ORLANDO, Fla., and INCLINE VILLAGE, Nev., May 11, 2017 /PRNewswire/ -- LENSAR, Inc.
(LENSAR), a global leader in next generation femtosecond laser
technology for refractive cataract surgery, and PDL BioPharma, Inc.
(PDL) (NASDAQ: PDLI) today announced the completion of LENSAR's
financial restructuring with a court-approved exit plan finalized
on May 11, 2017. As part
of the plan, PDL will convert most of its debt to an equity
ownership position. LENSAR will become a wholly-owned subsidiary of
PDL, and PDL will begin to consolidate LENSAR's financial
statements.
With the debt reduction, the LENSAR company balance sheet is
significantly strengthened and, under PDL's new ownership, LENSAR
is well positioned to support its future growth and continued
leadership in the femtosecond laser assisted refractive cataract
surgery sector. The reorganization agreement was confirmed by
the bankruptcy court in Wilmington,
Delaware.
"This process has been necessary to achieve the full potential
of our femtosecond technology and continue to deliver best-in-class
service to our customers and their refractive cataract patients,"
said Nicholas Curtis, chief
executive officer of LENSAR. "Importantly, our focused efforts have
achieved this successful end-goal on schedule. We are
extremely pleased with this outcome and look forward to continuing
our strong partnership with PDL."
Since announcing the reorganization under Chapter 11 in
December 2016, LENSAR has maintained
its normal business operations, including the commercial roll out
in January 2017 of LENSAR's third
system upgrade in less than two years. Most recently, LENSAR
announced the FDA clearance of data integration to the
LENSAR® Laser System with Streamline III™ from the
popular Pentacam® tomographers from OCULUS.
"PDL Biopharma remains committed to the success of LENSAR and
its promising refractive cataract technology," said John P. McLaughlin, president and chief
executive officer of PDL. "Working closely with the team at LENSAR,
we have supported operations at an optimal level throughout this
process. Consequently, important service, manufacturing and
regulatory milestones have been achieved, positioning the company
for success moving forward."
About LENSAR, Inc.
LENSAR, Inc., is a global leader in next generation femtosecond
cataract laser technology for refractive cataract surgery. The
LENSAR Laser System with Streamline III offers cataract surgeons
automation and customization for their astigmatism treatment
planning and other essential steps of the refractive cataract
surgery procedure with the highest levels of precision, accuracy,
and efficiency. These features assist surgeons in managing
astigmatism treatment for optimal overall visual outcomes.
The LENSAR Laser System has been cleared by the U.S. Food and
Drug Administration 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.
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
monetization 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.
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SOURCE PDL BioPharma, Inc.; LENSAR, Inc.