Alimera Sciences and pSivida said Friday the FDA approved their eye disease implant Iluvien.
Iluvien is an implant delivered by injection that is intended to treat diabetic macular edema, a condition that can cause blurred vision and blindness. The implant is designed to gradually release tiny amounts of a corticosteroid medication for three years. Alimera Sciences plans to launch the drug during the first quarter.
The treatment was developed by pSivida and then licensed to Alimera, and pSivida said it will get a $25 million payment as a result of the approval. It will also get 20 percent of net profits on sales in the U.S.
Iluvien is approved in the U.K. and other European countries.
Alimera Sciences Inc. stock jumped 90 cents, or 18.2 percent, to $5.82 in aftermarket trading. Shares of pSivida Corp. rose 44 cents, or 10.3 percent, to $4.73.