By RACHEL TOBIN RAMOS , NANCY BADERTSCHER www.ajc.com
When The Avenue Forsyth opens its doors Wednesday, it will be the first of three planned retail centers targeting wealthy bedroom communities and affluent offices on the northern reaches of Ga. 400.
Where some may see traffic, retail developers are seeing a "gold-lined brick road" to one of the wealthiest demographics in the country.
The Avenue Forsyth shopping center (shown getting some work last week) will debut Wednesday in Cumming. By mid-May, about 50 stores and five restaurants will be open at the mall, at Exit 13 off Ga. 400. It will be anchored by Barnes & Noble, DSW and AMC Theatres.
Mike Ashworth cleans the ornate ceiling at The Chocolaterie at The Avenue Forsyth. There are also two luxury malls in the works for Exits 10 and 12 off Ga. 400.
They cite office workers and McMansion dwellers that need more options for lunchtime meetings, afternoon shopping and weekend "retail-tainment" in north Fulton and south Forsyth counties.
The Avenue Forsyth, developed by Atlanta-based Cousins Properties, will open at Exit 13 off Ga. 400 with about 50 stores, anchored by Barnes & Noble, DSW and an AMC Theatre.
Meanwhile, two luxury malls are in the works: developer Stan Thomas' Prospect Park at Exit 10 in Alpharetta, and Taubman Centers Inc.'s proposed mall in Cumming at Exit 12.
The new retail centers will compete with malls that already snake up Ga. 400, starting with Lenox Square Mall and Phipps Plaza in Buckhead at Exit 2 and ending with North Point Mall in Alpharetta at Exit 9.
To be sure, two of the malls aren't yet out of the ground. But despite the flagging economy, retail developers' interest in this tony region of metro Atlanta hasn't waned.
"There's such captive demand," said Joel Murphy, president of Cousins' retail division. The excitement for the center, he said, "is palpable. You can feel it."
Marketing materials for Prospect Park cite Alpharetta's median home price of $300,000, 30 new developments where home prices start at $1 million and 140,000 workers within a 10-minute drive of the project in north Fulton.
And Forsyth County was dubbed the 13th richest county in America by Forbes.com, which cited the area's median income of $83,682. Per capita income in the county grew by 84 percent between 1990 and 2000, according to Tim Perry, a local banker and member of the Forsyth County Development Authority.
"Certainly, the demographics of the county are conducive to an upscale center," Perry said.
"People with money have money," said Randy Stuart, an assistant professor of marketing and retailing at the Michael J. Coles College of Business at Kennesaw State University. "If somebody can go to Saks to shop today, I really don't think it [a recession] will matter to them."
Ward Kampf manages leasing for Prospect Park, the 540,000-square-foot retail center planned for the northwest quadrant of Ga. 400 and Old Milton Parkway.
A Whole Foods and 16-screen AMC Theatre complex could open there in 2009. The project is about 60 percent leased, with letters of intent for another 20 to 25 percent, he said.
"What we've seen is that the demographics of Alpharetta just jump off the charts," said Kampf.
"Retail up and down the 400 corridor has been underserved, from the standpoint of casual luxury to luxury retailers," he said.
The proposed Taubman mall in Cumming is less defined, as the developer hasn't announced any retailers. Taubman has proposed a $1 billion luxury mall, hotel, class A office and residential units to open in fall 2011. The company still needs zoning changes to the 164-acre lot.
The Forsyth mall would be Taubman's first in metro Atlanta. Taubman specializes in luxury retail, like Beverly Center in Los Angeles, anchored by Bloomingdale's.
As for The Avenue Forsyth, it's targeting a lower price point, with Chico's and Coldwater Creek, and restaurants from Jim & Nick's BBQ to Chick-fil-A. There's also the higher price point Ann Taylor for women and Jos. A Bank for men. It will also have a 12-screen AMC Theatre.
"We want to appeal to a lot of the households there. Not just one of every 10, but eight or 10 of every 10," said Murphy. "We've proved this time again, as have other developers, what attracts people isn't the size of the stores but the quality of the retailers."
The Avenue is an open-air retail concept that Cousins developed in 1998. The Avenue Forsyth will be the fifth such center in Atlanta, and ninth nationwide.
By the official ribbon cutting on May 14, about 50 stores and five restaurants will be open at The Avenue Forsyth.
Some stores will open Wednesday.
The last time Forsyth County was giddy over a new local shopping center was 1991, when crowds welcomed a Belk department store in Cumming.
"That was a milestone for us," said Linda Ledbetter, a lifelong resident of Forsyth County and member of the county commission. "This is another," she said of The Avenue Forsyth, "and it's been 20 years in coming."
Ledbetter said: "Not to have to leave Forsyth County to have a nice shopping mall is just really awesome. I never really thought I'd see it in my lifetime."
North Fulton and south Forsyth County are "a gold-lined brick road because of the executive housing," said Frank Norton Jr., a Gainesville real estate broker and analyst.
And the economic downturn isn't an issue for companies like Taubman. "They look for returns (in) five, seven and 10 years," he said.
Still, there's disagreement over the impact the malls will have on Phipps and Lenox malls in Buckhead.
Michael Puline, vice president of leasing for DLC Management, a national mall owner with 16 in metro Atlanta, thinks "the pie is only so big."
Puline isn't confident all the proposed malls will be built. And if they are, Lenox and Phipps will suffer for it, he said.
But Ray Uttenhove, managing principal for brokerage Staubach Retail's southeast region, doesn't think Phipps and Lenox will take a hit.
"There's a flourishing customer in that area that doesn't want to trek to Buckhead," she said. "There's room to have luxury in north Fulton and south Forsyth."
Tisha Maley, head of retail leasing at Phipps and Lenox, isn't worried about losing business.
Stores like Gucci, Tory Burch, Jimmy Choo, and Barney's Co-op are the only outposts in the Southeast, and draw from "beyond the Atlanta market," she said.
For his part, Norton thinks North Point Mall will have the most to lose if all the malls go up.
"It's their market to lose," he said. "They've got to remerchandise and maintain their image of quality."
For Ledbetter, the Forsyth native, her priorities are clear: "I have traffic. Now I want amenities, and we're getting them."
Wednesday, April 30, 2008
Monday, April 28, 2008
One Person... For One Cawz.
By Tim Enloe; Magnolia Media, LLC
It is amazing to me the power that one person can have. A simple soul doing a simple act and with that positive act so many can benefit. Such is the instance of Milton's very own Lizbeth Grall; the founder of the "Pawz For A Cawz" adoption extraganza held at Wills Park this past Saturday.
Numerous adoption / rescue groups were part of this wonderful doggie day and many breeds were represented, from Greyhounds to German Shepherds and everything in between.
Thanks to Lizbeth's many long months and late nights of preperation, dogs whose lives would have been cut short due to over crowding and lack of interest are now in the loving arms of their new families. If you haven't had the chance to meet Lizbeth, you are truly missing out. You can see her passion within minutes of meeting her and Milton, Georgia is lucky to have her as a resident.
I have seen first hand her acts of compassion; most notably that of Leo aka "Superdog", who was days away from euthinasia in late 2007. To see the before and after pictures of this wonderful fellow would make even the toughest guys well up. Leo was last seen this past Sunday at Alpharetta's Corner Deli patio giving out some wonderful kisses and love!
She plans on having the "Pawz For A Cawz" event annually. So grab your calendars for spring '09 and make a note to come and hang out with man's best friend.
The following is a video of the first of many "Pawz For A Cawz" events to come!
http://rs6.net/tn.jsp?e=001_Sr53Na37gP6LI0R4go-GbGGPpelgrFZOF-s1g7r2ic0eKnczgiZGwL2brEchCGhZJsOtvJuyufgHIw3wd9x35T943BeJGJ7TLsJey3j401qW4Oj_iKEL53lcPwI-5VY7SuJ6gpat_PTMWTf0QjnAlrTUZbWol7mUoySdEAoCYL2LG-ZTZRVA4QCuOHVhDeRwdtt02JV2b2rxPaif8vtxw==
It is amazing to me the power that one person can have. A simple soul doing a simple act and with that positive act so many can benefit. Such is the instance of Milton's very own Lizbeth Grall; the founder of the "Pawz For A Cawz" adoption extraganza held at Wills Park this past Saturday.
Numerous adoption / rescue groups were part of this wonderful doggie day and many breeds were represented, from Greyhounds to German Shepherds and everything in between.
Thanks to Lizbeth's many long months and late nights of preperation, dogs whose lives would have been cut short due to over crowding and lack of interest are now in the loving arms of their new families. If you haven't had the chance to meet Lizbeth, you are truly missing out. You can see her passion within minutes of meeting her and Milton, Georgia is lucky to have her as a resident.
I have seen first hand her acts of compassion; most notably that of Leo aka "Superdog", who was days away from euthinasia in late 2007. To see the before and after pictures of this wonderful fellow would make even the toughest guys well up. Leo was last seen this past Sunday at Alpharetta's Corner Deli patio giving out some wonderful kisses and love!
She plans on having the "Pawz For A Cawz" event annually. So grab your calendars for spring '09 and make a note to come and hang out with man's best friend.
The following is a video of the first of many "Pawz For A Cawz" events to come!
http://rs6.net/tn.jsp?e=001_Sr53Na37gP6LI0R4go-GbGGPpelgrFZOF-s1g7r2ic0eKnczgiZGwL2brEchCGhZJsOtvJuyufgHIw3wd9x35T943BeJGJ7TLsJey3j401qW4Oj_iKEL53lcPwI-5VY7SuJ6gpat_PTMWTf0QjnAlrTUZbWol7mUoySdEAoCYL2LG-ZTZRVA4QCuOHVhDeRwdtt02JV2b2rxPaif8vtxw==
Wednesday, April 23, 2008
Pawz For A Cawz Gears Up For Weekend Event.
Looking to adopt a new pup? Then come out to "The Pawz For A Cawz" Extravaganza this Saturday at the Wills Park Equestrian Center from 9am to 3pm. Click on the link below for a video on man's best friend!
Tuesday, April 22, 2008
Dire Drought Predictions At Alpharetta Forum
By Jonathan Copsey / Beaconcast.com
Radio station WGKA hosted a forum on the state of the drought last Wednesday at Alpharetta city hall. A panel of experts from government, private institutions and companies and the Weather Channel assembled to discuss every aspect of the drought that may affect Georgia. For an event touching on such a timely topic, it was sparsely attended. The audience was composed of slightly more people than there were on the panel.
If anyone was looking for good news from the discussion, they were sadly disappointed. According to the panel, North Georgia is still in a drought and will remain so for some time.
Charles Macmillon, of the AEC engineering and land planning firm was first to speak, addressing how building techniques have begun to change due to the water restrictions and the drought. Primarily, he said, building is becoming much more environmentally aware, with energy and water saving techniques, from rain barrels to “green roofs,” gaining in popularity throughout the area.
Fulton County commissioner Lynn Riley stressed the fact that Georgia is still in a severe drought, despite the rain in recent months. Water restrictions are not expected to be relaxed in the foreseeable future. She also outlined how the county is taking steps toward saving more water by building more reclamation facilities – notably at Johns Creek – to reuse gray water for irrigation.
One of the more respected voices on the panel was the Weather Channel’s Greg Forbes. His assessment of our current state was of little comfort.“We’re a little better off now than we were then (December), but we’re not out of the woods yet,” he said. Georgia is currently in the “wet season,” which is the reason for all of the rain in the past few months (which was still below normal levels). Once summer arrives, the drought will again be in full swing.“[This time last year] 1 percent of North Georgia was in drought,” he said. “This year 11 percent is. We’re not in a position where we can waste water.”
State Representative Harry Geisinger, who is on the House natural resources and environmental committee, also weighed in on the topic. He explained the various measures taken by the legislature to combat the water shortage, such as building reservoirs and giving the environmental protection department clear directions on water policies.
Perhaps the most dire note of the evening came when Geisinger talked about Atlanta’s future: “Our demand for water in the next 30 years will double along with the population. We’ve seen what’s happened in this last drought. If we double our population and we don’t have any additional water – reservoirs or even ground wells – it won’t give us enough water that we need.”
To that end, Geisinger pressed the issue of the Tennessee River basin and the flap over the traditional state borders. Evidently, squatter’s rights have no bearing as far as he is concerned.
Rick Gilma of Cotton Creek Carwash presented a plan to organize the car wash industry by creating a uniform set of rules and a voluntary certification process car washes can go through to prove that they are environmentally responsible.
His speech, and that of Mary Kay Woodworth of the Metro Atlanta Landscape and Turf Association (MALTA), echoed each other’s in regard to uniformity in the state laws concerning water usage. The patchwork of restrictions, they said, make work nearly impossible for businesses that operate in several counties or municipalities.
“It has been very difficult,” said Woodworth. “There are 61 different water providers in the Atlanta area and each can have a different set of rules. That is where the problem is. Educating our professionals is one thing but keeping them informed so they can operate their business is very difficult.”
The landscaping industry lost $3 billion and 35,000 jobs statewide last year and, if the predictions of the panel are correct, it can expect little relief this year.
Chris Browning of Fulton County Public Works had a more upbeat message to give, saying that his department has met every challenge presented to it from the state.The 10 percent mandated reductions in water usage were met last year and the department is taking an aggressive policy toward meeting this year’s reductions.
“We’re going to have to be very creative to meet these mandates,” he said before adding a warning: “[Our customers] understand what’s going on, but the sense of urgency and cooperation is going away because of the rain. Folks need to understand we’re still in a drought and will be there for quite some time.”
Radio station WGKA hosted a forum on the state of the drought last Wednesday at Alpharetta city hall. A panel of experts from government, private institutions and companies and the Weather Channel assembled to discuss every aspect of the drought that may affect Georgia. For an event touching on such a timely topic, it was sparsely attended. The audience was composed of slightly more people than there were on the panel.
If anyone was looking for good news from the discussion, they were sadly disappointed. According to the panel, North Georgia is still in a drought and will remain so for some time.
Charles Macmillon, of the AEC engineering and land planning firm was first to speak, addressing how building techniques have begun to change due to the water restrictions and the drought. Primarily, he said, building is becoming much more environmentally aware, with energy and water saving techniques, from rain barrels to “green roofs,” gaining in popularity throughout the area.
Fulton County commissioner Lynn Riley stressed the fact that Georgia is still in a severe drought, despite the rain in recent months. Water restrictions are not expected to be relaxed in the foreseeable future. She also outlined how the county is taking steps toward saving more water by building more reclamation facilities – notably at Johns Creek – to reuse gray water for irrigation.
One of the more respected voices on the panel was the Weather Channel’s Greg Forbes. His assessment of our current state was of little comfort.“We’re a little better off now than we were then (December), but we’re not out of the woods yet,” he said. Georgia is currently in the “wet season,” which is the reason for all of the rain in the past few months (which was still below normal levels). Once summer arrives, the drought will again be in full swing.“[This time last year] 1 percent of North Georgia was in drought,” he said. “This year 11 percent is. We’re not in a position where we can waste water.”
State Representative Harry Geisinger, who is on the House natural resources and environmental committee, also weighed in on the topic. He explained the various measures taken by the legislature to combat the water shortage, such as building reservoirs and giving the environmental protection department clear directions on water policies.
Perhaps the most dire note of the evening came when Geisinger talked about Atlanta’s future: “Our demand for water in the next 30 years will double along with the population. We’ve seen what’s happened in this last drought. If we double our population and we don’t have any additional water – reservoirs or even ground wells – it won’t give us enough water that we need.”
To that end, Geisinger pressed the issue of the Tennessee River basin and the flap over the traditional state borders. Evidently, squatter’s rights have no bearing as far as he is concerned.
Rick Gilma of Cotton Creek Carwash presented a plan to organize the car wash industry by creating a uniform set of rules and a voluntary certification process car washes can go through to prove that they are environmentally responsible.
His speech, and that of Mary Kay Woodworth of the Metro Atlanta Landscape and Turf Association (MALTA), echoed each other’s in regard to uniformity in the state laws concerning water usage. The patchwork of restrictions, they said, make work nearly impossible for businesses that operate in several counties or municipalities.
“It has been very difficult,” said Woodworth. “There are 61 different water providers in the Atlanta area and each can have a different set of rules. That is where the problem is. Educating our professionals is one thing but keeping them informed so they can operate their business is very difficult.”
The landscaping industry lost $3 billion and 35,000 jobs statewide last year and, if the predictions of the panel are correct, it can expect little relief this year.
Chris Browning of Fulton County Public Works had a more upbeat message to give, saying that his department has met every challenge presented to it from the state.The 10 percent mandated reductions in water usage were met last year and the department is taking an aggressive policy toward meeting this year’s reductions.
“We’re going to have to be very creative to meet these mandates,” he said before adding a warning: “[Our customers] understand what’s going on, but the sense of urgency and cooperation is going away because of the rain. Folks need to understand we’re still in a drought and will be there for quite some time.”
Monday, April 21, 2008
Alpharetta's Housing Among Top Investments, Business Mag. Says
By DAVID PENDERED http://www.ajc.com/
Alpharetta ranks among the nation's top six markets where housing prices are expected to drop the least over the next year, according to a new report in CNNMoney.com.
The simple law of supply and demand contributes to the relative stability of home prices in Alpharetta, the report says.
"Frenzied home building here has stalled, which should start to reduce the area's large supply of vacant housing and propel prices upward," the report says.
The average home price in Alpharetta is $359,950, the report says.
The five other cities cited in the report are Boston, Cincinnati, Cleveland, Detroit and Houston.
The report is based on information collected in the fourth quarter of 2007.
CNNMoney.com considered the nation's 30 largest metro areas and ranked them according to a formula that included housing price increases and the cost of renting a house.
Alpharetta ranks among the nation's top six markets where housing prices are expected to drop the least over the next year, according to a new report in CNNMoney.com.
The simple law of supply and demand contributes to the relative stability of home prices in Alpharetta, the report says.
"Frenzied home building here has stalled, which should start to reduce the area's large supply of vacant housing and propel prices upward," the report says.
The average home price in Alpharetta is $359,950, the report says.
The five other cities cited in the report are Boston, Cincinnati, Cleveland, Detroit and Houston.
The report is based on information collected in the fourth quarter of 2007.
CNNMoney.com considered the nation's 30 largest metro areas and ranked them according to a formula that included housing price increases and the cost of renting a house.
Sneak Peek Of New Amphitheatre
By Duffie Dixon www.11alive.com
The new Verizon Wireless Amphitheatre is set to open May 10. It will seat a 12,000 people. More than half of the seating is under a state-of-the-art 65-foot-high roof that leads out to a sprawling green lawn.
Trudging over the packed and graded Georgia Clay, Don Fox, the Chief Financial Officer of the Atlanta Symphony Orchestra, proudly surveys the 45 plus acres off Haynes Bridge Road in Alpharetta. "It's really amazing the work that's been done over the past ten months," remarked Fox. "There's still a lot to do but it's right on schedule."
Fox is talking about the new Verizon Wireless Amphitheatre that's set to open May 10. It will seat a 12,000 people. More than half of the seating is under a state-of-the-art 65-foot-high roof that leads out to a sprawling green lawn "We really wanted to created a park like setting. You'll notice we saved some of the biggest trees on the property, but we're also planting 1200 more," said Fox. Developers even had the foresight to dig a well on the property so they could water all of the green spaces.
As you walk the grounds, you see construction crews installing the last rows of seats, building the gates for the main entrance and finishing up the restrooms and walkways. The venue is specifically designed to be wider instead of deeper to create great views of the stage no matter where you're at. Each side has concessions, hot food and restrooms in addition to kiosks for snacks and merchandise.
Right now there are eight symphony concerts already scheduled for this summer along with 17 popular music shows. The Eagles are kicking off their North American tour May 14. All four shows have already sold out. Tickets were bought from people in 48 different states and several other countries. Fox says they also hope to use the amphitheatre for local events. Alpharetta High School seniors will take the stage this spring for graduation ceremonies May 24. Neighbors seem mostly supportive of the new outdoor venue. "I think it's fantastic. I'm a big lover of music. I play drums and I think it will be great for the community and bring a lot of life to the area," said resident Andy Nigro. There are some though who worry about possible noise and traffic. "I'm a little concerned about the traffic primarily on the weekends because that's when I'm out on you know Mansell Road and Old Milton Parkway. I'm sure it will be bringing in a lot of people," said resident Christy Turner.
The marketing department for the Atlanta Symphony Orchestra say it is working with the Georgia Department of Transportation on a comprehensive traffic plan. It includes bringing in patrons off three separate exits off Georgia 400 and a color coded parking system. Organizers say they have also addressed possibly noise issues and security. "We are very conscious of the neighbors. We want them to feel a part of the community as well so we want to take every step to make sure they're enjoying it whether they're here or at home," said Holly Clausen, Director of Marketing for Popular Presentations. The amphitheatre in Alpharetta brings a new element North of Atlanta. Fox say the next closest outdoor venue of its caliber is Chastain Park which the Orchestra already uses.
The new Verizon Wireless Amphitheatre is set to open May 10. It will seat a 12,000 people. More than half of the seating is under a state-of-the-art 65-foot-high roof that leads out to a sprawling green lawn.
Trudging over the packed and graded Georgia Clay, Don Fox, the Chief Financial Officer of the Atlanta Symphony Orchestra, proudly surveys the 45 plus acres off Haynes Bridge Road in Alpharetta. "It's really amazing the work that's been done over the past ten months," remarked Fox. "There's still a lot to do but it's right on schedule."
Fox is talking about the new Verizon Wireless Amphitheatre that's set to open May 10. It will seat a 12,000 people. More than half of the seating is under a state-of-the-art 65-foot-high roof that leads out to a sprawling green lawn "We really wanted to created a park like setting. You'll notice we saved some of the biggest trees on the property, but we're also planting 1200 more," said Fox. Developers even had the foresight to dig a well on the property so they could water all of the green spaces.
As you walk the grounds, you see construction crews installing the last rows of seats, building the gates for the main entrance and finishing up the restrooms and walkways. The venue is specifically designed to be wider instead of deeper to create great views of the stage no matter where you're at. Each side has concessions, hot food and restrooms in addition to kiosks for snacks and merchandise.
Right now there are eight symphony concerts already scheduled for this summer along with 17 popular music shows. The Eagles are kicking off their North American tour May 14. All four shows have already sold out. Tickets were bought from people in 48 different states and several other countries. Fox says they also hope to use the amphitheatre for local events. Alpharetta High School seniors will take the stage this spring for graduation ceremonies May 24. Neighbors seem mostly supportive of the new outdoor venue. "I think it's fantastic. I'm a big lover of music. I play drums and I think it will be great for the community and bring a lot of life to the area," said resident Andy Nigro. There are some though who worry about possible noise and traffic. "I'm a little concerned about the traffic primarily on the weekends because that's when I'm out on you know Mansell Road and Old Milton Parkway. I'm sure it will be bringing in a lot of people," said resident Christy Turner.
The marketing department for the Atlanta Symphony Orchestra say it is working with the Georgia Department of Transportation on a comprehensive traffic plan. It includes bringing in patrons off three separate exits off Georgia 400 and a color coded parking system. Organizers say they have also addressed possibly noise issues and security. "We are very conscious of the neighbors. We want them to feel a part of the community as well so we want to take every step to make sure they're enjoying it whether they're here or at home," said Holly Clausen, Director of Marketing for Popular Presentations. The amphitheatre in Alpharetta brings a new element North of Atlanta. Fox say the next closest outdoor venue of its caliber is Chastain Park which the Orchestra already uses.
Sunday, April 20, 2008
Company Wants To Save Eyesight
By Bob Pepalis www.gwinnettherald.com
An Alpharetta company is ahead of its competitors in a treatment for diabetic macular edema, which causes many patients to lose vision after the onset of diabetes.
"Diabetes is an epidemic in our country, and many countries throughout the world," said Dan Myers, Alimera's president and CEO.After 10 years of diabetes, a patient starts to develop ocular complications, "and the incidents of these complications just grow with time," he said.The macula is the back part of the eye where we see, he said. When the macula swells with fluid it distorts vision.
Alimera developed a treatment called Medidur™ FA to be used via an implant with a simple injection into the retina, something specialists are used to doing. The implant allows a very long treatment time.Alimera has its clinical research on Medidur™ FA at Phase III, the most advanced stage, at more than 100 sites "scattered literally around the world," Myers said.
Almost 1,000 patients were enrolled in the two-year trial. In 2010 the drug will be registered with the Food and Drug Administration in the United States and its counterparts in other countries."We'll get what is called fast-track review. Our expectation is that if it is approved, it would be approved by the end of 2010," Myers said.
Patients who develop diabetic macular edema (DME) lose vision."They lose the ability to see as well as they once could. And so this treatment, the hope is that many patients would have a significant improvement in their vision," he said. Some patients may not improve as much, but it should prevent them from experiencing as big a decline in their eyesight.
Many drugs for eye treatment tend to be delivered via drops, a topical treatment, or monthly injections. Myers said a big market opportunity exists to develop treatment for the back of the eye and for better ways to deliver those drugs. More drugs exists to treat retina disease than anything at the back of the eye."It's becoming a quality of life issue how it delivers. No one wants to come into the office monthly," he said.If Medidur is approved and implemented, the patient may only need to come in every two or three years."We're well ahead of anyone else in the industry with our Phase III trial," he said. "We will be the first drug to be approved by the FDA for the treatment of DME.
Alimera closed a Series C financing round of $30 million with all five of its existing venture capital firms exercising the right to participate at their full pro rata share to enable the company to acquire a majority stake in Medidur™ FA from development partner pSivida Ltd and fund the remaining development obligations for the product."One of the reasons for the $30 million capital raise was to complete the financial transaction that we had with our development partner, pSivida. They were the codeveloper with us on Medidur. They also enjoyed 50/50 profit share when we commercialize the product after FDA approval," Myers said."We were anxious to get more control of development and reduce the split to 80/20. We were willing to pay $12 million to do that," he said.Alimera also has issued a $15 million note (which would accrue interest of up to $6 million over the life of the note) and will make an additional $25 million milestone payment upon FDA approval of the product.
An Alpharetta company is ahead of its competitors in a treatment for diabetic macular edema, which causes many patients to lose vision after the onset of diabetes.
"Diabetes is an epidemic in our country, and many countries throughout the world," said Dan Myers, Alimera's president and CEO.After 10 years of diabetes, a patient starts to develop ocular complications, "and the incidents of these complications just grow with time," he said.The macula is the back part of the eye where we see, he said. When the macula swells with fluid it distorts vision.
Alimera developed a treatment called Medidur™ FA to be used via an implant with a simple injection into the retina, something specialists are used to doing. The implant allows a very long treatment time.Alimera has its clinical research on Medidur™ FA at Phase III, the most advanced stage, at more than 100 sites "scattered literally around the world," Myers said.
Almost 1,000 patients were enrolled in the two-year trial. In 2010 the drug will be registered with the Food and Drug Administration in the United States and its counterparts in other countries."We'll get what is called fast-track review. Our expectation is that if it is approved, it would be approved by the end of 2010," Myers said.
Patients who develop diabetic macular edema (DME) lose vision."They lose the ability to see as well as they once could. And so this treatment, the hope is that many patients would have a significant improvement in their vision," he said. Some patients may not improve as much, but it should prevent them from experiencing as big a decline in their eyesight.
Many drugs for eye treatment tend to be delivered via drops, a topical treatment, or monthly injections. Myers said a big market opportunity exists to develop treatment for the back of the eye and for better ways to deliver those drugs. More drugs exists to treat retina disease than anything at the back of the eye."It's becoming a quality of life issue how it delivers. No one wants to come into the office monthly," he said.If Medidur is approved and implemented, the patient may only need to come in every two or three years."We're well ahead of anyone else in the industry with our Phase III trial," he said. "We will be the first drug to be approved by the FDA for the treatment of DME.
Alimera closed a Series C financing round of $30 million with all five of its existing venture capital firms exercising the right to participate at their full pro rata share to enable the company to acquire a majority stake in Medidur™ FA from development partner pSivida Ltd and fund the remaining development obligations for the product."One of the reasons for the $30 million capital raise was to complete the financial transaction that we had with our development partner, pSivida. They were the codeveloper with us on Medidur. They also enjoyed 50/50 profit share when we commercialize the product after FDA approval," Myers said."We were anxious to get more control of development and reduce the split to 80/20. We were willing to pay $12 million to do that," he said.Alimera also has issued a $15 million note (which would accrue interest of up to $6 million over the life of the note) and will make an additional $25 million milestone payment upon FDA approval of the product.
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