4/2011 10:00:45 AM
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Oppenheimer Leaves Alimera Sciences PT, Outperform Rating Unchanged (ALIM) Oppenheimer left its Alimera Sciences (NASDAQ: ALIM) Outperform rating and $14 price target unchanged in a research report published today. In the report, Oppenheimer states, "On 2/3, ALIM reported top-line, 36-month data from the two ph.III FAME trials of Iluvien for DME. Pooled trial data showed a significant improvement in the percentage of patients with >15 letter BCVA improvements for Iluvien vs. control and side effects generally consistent with 24mo. results. While 36mo. efficacy results from the individual trials were not statistically significant, they were numerically consistent with the 24mo. results. Importantly, ALIM confirmed that the FDA does not require statistically significant 36mo. results for approval. ALIM should resubmit the Iluvien NDA by 1Q11 end, and we expect a 6mo. review. The 36mo. FAME results reinforce our view that Iluvien is likely to be approved, and we recommend buying ALIM on any weakness." Shares of Alimera Sciences were at $9.90 in pre-market trading at the time of posting, down 2.37% from Thursday's market close. benzinga.com

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