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OccuLogix announces $5.08 million private placement of common stock

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TORONTO — OccuLogix has entered into a definitive agreement with a number of investors for the private placement of approximately $5.08 million of common stock at a per share price that is the lower of the average closing price of the company's common stock for the 15-trading day period preceding the purchase or $0.10, the company announced in a press release.

In addition, OccuLogix has filed a preliminary proxy statement to solicit stockholder approval of the private placement and the definitive merger agreement the company entered into in April to acquire all remaining minority ownership interest in OcuSense.

Currently, OccuLogix owns 50.1% of OcuSense's capital stock on a fully diluted basis, according to the release.