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.
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, according to a company news release.
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,” Nicholas Curtis, chief executive officer of Lensar, said in the news release. “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 2 years. Most recently, Lensar announced the FDA clearance of data integration to the Lensar Laser System with Streamline III from the Pentacam tomographers from Oculus.
“PDL Biopharma remains committed to the success of Lensar and its promising refractive cataract technology,” John P. McLaughlin, president and chief executive officer of PDL, said in the news release. “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.”