Presbia PLC (NASDAQ:LENS) has realigned its operational priorities so as to focus much of its resources on securing FDA approval in addition to ongoing clinical and commercial efforts in South Korea and Germany. Presbia PLC is a leading producer of ophthalmic device and a leader in restoration of near-vision.
These actions are expected to cut the company’s expenditure by getting rid of manufacturing, pre-FDA approval marketing and engineering expenses which are related to the launch of Presbia Flexivue Microlens™ after the FDA approval. The company says its efforts going forward will be centered on the valuable intellectual property which it has developed since 2008.
The company has announced receiving an investment proposal from Orchard Capital Corporation, which is attached to Presbia’s majority shareholder. The proposal will entail investing up to $5 million in proffered shares. The investment, in addition to the available cash-in-hand as well as a reduced burn rate is expected to finance the company’s operations for the whole 2018 and take it through the FDA approval of its Flexivue Microlens™. The company says it is currently exploring additional financing channels and is planning to finalise rising of capital in February 2018.
The company has also announced the resignation of Randy Thurman, Executive Chairman of board and Todd Cooper, the President and CEO and board member. The board has announced electing Mark Yung to act as the company’s Executive Chairman of the board and CEO. Mark Yung has a lot of experience having worked as Chairman, CEO and in many senior management position of several manufacturing and technology companies.
In a statement, Mr. Yung said the company is very grateful for Randy Thurman and Todd Cooper ‘s dedicated leadership at the company. He added that it is an exciting moment he has joined the company as it goes through the final PMA module submission as well as assist in availing the FDA-approved optical lens implant to more than 1.8 billion presbyopes worldwide.
In a recent report, HC Wainwright has restated its buy rating on Presbia’s shares. The research company currently has a $7.00 price objective on Presbia’s stock.