Presbia Announces Board and Management Changes and Financing Proposal to Operate Through to the End of 2018
PRESBIA PLC ORDINARY SHARES (LENS)
Last presbia plc ordinary shares earnings: 8/10 04:31 pm
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US:NASDAQ Investor Relations:
investors.presbia.com/releases.cfm?view=all
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Source: Business Wire
DUBLIN--(BUSINESS WIRE)-- Presbia PLC (NASDAQ: LENS, or the “Company”), an ophthalmic device company and leader in near-vision restoration, announces that it has re-ordered its operational priorities to focus its resources on FDA approval as well as ongoing clinical and commercial efforts in Germany and South Korea. These actions reduce the Company’s cash burn rate by eliminating pre-FDA approval marketing, manufacturing and engineering expenses related to the post-FDA approval U.S. commercial launch of the Presbia Flexivue Microlens™. Presbia’s efforts are focused on the valuable intellectual property developed by the Company since 2008. In parallel, Presbia has received an investment proposal from Orchard Capital Corporation, which is affiliated with Presbia’s majority shareholder, to invest up to $5 million in the Company’s preferred shares. The proposed investment, together with existing cash-on-hand and
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