This article is more than 5 years old. Information may no longer be current.
OccuLogix to go public
Click Here to Manage Email Alerts
MISSISSAUGA, Ontario — OccuLogix has filed a registration statement with the U.S. Securities and Exchange Commission to make an initial public offering of its common stock, the company announced in a press release. A portion of its shares will be offered by TLCVision (a significant shareholder in OccuLogix) and other selling stockholders.
According to the company’s prospectus, OccuLogix expects to sell about $100 million worth of stock at its IPO.
OccuLogix’s registration statement says that the company’s Rheo system is “designed to improve microcirculation in the eye by filtering high molecular weight proteins and other macromolecules from the patient’s plasma.” The company states that its system is the only dry age-related macular degeneration treatment to target “the underlying cause of AMD rather than its symptoms.”
The Rheo System is currently in use outside the United States, and the company expects to complete enrollment in a pivotal clinical trial before the end of this year. Further, the prospectus said the company expects that a physician office-based Medicare reimbursement code scheduled to go into effect in January of 2005 will apply to the Rheo procedure.
OccuLogix executives said they do not expect “that we will materially increase our revenues in Canada or generate revenues in the United States until late 2006, at the earliest.”