PDL BioPharma Inc (NASDAQ:PDLI) posted the completion of LENSAR’s restructuring with a court-allowed exit plan. Under this program, the firm intends to convert its maximum debt to equity stake. If it succeeds, LENSAR will become a 100% owned unit of PDL, and thereafter it will begin to consolidate LENSAR’s fiscal reports.
With the debt reduction, the balance sheet of LENSAR is strengthened and, under PDL’s ownership, it is prepared to boost its continued headship and future progress in the femtosecond laser sustained refractive cataract surgery section. The reorganization deal was established by the bankruptcy court.
Nicholas Curtis, who is the CEO of LENSAR, posted that this procedure has been warranted for accomplishing the full potential of femtosecond know-how and continue to present best-in-class service to their consumers and refractive cataract subjects. Prominently, the focused measures have helped accomplish this end-goal on plan. They are delighted with this result and expect to bolster their strong association with PDL.
Since announcing the reorganization news in last December, LENSAR has carried out its usual operations, constituting the commercial launch of LENSAR’s third system progress in less than couple of years. Most recently, LENSAR posted that it received the FDA approval for data incorporation to the ‘LENSAR’ Laser Setup with ‘Streamline III’ from the Pentacam tomographers.
John P. McLaughlin, who is the CEO of PDL, posted that the firm remains committed to the growth of LENSAR and its refractive cataract know-how. Working with the LENSAR team, they have advanced activities at an ideal level throughout this way. McLaughlin added that consequently, important service, supervisory and manufacturing marks have been attained, putting them for success in the imminent period.
In the last trading session, the stock price of PDL BioPharma closed flat at $2.35. After the recent trading session, the market cap of firms stands around $381 million.