Lensar Inc. has more ties to the Orange County business community than its Orlando, Fla.-based headquarters address lets on. The medical device maker, which filed for Chapter 11 bankruptcy in December, emerged with a stronger balance sheet and tapped Bill Link as chairman of its board of directors.
The veteran investor is a co-founder and managing partner of Flying L Partners, which invests in mid- to late-stage ophthalmic companies. He also co-founded Versant Ventures, which specializes in early-stage medical device opportunities.
Lensar develops a femtosecond laser used in refractive cataract surgery. Its latest system allows surgeons to automate and customize astigmatism treatment planning and other refractive cataract surgery procedures. The laser system has been cleared by the Food and Drug Administration.
“Lensar through its history has had a strong [leadership] team and very strong product and technology,” said Link, adding that Irvine-based Alphaeon Corp. was in the process of acquiring Lensar in 2015 but had to return the company to PDL BioPharma Inc., its senior secured-note lender, because Alphaeon couldn’t sustain its financing commitment. Link was previously a member of the board of directors of Alphaeon.
Lensar’s exit plan, which involved reducing Lensar’s debt and converting some of PDL’s debt into equity, was finalized and court approved in May. Lensar is now a wholly-owned PDL subsidiary.
“I’ve tracked Lensar for many years … and am comfortable with the financial support PDL has for the company,” said Link, adding that as a chairman he hopes to help the company become a market leader.
Alphaeon started in 2013 as a “lifestyle medicine” company that provided products and services not covered by health insurance—as well as services such as ShoutMD, a social media network for doctors, and a credit platform offering financing services. It was at one time the hyped-up darling unicorn of OC, but the initial public offering never happened. Alphaeon shifted its strategy to focus on developing Evosyal, a neurotoxin that acts like Botox in the treatment of wrinkles. Chief Executive Murthy Simhambhatla replaced co-founder and former chief executive Robert Grant in the summer of 2016.
Alphaeon was started by Newport Beach-based investment firm Strathspey Crown.
Grant said that “neither Strathspey nor Alphaeon has any ongoing relationship with Lensar.”
Visionary Ventures
San Diego-based early-stage device maker Tear Film Innovations completed a $9 million series A preferred stock funding led by Aliso Viejo-based Visionary Ventures Fund LP and Tigris Ventures LLC in San Diego.
The round also included a group of angel investors in San Diego, said Tear Film Chief Executive Rob Thornhill. He said a total of $10 million has been raised, including the recent round.
The visionary venture fund is affiliated with Aliso Viejo-based technology and life sciences accelerator OCTANe. The fund, which closed in April with the capability to invest up to $30 million, is focused on ophthalmic opportunities ranging from $500,000 to $5 million. Jeffry Weinhuff is managing partner. He previously served as chief executive and managing partner at Inflection Point Capital Management.
Tigris is a seed-stage investment firm that focuses on early-stage ventures in Southern California.
Tear Film makes the iLux system, a device designed to treat dry eye and related syndromes, including blepharitis and Meibomian gland dysfunction. It’s comprised of a hand-held instrument and a disposable tip and is used to identify blocked Meibomian glands and unblock them.
Proceeds will support FDA clearance and commercialization.
Senior Isolation
Long Beach-based SCAN Group said its senior isolation report found that over 82% of seniors feel lonely, 58% saying it would be hard to admit their loneliness to others.
The results came from an online survey of 1,000 U.S. adults ages 65 and older. SCAN Health Plan provides a senior-focused health plan, an HMO plan with a Medicare contract. It has about 187,000 members in Los Angeles and OC, 29,000 of them in OC.
Senior isolation is a topic that SCAN tries to address through free community-based service Independence At Home, which started last year. The program connects seniors to in-home services, such as counseling and medication safety assistance for those taking multiple medications. The home services aren’t reimbursed by Medicare.
The report said seniors primarily interact with family and friends, with the mode of communication being email and smartphones.
SCAN Chief Medical Officer Romilla Batra said it’s difficult to quantify loneliness and isolation but that SCAN’s most recent report intends to drive conversation toward more comprehensive senior care.
Bits & Pieces
Aerie Pharmaceuticals Inc. appointed John Maltman vice president of medical affairs. Maltman served in similar positions at Allergan PLC. Aerie has two late-stage eye drugs designed to treat patients with glaucoma. … MemorialCare Medical Group, a member of MemorialCare Health System in Fountain Valley, opened a new health center in Torrance. The two-story, 10,396-square-foot building provides internal medicine and pediatric care services. MemorialCare is a five-hospital system. … Placentia-Linda Hospital received an A rating from the Leapfrog Group, a rating system that measures hospital safety. Placentia-Linda is a 114-bed acute-care facility.
