SAN DIEGO, March 15, 2010 (GLOBE NEWSWIRE) -- OccuLogix, Inc., dba TearLab Corporation (“TearLab”) (Nasdaq:TEAR) (TSX:TLB), announced today that it has obtained commitments from several investors to purchase approximately 1,552,795 million shares of its common stock and warrants to purchase approximately 621,118 shares of its common stock for gross proceeds of approximately $5,000,000. The investors have agreed to purchase the shares and warrants for $3.22 per unit (each unit consisting of one share and a warrant to purchase 0.4 shares of common stock). The exercise price of the warrants will be $4.00 per share. The warrants will be exercisable at any time on or after the sixth-month anniversary of the closing date through and until the 18-month anniversary of the closing of the offering. The closing of the offering is expected to take place on March 18, 2010, subject to satisfaction of customary closing conditions. TearLab plans to use the proceeds from this financing for general corporate purposes. Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq:RODM), acted as the exclusive placement agent for TearLab. Greybrook Capital Inc. acted as TearLab’s financial advisor in connection with the transaction.
