OccuLogix, Inc.
NASDAQ : OCCX
TSX : OC

OccuLogix, Inc.

February 01, 2007 11:50 ET

OccuLogix Announces US$10 Million Private Placement of Common Stock to Institutional Investors

BOSTON, MASSACHUSETTS--(CCNMatthews - Feb. 1, 2007) - OccuLogix, Inc. (NASDAQ:OCCX)(TSX:OC) today announced that it has entered into a definitive agreement with institutional investors for the private placement of approximately 6.7 million shares of common stock at a price of US$1.50 per share, together with warrants to purchase approximately 2.7 million shares of common stock at an exercise price of US$2.20 per share. Gross proceeds from the private placement will be approximately US$10 million. The private placement is expected to close on or about February 6, 2007 and is subject to customary closing conditions, including approval by the Toronto Stock Exchange.

Cowen and Company, LLC, acted as the sole placement agent for this offering. The Company intends to use the proceeds of sale for general corporate purposes.

Pursuant to an agreement with the investors, the Company is required to file a registration statement with the U.S. Securities and Exchange Commission covering the resale of the shares of common stock to be issued to the investors as well as the shares of common stock issuable upon exercise of the warrants.

The securities offered in this private placement were not registered under the Securities Act of 1933, as amended (the "Act") or any state securities laws or qualified under any Canadian provincial or territorial securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Act and applicable state securities laws or in Canada absent a valid prospectus, or an applicable exemption from the prospectus requirements, under applicable provincial and territorial securities laws.

About OccuLogix, Inc.

OccuLogix is building a leading company focused on evidence-based ophthalmic devices for the diagnosis and treatment of age-related eye diseases. Visit us on the internet at www.occulogix.com (corporate). Additional information on the Company's RHEO™ procedure to treat Dry AMD can be found at www.rheo.com. To learn more about the Company's SOLX® Gold Shunt and SOLX® 790 Laser for the treatment of glaucoma, please visit www.solx.com or www.deeplightsystem.com.

Forward-Looking Statements

This press release may contain forward-looking statements. These statements relate to future events and are subject to risks, uncertainties and assumptions about the Company. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. Many factors may cause our actual results to differ materially from any forward-looking statement, including the factors detailed in our filings with the Securities and Exchange Commission and Canadian securities regulatory authorities, including but not limited to our Forms 10-K and 10-Q. We do not undertake to update any forward-looking statements.

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