Presbia announces board and management changes and financing proposal [Seeking Alpha]
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: Seeking Alpha
Presbia announces board and management changes and financing proposalPresbia PLC (NASDAQ:LENS)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 the commercialization expenses related to the post-FDA approval U.S. launch of the Presbia Flexivue Microlens.In parallel, Presbia has received an investment proposal from Orchard Capital Corporation, to invest up to $5M in the Company’s preferred shares. The proposed investment, together with existing cash-on-hand is expected to fund Presbia’s operations for the entirety of 2018 and FDA approval expenses. Presbia continues to explore other financing options and plans to finalize the capital raise by mid-February 2018.Also, the board of directors accepted the resignation of Randy Thurman, Executive Chairman, and Todd Cooper, board member, President and CE
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