LENSAR, Inc happens to be one of the global leaders focusing on establishing the next generation femtosecond laser technology for refractive cataract surgery and in close collaboration with PDL BioPharma Inc (NASDAQ:PDLI) they have made the much awaited for announcement.
The news striking the airwaves is that the company is on the finalizing stages of financial restructuring and at this point in time it is important to also mention the court-approved exit plan that effective on May 11, 2017.
As a part of the bigger picture, sources reveal that indeed PDL will be moving ahead to actually convert a large fraction of its debt to an equity ownership position. As a matter of fact, the stage is already prepared where LENSAR is set to become a wholly-owned subsidiary of PDL and in other news it has been outlined that PDL will be seeking to start on its consolidation plan to the financial statements associated with LENSAR.
Some of the top planning and financial executives have come forward to say that with the debt reduced by a large chunk, LENSAR’s balance sheet will in a major way be strengthened and the matter about PDL bearing the new ownership “badge” is something that can ion no way be taken for a ride.
According to the company’s insiders, LENSAR is best placed to give a major lift to its future development as well as to the continued leadership; of course in the femtosecond laser assisted refractive cataract surgery sector. The bankruptcy court in Wilmington, Delaware was the one that went ahead to confirm the reorganization of agreement.
The chief executive officer of LENSAR, Nicholas Curtis while addressing a press conference said, “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. Importantly, our focused efforts have achieved this successful end-goal on schedule.”
Curtis finalized by speaking on behalf of the company by stating that they were extremely excited with the outcome and that they were optimistic that their partnership with PDL will be strengthened in the course of time.
