Alimera Sciences Names Elliot Maltz as Chief Financial Officer and Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
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Insights
The appointment of Elliot Maltz as Chief Financial Officer of Alimera Sciences represents a strategic move for the company, particularly in the context of its growth and financial health. Maltz's background in leading operational and fundraising initiatives, especially in public international commercial-stage companies, suggests a potential positive impact on Alimera's financial strategies. His experience with Orgenesis Inc. and Gelesis Holdings, Inc., both in the biotech and therapeutic sectors, aligns with Alimera's focus on retinal health, indicating a synergistic fit for the company's executive team.
From a financial perspective, Maltz's history of advancing from Corporate Controller to CFO implies a deep understanding of internal financial controls and corporate finance. This could enhance Alimera's ability to navigate the complex financial landscape of the pharmaceutical industry, drive improved cash flow and strengthen the balance sheet. The inducement option granted to Maltz is a common practice to align the interests of key executives with those of shareholders and the vesting schedule is designed to incentivize long-term commitment to the company.
Alimera Sciences' strategic focus on growth in the U.S. and international markets could be further bolstered by Maltz's appointment. His expertise in fast-growing commercial-stage public companies is likely to be leveraged to identify and capitalize on market opportunities, potentially improving the company's competitive position in the retinal health sector. The pharma industry often values leaders who can effectively manage global financial operations and navigate regulatory environments across different markets, which is pertinent to Alimera's international expansion goals.
Investors often view changes in key financial leadership as signals of a company's future direction. Thus, the market may respond to Maltz's appointment by closely monitoring Alimera's financial performance in subsequent quarters for evidence of the strategic benefits his experience is expected to bring. It will be important to track how Maltz's strategic initiatives translate into tangible outcomes, such as revenue growth, margin improvement and enhanced shareholder value.
Elliot Maltz's prior experience with Orgenesis, Inc. and Gelesis Holdings, Inc. suggests an understanding of the challenges and opportunities within the biotech and pharmaceutical sectors, particularly in the niche area of cell, gene therapies and therapeutics for gastric conditions. This expertise could be instrumental in navigating the complex landscape of product development, regulatory approvals and commercialization within Alimera's focus on retinal health. The industry is highly regulated and companies that can effectively manage their finances while investing in R&D can achieve a competitive edge.
Given the nature of Alimera's business in the specialized field of retinal health, Maltz's role will likely involve close collaboration with R&D to ensure that financial strategies support the company's long-term vision of innovation and patient care. His strategic, value-oriented mindset could facilitate decisions that balance cost management with the necessary investments in clinical trials and product development, which are critical for sustaining growth in the pharmaceutical industry.
ATLANTA, Jan. 02, 2024 (GLOBE NEWSWIRE) -- Alimera Sciences, Inc. (Nasdaq: ALIM) (“Alimera” or the “Company”), a global pharmaceutical company whose mission is to be invaluable to patients, physicians, and partners concerned with retinal health, and maintaining better vision longer, today announced that Elliot Maltz, C.P.A., has been named Chief Financial Officer effective immediately.
“Elliot joins the Alimera leadership team at an exciting time as we enter 2024 preparing to enhance our growth trajectory and drive improved cash flow,” said Rick Eiswirth, Alimera’s President and CEO. “Elliot’s experience as a CFO in public international commercial-stage companies and his strategic, value-oriented mindset instills great confidence that he will drive value creation, strengthen our balance sheet, and ensure the realization of our long-term vision. We look forward to the impactful contributions he will undoubtedly make to our team.”
Mr. Maltz began his career as an audit manager for Deloitte & Touche LLP before joining Sapient Corp., a publicly traded global agency providing strategic business and advertising consulting services where he was the Technical Accounting and SEC Reporting Manager. Most recently he was the Chief Financial Officer with Orgenesis, Inc., a publicly traded global biotech company transforming the processing of cell and gene therapies. Prior to this he was with Gelesis Holdings, Inc., a publicly traded multi-national commercial stage company focused on advancing first-in-class therapeutics to treat excess weight and other gastric conditions. At Gelesis, Mr. Maltz advanced from Corporate Controller to Vice President of Finance and then to Chief Financial Officer while leading numerous operational and fundraising initiatives. He received his B.S. in business administration - finance from Elon University and is a licensed C.P.A. in the state of Massachusetts.
“I am joining a dynamic leadership team at Alimera when the company is positioned for strong growth across both its U.S. and International segments. As well as getting integrated with the day-to-day financial operations, I’m excited to provide strategic financial leadership as the company works to become the place to be in retina,” said Mr. Maltz. “I believe my experience in fast-growing, commercial-stage public companies will be valuable in supporting Alimera’s vision.”
Mr. Maltz will be taking on the role from Russell Skibsted. Mr. Skibsted’s departure is not the result of any disagreement with management concerning the Company’s operations or management.
The Company also announced today that on January 2, 2024, in connection with Mr. Maltz’s joining as Chief Financial Officer, the Compensation Committee of the Board of Directors of the Company approved an inducement option to purchase up to 75,000 shares of common stock (the “Inducement Option”) to Mr. Maltz. The Inducement Option has an exercise price of
About Alimera Sciences, Inc.
Alimera Sciences is a global pharmaceutical company whose mission is to be invaluable to patients, physicians and partners concerned with retinal health and maintaining better vision longer. For more information, please visit www.alimerasciences.com.
| For investor inquiries: | For media inquiries: |
| Scott Gordon | Jules Abraham |
| for Alimera Sciences | for Alimera Sciences |
| scottg@coreir.com | julesa@coreir.com |
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, Alimera’s expectations with respect to Mr. Maltz’s anticipated contribution to the Company or with respect to the Company’s expectations with respect to business results and strategy, future operations, and projected growth. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “contemplates,” “predict,” “project,” “target,” “likely,” “potential,” “continue,” “ongoing,” “will,” “would,” “should,” “could,” or the negative of these terms and similar expressions or words, identify forward-looking statements. Forward-looking statements are based on current expectations and involve inherent risks and uncertainties (some of which are beyond Alimera’s control), including factors that could delay, divert, or change any of them, and could cause actual results to differ materially from those projected in these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Alimera’s most recently filed Annual Report on Form 10-K, most recently filed Quarterly Report on Form 10-Q, and any of Alimera’s subsequent filings with the Securities and Exchange Commission (SEC) and available on the SEC’s website at www.sec.gov.
All forward-looking statements contained in this press release are expressly qualified by the cautionary statements contained or referred to herein. Alimera cautions investors not to rely on the forward-looking statements Alimera makes or that are made on its behalf as predictions of future events. These forward-looking statements speak only as of the date of this press release. Alimera undertakes no obligation to publicly update or revise any of the forward-looking statements made in this press release, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/502eb03d-f608-4ec7-855b-98602317c67c
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