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OccuLogix to acquire Solx
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TORONTO — OccuLogix Inc. has signed a definitive merger agreement to acquire Solx Inc., a private company focused on developing novel glaucoma treatments, the company announced.
Products developed by Solx include the DeepLight 790 Titanium Sapphire Laser, which is used in trabeculoplasty, and the DeepLight Gold Micro-Shunt, an ultra-thin glaucoma drainage implant. Both products are currently approved in Europe, and Solx is conducting randomized, multi-center studies of the devices in the United States.
Under the terms of the agreement, OccuLogix will acquire Solx through a merger of Solx and a newly incorporated, wholly owned subsidiary of OccuLogix. The transaction is subject to customary closing conditions, including Toronto Stock Exchange approval. TLC Vision Corp. is beneficial owner of OccuLogix.
OccuLogix officials said they will provide SOLX with a $240,000 bridge loan and expect the transaction to be completed within a month. Upon closing, OccuLogix will issue 8.4 million shares of its common stock and pay $7 million in cash. It will also make additional cash payments of $3 million and $5 million on the first and second anniversaries of the closing. OccuLogix will also pay an additional $5 million to Solx if Solx receives final U.S. Food and Drug Administration approval for the DeepLight glaucoma implant before Dec. 31, 2007, according to the release.