LENSAR Inc. (NASDAQ: LNSR) was founded in 2004 and is headquartered in Orlando, Florida, USA. It was separated from PDL BioPharma, Inc. on September 10, 2020, and operated independently. The stock has been listed on NASDAQ since October 2, 2020. Dak Trading, a leader in the next generation of femtosecond cataract technology, the company focuses on the most suitable method for surgeons, which enables them to provide the best treatment for their patients.
LENSAR, Inc. (LNSR):
LENSAR, Inc. is the global leader in next-generation femtosecond cataract laser technology for refractive cataract surgery. The LENSAR Laser System equipped with Streamline IV provides highly automated, customizable options for the astigmatism treatment plan of cataract surgeons and other basic steps of refractive cataract surgery procedures, with the highest precision, accuracy and efficiency . These features can help surgeons manage astigmatism treatment and optimize overall visual effects. The LENSAR Laser System has been approved by the US Food and Drug Administration for anterior capsulotomy, lens fragmentation, and corneal and arcuate incisions. For other indications, it is a research device that is restricted by US law and can only be used for research purposes.
LENSAR is developing its next-generation system ALLY™, which is expected to expand to potential markets including all cataract surgeries. ALLY integrates the enhanced femtosecond laser and the famous high-performance technology phacoemulsification system in a compact mobile workstation, enabling surgeons to seamlessly switch between the two technologies. LENSAR’s intellectual property rights ensure the primary technological status of the development and commercialization of this destructive technology.
PDL BioPharma, Inc.’s spin-off of LENSAR, Inc.:
On September 10, 2020, PDL BioPharma Inc. announced that its board of directors has approved the spin-off of LENSAR, according to the distribution terms:
- LENSAR common shares are expected to be distributed to PDL shareholders of record as of 5:00 pm on October 1, 2020. And listed on October 2.
- For each share of PDL common stock held by PDL shareholders, they will receive 0.075879 shares of LENSAR common stock (effective after the 9-share reverse split of LENSAR common stock on September 9, 2020).
Dominique Monnet, President and CEO of PDL, commented: “The decision of the PDL board of directors to divest LENSAR is the result of a comprehensive strategic process in cooperation with our financial advisors at SVB Leerink.” I am excited about the opportunities presented by a well-capitalized listed company.”
LENSAR CEO Nicholas T. Curtis said: “PDL has always been a supporter of LENSAR at a critical moment in the execution of our growth strategy.” “We believe that the decision to fund the development of the GEN2 device ALLY™ will impact cataract surgery globally. The way we think and implement it has a long-term impact. We are excited to take the company to a new level. We hope to become an independent company that is the technology leader in advanced and traditional cataract surgery markets.”
After the distribution is completed, LENSAR will immediately become an independent publicly traded company, and the “regular” trading of LENSAR common stock will begin on the first trading day after the distribution is completed. LENSAR shares are listed on the Nasdaq Capital Market (NASDAQ) under the ticker symbol “LNSR”.
SVB Leerink is related to the spin-off of LENSAR and is the financial advisor of PDL.