LENSAR® Strategic Restructure in Partnership with PDL BioPharma, Inc.
December 19 2016 - 9:54AM
Business Wire
Together They Will Continue to Provide Superior
Femtosecond Laser Technology
LENSAR, Inc. (LENSAR), a global leader in next generation
femtosecond laser technology for refractive cataract surgery,
announced the filing of a Chapter 11 bankruptcy petition on
December 19, 2016 to reduce its debt, strengthen its balance sheet
and strengthen its platform for future growth. The filing was made
with support from PDL BioPharma, Inc. (PDL), LENSAR’s senior
secured lender. LENSAR, which acquired the assets of LENSAR, LLC,
anticipates prompt filing of a plan with support from PDL that will
reduce LENSAR’s debt, convert a portion of PDL’s outstanding debt
into equity, and facilitate PDL’s financial support of LENSAR
through this process.
This filing is a financial strategic restructuring of LENSAR.
Its operations will continue in the ordinary course throughout the
Chapter 11 reorganization process.
With financial support from PDL the Company intends to continue
to pay all employee obligations (including employee wages, provide
health care, and other benefits) and all current operating expenses
without interruption in the ordinary course of business under
normal terms. LENSAR contemplates the prompt filing of a Chapter 11
plan that will pay all prepetition trade vendors in full. This
support underscores PDL’s commitment to LENSAR and in the LENSAR
Laser System, the only femtosecond laser built specifically for
refractive cataract surgery, and its unique ability to address the
needs of refractive cataract surgeons and patients.
Said LENSAR CEO Nicholas Curtis, “Given the growing aging
population globally, with more than 22 million cataracts treated
annually, I am very optimistic about the future of refractive
cataract surgery and the opportunity to work with PDL. We expect to
continue changing the paradigm for how surgeons treat cataract
patients and improving visual outcomes, seamlessly incorporating
the preoperative diagnostics into the laser treatment to manage
preexisting and surgically induced astigmatism affecting nearly all
cataract patients.”
LENSAR expects the Chapter 11 case to conclude in the second
quarter of 2017. Thereafter, PDL and LENSAR anticipate that PDL
will provide support to the reorganized, de-leveraged LENSAR, and
that LENSAR will continue to provide the precision and excellence
of the LENSAR Laser System to surgeons and patients worldwide.
Curtis added: “The hard work and dedication of our employees has
enabled us to create a leading femtosecond laser technology
platform for refractive cataract surgery and we are truly grateful
for their commitment and support. Together, we look forward to
working cooperatively with our vendors, suppliers and partners as
we move quickly through this process.”
About PDL BioPharma, Inc.
PDL BioPharma (NASDAQ: PDLI) seeks to optimize its return on
investments so as to provide a significant return for its
shareholders by acquiring and managing a portfolio of companies,
products, royalty agreements and debt facilities in the biotech,
pharmaceutical and medical device industries. In late 2012, PDL
began providing alternative sources of capital through royalty
monetizations and debt facilities and in 2016, began making equity
investments in commercial stage companies. PDL has committed
over $1.4 billion and funded approximately $1.1
billion in these investments to date.
About LENSAR, Inc.
LENSAR, Inc., is a global leader in next generation femtosecond
laser technology for refractive cataract surgery. The LENSAR Laser
System with Streamline II offers cataract surgeons automation and
customization of essential steps of the refractive cataract surgery
procedure with the highest levels of precision, accuracy, and
efficiency, while optimizing overall visual outcomes.
The LENSAR Laser System has been cleared by FDA for anterior
capsulotomy, lens fragmentation, and corneal and arcuate incisions.
For other indications it is an investigational device limited by
U.S. law to investigational use only. For more information, please
visit www.lensar.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161219005734/en/
For LENSAR, Inc.Liana Miller,
949-276-8920liana@engagedcommunication.net
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