INCLINE VILLAGE, Nev.,
Aug. 26, 2020 /PRNewswire/
-- PDL BioPharma, Inc. ("PDL" or the "Company") (Nasdaq: PDLI)
announces that its majority owned medical device subsidiary,
LENSAR, Inc. ("LENSAR"), has filed a registration statement on Form
10 with the Securities and Exchange Commission relating to a
potential spin-off of LENSAR from PDL.
"Preparations for a spin-off of LENSAR to PDL's stockholders are
proceeding well," commented Dominique
Monnet, PDL's President and Chief Executive Officer.
"PDL's management and Board of Directors continue to explore all
strategic alternatives for LENSAR with a focus on optimizing value
for PDL's stockholders. The Board of Directors intends to
make a decision regarding the spin-off within the next few
weeks. If we were to move forward with a spin-off, we believe
LENSAR would be well positioned to be distributed to our
stockholders as an independent, publicly traded company, to resume
its pre-COVID-19 growth trajectory and to pursue the development
and launch of its next-generation system, ALLYÔ. We have full
confidence in the management of LENSAR and in the company's
potential as an innovation leader in cataract surgery."
In the event the spin-off is consummated, LENSAR has applied to
list shares of its common stock on the NASDAQ stock market under
the ticker symbol "LNSR." The spin-off would be subject to
customary conditions, including effectiveness of the registration
statement on Form 10 filed by LENSAR with the Securities and
Exchange Commission and final approval by PDL's Board of
SVB Leerink is serving as financial advisor to PDL in connection
with the proposed spin-off as well as other strategic options for
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 IV offers cataract
surgeons automation and customization options 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 treatments and optimizing 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.
LENSAR is developing its next-generation system ALLY™, which is
expected to broaden the addressable market to include all cataract
procedures. ALLY will integrate in a single, compact mobile
workstation an enhanced femtosecond laser and a well-known,
high-performance technology phacoemulsification system, providing
surgeons with the ability to switch seamlessly between the two
technologies. LENSAR's intellectual property secures a
premier technology position for developing and commercializing this
NOTE: LENSAR, the LENSAR logo, the LENSAR Cataract Laser
with Augmented Reality logo, Streamline, IntelliAxis, and
IntelliAxis Refractive Capsulorhexis are registered trademarks and
Intelligent Incisions, and Augmented Reality are trademarks of
About PDL BioPharma, Inc.
Throughout its history, PDL's mission has been to improve the
lives of patients by aiding in the successful development of
innovative therapeutics and healthcare technologies. PDL
BioPharma was founded in 1986 as Protein Design Labs, Inc. when it
pioneered the humanization of monoclonal antibodies, enabling the
discovery of a new generation of targeted treatments that have had
a profound impact on patients living with different cancers as well
as a variety of other debilitating diseases. In 2006, the
Company changed its name to PDL BioPharma, Inc.
As of December 2019, PDL ceased
making additional strategic transactions and investments and is
pursuing a formal process to unlock the value of its portfolio by
monetizing its assets and ultimately distributing net proceeds to
stockholders in the form of cash or equity.
For more information please visit https://www.pdl.com/
NOTE: PDL, PDL BioPharma, the PDL logo and associated
logos and the PDL BioPharma logo are trademarks or registered
trademarks of, and are proprietary to, PDL BioPharma, Inc. which
reserves all rights therein.
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including as it relates to the Company's proposed plan of
liquidation and potential spin-off of LENSAR. Each of these
forward-looking statements involves risks and uncertainties.
Actual results may differ materially from those, express or
implied, in these forward-looking statements. Important
factors that could impair the value of the Company's assets and
business, including the implementation or success of the Company's
monetization strategy/plan of complete liquidation and proposed
dissolution, are disclosed in the risk factors contained in the
Company's Annual Report on Form 10-K filed on March 11, 2020 and Quarterly Reports on Form 10-Q
filed with the SEC on May 11, 2020
and August 10, 2020, and subsequent
filings. All forward-looking statements are expressly
qualified in their entirety by such factors. The Company does
not undertake any duty to update any forward-looking statement
except as required by law.
View original content to download
SOURCE PDL BioPharma, Inc.