Lensar, PDL BioPharma announce restructuring plan
Lensar will become a wholly owned subsidiary of PDL BioPharma through a financial restructuring plan that has been court approved, according to a Lensar press release.
Lensar, which declared Chapter 11 bankruptcy in December 2016, has maintained its business operations. Through the restructuring, PDL will convert Lensar’s debt to an equity ownership position, the release 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,” Nicholas Curtis, CEO of Lensar, said in the 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.”
In addition, Lensar announced that Teleon Surgical will be the lead European distributor of its Lensar laser system with Streamline. Topcon Europe Medical is transitioning out of its distributorship of the laser system.
“As we look to our future growth, the product and service profile offered by Teleon complements the Lensar laser system in the surgical theater, and we look forward to building our EU base with Teleon,” Curtis said in a separate release.