OccuLogix, Inc.
NASDAQ : OCCX
TSX : OC

OccuLogix, Inc.

August 06, 2008 08:15 ET

OccuLogix Reports Q2-08 Financial Results

MISSISSAUGA, ONTARIO--(Marketwire - Aug. 6, 2008) - OccuLogix, Inc. (NASDAQ:OCCX)(TSX:OC) today reported its consolidated financial results for the three months ended June 30, 2008. All dollar amounts are expressed in U.S. currency, and results are reported in accordance with United States generally accepted accounting principles (U.S. GAAP).

For the second quarter of 2008, OccuLogix' net revenues from continuing operations were $127,200 as compared to $0 in the second quarter of 2007, and the Company's revenues from discontinued operations for the second quarter of 2008 were $0 as compared to $121,275 in the second quarter of 2007. The second quarter loss from continuing operations was $2.5 million, or $0.04 per share as compared to $1.9 million, or $0.03 per share, in the first quarter of 2007. OccuLogix' loss in the second quarter of 2008 from discontinued operations was $0.0 million, or $0.00 per share, as compared to $1.1 million, or $0.02 per share, in the second quarter of 2007. Including both continuing and discontinued operations, OccuLogix' net loss for the second quarter of 2008 was $2.5 million, or $0.04 per share as compared to $3.0 million, or $0.05 per share, for the second quarter of 2007.

As of June 30, 2008, OccuLogix had cash and cash equivalents of $0.9 million. The Company noted that this amount does not include any of the proceeds from the $3.4 million bridge loan that it announced on July 28, 2008.

About OccuLogix, Inc.

OccuLogix (www.occulogix.com) is a healthcare company focused on ophthalmic devices for the diagnosis and treatment of age-related eye diseases.

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.



OCCULOGIX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(expressed in U.S. dollars except number of shares)
(Unaudited)

Three months ended
June 30,
-------------------
2008 2007
$ $
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Revenue
Retina 127,200 -
Cost of goods sold
Retina
Cost of goods sold, net of goods recovered - 8,297
Royalty costs - 25,000
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Total cost of goods sold - 33,297
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127,200 (33,297)
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Operating expenses
General and administrative 1,343,980 2,559,837
Clinical and regulatory 808,193 1,958,432
Sales and marketing 233,915 526,492
Restructuring charges 955,517 -
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3,341,605 5,044,761
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Loss from operations (3,214,405) (5,078,058)
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Other income (expense)
Interest income 20,691 215,919
Changes in fair value of warrant obligation - 1,500,710
Impairment of investments (122,586) -
Interest expense (95,706) -
Amortization of finance costs (91,000) -
Other 2,747 (14,511)
Minority interest 363,595 201,332
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77,741 1,903,450
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Loss from continuing operations before income taxes (3,136,664) (3,174,608)
Recovery of income taxes 599,687 1,265,841
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Loss from continuing operations (2,536,977) (1,908,767)
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Loss from discontinued operations - (1,081,559)
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Net loss for the period (2,536,977) (2,990,326)
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Weighted average number of shares outstanding
- basic and diluted 57,306,145 57,304,020
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Net loss per share - basic and diluted (0.04) (0.05)
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OCCULOGIX, INC.
CONSOLIDATED BALANCE SHEETS
(expressed in U.S. dollars)
(Unaudited)
June 30, December 31,
2008 2007
------------------------
------------------------
$ $
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ASSETS
Current
Cash and cash equivalents 920,191 2,235,832
Amounts receivable, net 116,850 374,815
Prepaid expenses 294,573 481,121
Prepaid finance costs 48,000 -
Deposits 16,993 10,442
Other current assets 128,796 -
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Total current assets 1,525,403 3,102,210
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Fixed assets, net 106,224 122,286
Patents and trademarks, net 201,340 139,437
Investments 413,678 863,750
Intangible assets, net 10,292,363 11,085,054
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Total assets 12,539,008 15,312,737
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable 425,216 1,192,807
Accrued liabilities 3,910,303 2,873,451
Due to stockholders 89,526 32,814
Deferred revenue 106,700 -
Short term liabilities and accrued interest 3,435,715 -
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Total current liabilities 7,967,460 4,099,072
Deferred income tax liability 833,515 2,259,348
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Total current liabilities 8,800,975 6,358,420
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Minority interest 4,474,154 4,953,960
Stockholders' equity (deficiency)
Capital stock
Common stock 57,306 57,306
Par value of $0.001 per share
Authorized: 75,000,000; Issued and
outstanding:
March 31, 2008 - 57,306,145; December 31,
2007 - 57,306,145
Additional paid-in capital 362,309,603 362,232,031
Accumulated deficit (363,103,030) (358,288,980)
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Total stockholders' equity (deficiency) (736,121) 4,000,357
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Total liabilities and stockholders' equity 12,539,008 15,312,737
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