OccuLogix, Inc.
NASDAQ : OCCX
TSX : OC

OccuLogix, Inc.

November 09, 2007 08:30 ET

OccuLogix Reports Q3-07 Financial Results

BOSTON, MASSACHUSETTS--(Marketwire - Nov. 9, 2007) - OccuLogix, Inc. (NASDAQ:OCCX)(TSX:OC) today reported its consolidated financial results for the three months ended September 30, 2007. 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 third quarter of 2007, net revenues were $15,225 compared to $85,444 in the third quarter of 2006. Including an aggregate of $24.3 million in non-cash charges related to the Company's previously announced indefinite suspension of its RHEO™ System clinical development program, offset partially by the favorable impact from a non-cash $7.3 million gain on the recovery of income taxes also related to the indefinite suspension of the RHEO™ System clinical development program, the Q3-07 net loss was $19.7 million, or $0.34 per share. This compared to the Q3-06 net loss of $3.6 million, or $0.08 per share.

As of September 30, 2007, the Company had cash and cash equivalents of $6.2 million.

As previously disclosed, OccuLogix will not be holding a conference call to discuss these results.

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
September 30,
------------------------
2007 2006
$ $
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Revenue
Retina - 53,144
Glaucoma 15,225 32,300
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Total revenue 15,225 85,444
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Cost of goods sold
Retina
Cost of goods sold, net of goods recovered 2,262,411 80,358
Royalty costs 25,000 25,000
Glaucoma
Cost of goods sold 13,424 9,964
Royalty costs 6,250 2,083
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Total cost of goods sold 2,307,085 117,405
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(2,291,860) (31,961)
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Operating expenses
General and administrative 3,276,981 2,314,344
Clinical and regulatory 3,852,115 1,071,380
Sales and marketing 687,429 505,088
Impairment of intangible asset 20,923,028 -
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28,739,553 3,890,812
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Loss from operations (31,031,413) (3,922,773)
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Other income (expense)
Interest income 137,444 368,585
Changes in fair value of warrant obligation 856,969 -
Interest and accretion expense (223,268) (77,191)
Other (5,693) 20,704
Minority interest 703,038 -
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1,468,490 312,098
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Loss before income taxes (29,562,923) (3,610,675)
Recovery of income taxes 9,902,899 26,867
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Net loss for the period (19,660,024) (3,583,808)
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Weighted average number of shares outstanding
- basic and diluted 57,306,145 44,911,018
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Net loss per share - basic and diluted (0.34) (0.08)
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OCCULOGIX, INC.

CONSOLIDATED BALANCE SHEETS
(expressed in U.S. dollars)
(Unaudited)

September 30, December 31,
2007 2006
------------------------
$ $
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ASSETS
Current
Cash and cash equivalents 6,144,946 5,740,697
Short-term investments 75,000 9,785,000
Amounts receivable, net 364,193 166,209
Inventory, net 413,330 2,715,737
Prepaid expenses 727,263 680,476
Deposit 21,042 10,442
Other current assets 61,600 79,200
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Total current assets 7,807,374 19,177,761
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Fixed assets, net 320,857 860,717
Patents and trademarks, net 130,356 234,841
Investments 1,278,750 -
Intangible assets, net 32,504,138 55,683,399
Goodwill 14,446,977 14,446,977
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Total assets 56,488,452 90,403,695
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable 638,489 395,392
Accrued liabilities 3,029,621 2,090,937
Due to stockholders 236,052 152,406
Obligation under warrants 248,797 -
Current portion of other long-term liability 4,053,081 3,000,000
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Total current liabilities 8,206,040 5,638,735
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Deferred tax liability, net - 18,939,417
Other long-term liability - 3,420,609
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Total liabilities 8,206,040 27,998,761
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Minority interest 435,020 1,184,844
Stockholders' equity
Capital stock
Common stock 57,306 50,627
Par value of $0.001 per share
Authorized: 75,000,000; Issued and outstanding:
September 30, 2007 - 57,306,145; December 31,
2006 50,626,562
Additional paid-in capital 363,498,629 354,320,116
Accumulated deficit (315,062,293) (293,150,653)
Accumulated other comprehensive loss (646,250) -
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Total stockholders' equity 47,847,392 61,220,090
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Total liabilities and stockholders' equity 56,488,452 90,403,695
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