PDL BioPharma to Provide Up to $60M of Debt Financing to LENSAR

PDL BioPharma, Inc. (PDL)

announced today that it closed a financing transaction with LENSAR, Inc., a leader in next-generation femtosecond laser technology for refractive cataract surgery, in which PDL will provide LENSAR with up to $60 million of debt financing, as part of an $87 million total financing for LENSAR. The LENSAR Laser System provides cataract surgeons with the power to execute accurate incisions with unprecedented precision and repeatability. It provides precise capsulotomy incision size, shape and location, thereby enhancing effective intraocular lens (IOL) lens positioning nd fitting for each individual patient, leading to improved patient outcomes.  LENSAR is the only femtosecond laser on the market which uses a proprietary imaging, automated measurement, 3-D modeling, and treatment guidance system. The LENSAR Laser system is cleared by the FDA to perform both corneal and arcuate incisions, as well as lens fragmentation and anterior capsulotomy (with or without phacofragmentation), during cataract surgery. The total financing of up to $60 million was provided pursuant to a credit agreement that included an initial $40 million in cash funded to LENSAR on October 1, 2013, and provides up to $20 million in additional funds to