OccuLogix pulls $30 million convertible sale

New York, June 30 - OccuLogix, Inc. said it has terminated negotiations for a $30 million private placement of zero-coupon convertible notes.

The Toronto-based maker of treatments for age-related eye diseases said that after preliminary discussions it decided it would be "in the best interests of the company and its stockholders to discontinue negotiations."

OccuLogix announced the deal on June 14, saying it planned to sell the notes to funds managed by Sowood Capital Management LP.

The notes would have been convertible into common shares at $3.30 each, a 45.4% premium to the company's $2.27 closing stock price on the day the deal was announced.

Proceeds were earmarked for acquisition or investments in businesses, products or technologies complementary to its business strategy.

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