Presbia PLC's CEO and executive chairman resigned as the company takes on a new investor and operational strategy.
Todd Cooper resigned as Presbia's president, CEO and board member, while Randy Thurman stepped down as the Nasdaq-listed company's executive chairman, effective Dec. 11.
The board appointed Mark Yung as executive chairman and CEO of Presbia.
Orchard Capital Corp. proposed investing up to $5 million in preferred shares, which would fund Presbia's operations throughout 2018, along with its existing resources. The company plans to finalize a capital raise by mid-February 2018 as it continues to explore other financing options as well.
The lens maker is realigning its operational priorities to focus resources on U.S. Food and Drug Administration approvals and ongoing commercial efforts in Germany and South Korea. This will reduce the cash burn rate by eliminating pre-FDA approval marketing, manufacturing and engineering expenses related to the post-FDA approval for the U.S. commercial launch of the Presbia Flexivue Microlens.