LENSAR and PDL BioPharma 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.
LENSAR CEO, Nicholas Curtis said that this process has been necessary to achieve the full potential of their femtosecond technology and continue to deliver best-in-class service to their customers and their refractive cataract patients. Importantly, their focused efforts have achieved this successful end-goal on schedule. They are extremely pleased with this outcome and look forward to continuing their strong partnership with PDL.
PDL president and CEO, John P. McLaughlin said that PDL Biopharma remains committed to the success of LENSAR and its promising refractive cataract technology. Working closely with the team at LENSAR, they 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.