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LTW, AP

Shares of biotechnology company (Nasdaq: ALIM) finished their opening day flat at $11 after the Georgia-based firm executed an initial public offering at a much lower than hoped-for price.

Alimera, whose investors include Intersouth Partners in Durham, had hoped to sell shares at between $15 and $17 per share. It sold 6.6 million shares.

ALIM reached a high of $11.23 Thursday before declining to $10.79 in after-hours trading.

The company priced its initial public offering below expectations Wednesday night, raising $72.1 million, according to a person familiar with the offering.

Alimera, which focuses on eye care products, plans to use part of the proceeds to complete the clinical development of Iluvien, a drug which aims to treat diabetic macular edema, a retinal disease that can lead to blindness.

Another 900,000 shares were available as an overallotment for Credit Suisse, Citi, Cowen and Company and Oppenheimer & Co., which are the firms helping Alimera execute the IPO. The company tried once before for an IPO but withdrew it a year ago, citing market conditions.

Intersouth owns an 18.4 percent share in Alimera, according to Private Equity Wire. Other investors include Scale Venture Partners, Domain Associates, Polaris Venture Partners and Venrock Associates.