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OccuLogix announces IPO
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OccuLogix set its planned initial public offering at 8.4 million shares earlier this week. The company predicts an opening price of between $8 and $10 a share, according to public records.
The company is selling 5.6 million shares, and shareholders will sell the remaining 2.8 million. TLC Vision, the largest shareholder in OccuLogix, will be selling about 2 million shares in the offering, documents filed with the U.S. Securities and Exchange Council noted.
OccuLogix markets the Rheo System, designed to improve microcirculation in the eye by filtering high-molecular-weight proteins and other macromolecules from the patient’s plasma, for the treatment of dry age-related macular degeneration, according to the documents. The company is currently conducting a pivotal clinical trial, and it expects to have the nonclinical portion of its data filed with the Food and Drug Administration by the end of the year. Commercialization of the system is expected in late 2006.
As of this month, 142 patients in Canada have been treated with the system. In September, OccuLogix signed an agreement with a Canadian company for the sale of 8,000 treatment sets by the end of 2005, according to the documents.