PDL BioPharma Inc (NASDAQ:PDLI) reported the closure of LENSAR’s financial restructuring with a court-permitted exit plan finalized earlier this month. As part of this plan, the company will convert a major part of its debt to an equity ownership stake. LENSAR will then become a wholly-owned subsidiary unit of PDL BioPharma, and the company will start to consolidate LENSAR’s financial statements.
With the lessening of debt, the LENSAR balance sheet is considerably strengthened and, under PDL BioPharma’s new ownership, LENSAR is positioned to support its continued leadership and future growth in the femtosecond laser supported refractive cataract surgery segment. The reorganization deal was confirmed by the bankruptcy court.
Nicholas Curtis, the CEO of LENSAR, reported that this process has been required to accomplish the full potential of their femtosecond technology and continue to offer best-in-class service to their clients and their refractive cataract subjects. Importantly, the focused measures have accomplished this successful end-goal on plan. They are extremely delighted with this outcome and expect to continuing their strong partnership with PDL.
Since reporting the reorganization in last December, LENSAR has maintained its usual business operations, comprising the commercial launch in this January of LENSAR’s third system advancement in less than 2 years. Most recently, LENSAR reported the FDA approval of data incorporation to the LENSAR® Laser Setup with Streamline III™ from the Pentacam® tomographers from OCULUS.
John P. McLaughlin, the CEO and President of PDL BioPharma, reported that the company remains committed to the LENSAR success and its encouraging refractive cataract technology. Working closely with the LENSAR team, they have supported activities at an optimal level throughout this procedure. Consequently, important service, regulatory and manufacturing milestones have been attained, positioning the firm for success moving forward.
The U.S. FDA has approved LENSAR Laser System for lens fragmentation, arcuate and corneal incisions, and anterior capsulotomy.