OccuLogix to price $5.08 million private placement of shares

By Devika Patel

Knoxville, Tenn., May 20 - OccuLogix, Inc. said it plans to price a $5.08 million private placement of stock.

The company will sell common shares at a per-share price equal to the lower of $0.10 and the volume-weighted average closing price of the company's common stock on Nasdaq for the 15-trading-day period immediately preceding the closing date of the sale.

Proceeds will be used to fund the working capital requirements of OccuLogix and OcuSense, Inc., the company in which OccuLogix plans to acquire a minority interest.

Boston-based OccuLogix develops ophthalmic devices to treat age-related eye diseases.

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