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LensAR brings in up to $60mm through debt financing

Executive Summary

PDL BioPharma Inc. is providing LensAR Inc. with up to $60mm in debt financing. It received $40mm up front and will get an additional $20mm by September 30, 2014 upon reaching a predetermined sales milestone. The loan has a 15.5% interest rate per annum and is payable quarterly. In exchange, PDL was given a security interest in all of LensAR's assets and will get interest on the outstanding principal. The money will be used to expand commercialization of LensAR’s refractive lasers for cataract surgery throughout North America, Europe, Asia, Latin America, and other markets.
Deal Industry
  • Medical Devices
  • Medical Devices
    • Laser
    • Surgical Equipment & Devices
      • Minimally or Less Invasive
Deal Status
  • Final
Deal Type
  • Financing
    • Convertible Debt
    • Private Placement

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