0000921895-23-001300.txt : 20230519
0000921895-23-001300.hdr.sgml : 20230519
20230519172052
ACCESSION NUMBER: 0000921895-23-001300
CONFORMED SUBMISSION TYPE: 3
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20230517
FILED AS OF DATE: 20230519
DATE AS OF CHANGE: 20230519
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: VENKATARAMAN BALAJI
CENTRAL INDEX KEY: 0001114916
FILING VALUES:
FORM TYPE: 3
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-34703
FILM NUMBER: 23941562
MAIL ADDRESS:
STREET 1: FIRST HORIZON PHARMACEUTICAL CORP
STREET 2: 660 HEMBREE PKWY STE 106
CITY: ROSWELL
STATE: GA
ZIP: 30076
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Velan Capital Holdings LLC
CENTRAL INDEX KEY: 0001964353
FILING VALUES:
FORM TYPE: 3
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-34703
FILM NUMBER: 23941564
BUSINESS ADDRESS:
STREET 1: 1055B POWERS PLACE
CITY: ALPHARETTA
STATE: GA
ZIP: 30009
BUSINESS PHONE: 646-844-0037
MAIL ADDRESS:
STREET 1: 1055B POWERS PLACE
CITY: ALPHARETTA
STATE: GA
ZIP: 30009
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Velan Capital Investment Management LP
CENTRAL INDEX KEY: 0001848809
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 3
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-34703
FILM NUMBER: 23941567
BUSINESS ADDRESS:
STREET 1: 1055B POWERS PLACE
CITY: ALPHARETTA
STATE: GA
ZIP: 30009
BUSINESS PHONE: 646-844-0037
MAIL ADDRESS:
STREET 1: 1055B POWERS PLACE
CITY: ALPHARETTA
STATE: GA
ZIP: 30009
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Velan Capital SPV I LLC
CENTRAL INDEX KEY: 0001977931
STATE OF INCORPORATION: DE
FILING VALUES:
FORM TYPE: 3
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-34703
FILM NUMBER: 23941565
BUSINESS ADDRESS:
STREET 1: 1055B POWERS PLACE
CITY: ALPHARETTA
STATE: GA
ZIP: 30009
BUSINESS PHONE: 646-844-0037
MAIL ADDRESS:
STREET 1: 1055B POWERS PLACE
CITY: ALPHARETTA
STATE: GA
ZIP: 30009
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Velan Capital Management LLC
CENTRAL INDEX KEY: 0001964355
FILING VALUES:
FORM TYPE: 3
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-34703
FILM NUMBER: 23941563
BUSINESS ADDRESS:
STREET 1: 1055B POWERS PLACE
CITY: ALPHARETTA
STATE: GA
ZIP: 30009
BUSINESS PHONE: 646-844-0037
MAIL ADDRESS:
STREET 1: 1055B POWERS PLACE
CITY: ALPHARETTA
STATE: GA
ZIP: 30009
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Velan Capital Master Fund LP
CENTRAL INDEX KEY: 0001964356
STATE OF INCORPORATION: E9
FILING VALUES:
FORM TYPE: 3
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-34703
FILM NUMBER: 23941566
BUSINESS ADDRESS:
STREET 1: 1055B POWERS PLACE
CITY: ALPHARETTA
STATE: GA
ZIP: 30009
BUSINESS PHONE: 646-844-0037
MAIL ADDRESS:
STREET 1: 1055B POWERS PLACE
CITY: ALPHARETTA
STATE: GA
ZIP: 30009
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: ALIMERA SCIENCES INC
CENTRAL INDEX KEY: 0001267602
STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834]
IRS NUMBER: 200028718
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
BUSINESS ADDRESS:
STREET 1: 6310 TOWN SQUARE
STREET 2: SUITE 400
CITY: ALPHARETTA
STATE: GA
ZIP: 30005
BUSINESS PHONE: 678-990-5740
MAIL ADDRESS:
STREET 1: 6310 TOWN SQUARE
STREET 2: SUITE 400
CITY: ALPHARETTA
STATE: GA
ZIP: 30005
3
1
form312927011_05192023.xml
OWNERSHIP DOCUMENT
X0206
3
2023-05-17
0
0001267602
ALIMERA SCIENCES INC
ALIM
0001848809
Velan Capital Investment Management LP
1055B POWERS PLACE
ALPHARETTA
GA
30009
0
0
1
0
0001964356
Velan Capital Master Fund LP
89 NEXUS WAY
CAMANA BAY
GRAND CAYMAN
E9
KY1-9009
CAYMAN ISLANDS
0
0
1
0
0001977931
Velan Capital SPV I LLC
1055B POWERS PLACE
ALPHARETTA
GA
30009
0
0
1
0
0001964353
Velan Capital Holdings LLC
1055B POWERS PLACE
ALPHARETTA
GA
30009
0
0
1
0
0001964355
Velan Capital Management LLC
1055B POWERS PLACE
ALPHARETTA
GA
30009
0
0
1
0
0001114916
VENKATARAMAN BALAJI
1055B POWERS PLACE
ALPHARETTA
GA
30009
0
0
1
0
Common Stock
1659654
I
By Velan Capital Master Fund LP
Series B Convertible Preferred Stock
2.10
Common Stock
I
By Velan Capital Master Fund LP
Series B Convertible Preferred Stock
1.70
Common Stock
I
By Velan Capital Master Fund LP
Warrants
2.10
2030-03-24
Common Stock
800000
I
By Velan Capital Master Fund LP
Series B Convertible Preferred Stock
1.70
Common Stock
I
By Velan Capital SPV I LLC
This Form 3 is filed jointly by Velan Capital Master Fund LP ("Velan Master"), Velan Capital SPV I LLC ("Velan SPV"), Velan Capital Holdings LLC ("Velan GP"), Velan Capital Investment Management LP ("Velan Capital"), Velan Capital Management LLC ("Velan IM GP") and Balaji Venkataraman (collectively, the "Reporting Persons").
Each Reporting Person may be deemed to be a member of a Section 13(d) group, that also includes Adam Morgan, that may be deemed to collectively beneficially own more than 10% of the Issuer's outstanding shares of common stock, par value $0.01 per share (the "Common Stock"). Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.
Securities owned directly by Velan Master. As the general partner of Velan Master, Velan GP may be deemed to beneficially own the securities owned directly by Velan Master. As the investment manager of Velan Master, Velan Capital may be deemed to beneficially own the securities owned directly by Velan Master. As the general partner of Velan Capital, Velan IM GP may be deemed to beneficially own the securities owned directly by Velan Master. Mr. Venkataraman, as a managing member of each of Velan GP and Velan IM GP, may be deemed to beneficially own the securities owned directly by Velan Master.
Velan Master purchased 6,000 shares of Series B Convertible Preferred Stock (the "Series B Preferred Stock") in the Tranche 1 Closing (as defined below) pursuant to the terms of the Securities Purchase Agreement, dated as of March 24, 2023 (as amended, the "SPA") and the Certificate of Designation of Series B Convertible Preferred Stock of the Issuer (as amended, the "Certificate of Designation"). The initial conversion price of the Series B Preferred Stock issued on March 24, 2023 (the "Tranche 1 Closing") was $2.10, subject to customary adjustment, including certain anti-dilution adjustments (the "Tranche 1 Conversion Price"). Therefore, the amounts reported in this Form 3 are subject to change. The Series B Preferred Stock has no stated maturity.
Velan Master purchased 8,117 shares of Series B Preferred Stock and Velan SPV purchased 7,000 shares of Series B Preferred Stock in the Tranche 2 Closing (as defined below) pursuant to the terms of the SPA and the Certificate of Designation. The initial conversion price of the Series B Preferred Stock issued on May 17, 2023 (the "Tranche 2 Closing") was $1.70, subject to customary adjustment, including certain anti-dilution adjustments (the "Tranche 2 Conversion Price"). Therefore, the amounts reported in this Form 3 are subject to change. The Series B Preferred Stock has no stated maturity.
Pursuant to the terms of the SPA, prior to the conclusion of the Company Stockholders Meeting (as defined in the SPA), the Series B Preferred Stock is not convertible into shares of the Issuer's Common Stock or any other security of the Issuer. If stockholder approval of the transaction is obtained, the Issuer will designate a business day no later than ten business days following the date of such vote as the date for the conversion (the "Mandatory Conversion") of all, but not less than all, of the outstanding shares of Series B Preferred Stock into shares of Common Stock at the Tranche 1 Conversion Price or Tranche 2 Conversion Price, as applicable, upon which such Mandatory Conversion will occur automatically. (Continued in Footnote 7)
If stockholder approval is not obtained at the Company Stockholders Meeting, following conclusion of such meeting, each share of Series B Preferred Stock shall be convertible, at the option of the holder, into shares of Common Stock at the Tranche 1 Conversion Price or Trance 2 Conversion Price, as applicable; provided such conversion cannot exceed the Change of Control Cap, the Exchange Cap, each as defined in the Certificate of Designation, or 9.99% of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon such conversion (such limitation, the "Ownership Limitation").
Velan Master purchased warrants to purchase 2,587,143 shares of Common Stock (the "Warrants") in the Tranche 1 Closing pursuant to the terms of the SPA and the Warrant to Purchase Shares of Common Stock, dated March 24, 2023. The Warrants have an exercise price equal to the Tranche 1 Conversion Price of $2.10 (subject to adjustment as provided therein) and expire upon the earlier of March 24, 2030 (seven years from the date of the Tranche 1 Closing) and a change of control of the Issuer. The Warrants are exercisable on or after the earlier of (a) immediately prior to a change of control of the Issuer and (b) March 24, 2024; provided that prior to stockholder approval at the Company Stockholders Meeting, exercise of the Warrants is subject to the Ownership Limitation, the Change of Control Cap and the Exchange Cap.
On May 17, 2023, the Issuer entered into a Joinder and Amendment to the SPA (the "SPA Amendment") with Velan Master and Velan SPV and the other purchasers identified on the signature pages thereto. The SPA Amendment provided for, among other things, the reduction in the number of shares underlying the Warrants issued at the Tranche 1 Closing to Velan Master from 2,857,143 shares to 800,000 shares (instead 500,000 shares, as originally contemplated by the SPA). The other terms of the Warrants remained unchanged.
Securities owned directly by Velan SPV. As the managing member of Velan SPV, Velan GP may be deemed to beneficially own the securities owned directly by Velan SPV. As the investment manager of Velan SPV, Velan Capital may be deemed to beneficially own the securities owned directly by Velan SPV. As the general partner of Velan Capital, Velan IM GP may be deemed to beneficially own the securities owned directly by Velan SPV. Mr. Venkataraman, as a managing member of each of Velan GP and Velan IM GP, may be deemed to beneficially own the securities owned directly by Velan SPV.
Adam Morgan, as a managing member of Velan GP and Velan IM GP, may be deemed to beneficially own the securities owned directly by Velan Master and Velan SPV. Mr. Morgan has filed separate Section 16 reports disclosing the securities reported herein.
Velan Capital Investment Management LP, By: Velan Capital Management LLC, its general partner, By: /s/ Adam Morgan, managing member
2023-05-19
Velan Capital Master Fund LP, By: Velan Capital Holdings LLC, its general partner, By: /s/ Adam Morgan, managing member
2023-05-19
Velan Capital SPV I LLC, By: Velan Capital Holdings LLC, its managing member, By: /s/ Adam Morgan, managing member
2023-05-19
Velan Capital Holdings LLC, By: /s/ Adam Morgan, managing member
2023-05-19
Velan Capital Management LLC, By: /s/ Adam Morgan, managing member
2023-05-19
/s/ Balaji Venkataraman
2023-05-19