BOSTON, MASSACHUSSETTS--(MARKET WIRE)--Mar 15, 2007 -- OccuLogix, Inc. (NasdaqGM:OCCX - News)(Toronto:OC.TO - News) announced today that that its financial statements for the fiscal year ended December 31, 2006, included in the Company’s Annual Report on Form 10-K filed on March 15, 2007, contain a going concern qualification from its independent accounting firm, Ernst & Young LLP.
As of December 31, 2006, the Company had cash and cash equivalents and short term investments of $15.5 million. The Company noted that this amount does not include any of the net proceeds from its previously announced $10 million private placement of securities to institutional investors which closed on February 6, 2007. The Company believes that these proceeds, together with the Company’s existing cash, will be sufficient to cover its operating activity and other demands until early 2008.
This announcement is being made in compliance with Nasdaq Marketplace Rule 4350(b)(1)(B), which requires separate disclosure of receipt of an audit opinion that contains a going concern qualification. This announcement does not represent any change or amendment to the Company’s 2006 financial statements or to its Annual Report on Form 10-K.
About OccuLogix, Inc.
OccuLogix is building a leading company focused on ophthalmic devices for the diagnosis and treatment of age-related eye diseases. Visit us on the internet at www.occulogix.com (corporate). Additional information on the Company’s RHEO(TM) procedure to treat Dry AMD can be found at www.rheo.com. To learn more about the Company’s SOLX® Gold Shunt and SOLX® 790 Laser for the treatment of glaucoma, please visit www.solx.com.
Forward-Looking Statements
This press release may contain forward-looking statements. These statements relate to future events and are subject to risks, uncertainties and assumptions about the Company. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. Many factors may cause our actual results to differ materially from any forward-looking statement, including the factors detailed in our filings with the Securities and Exchange Commission and Canadian securities regulatory authorities, including but not limited to our Forms 10-K and 10-Q. We do not undertake to update any forward-looking statements.
Contact: Contacts: OccuLogix, Inc. Stephen Kilmer VP, Investor & Public Affairs (905) 602-0887 ext. 3904 Email: stephen.kilmer@occulogix.com Website: http://www.occulogix.com
Source: OccuLogix, Inc.
