OccuLogix, Inc.
NASDAQ : OCCX
TSX : OC

OccuLogix, Inc.

May 07, 2008 08:19 ET

OccuLogix Reports Q1-08 Financial Results

MISSISSUAGA, ONTARIO--(Marketwire - May 7, 2008) - OccuLogix, Inc. (NASDAQ:OCCX)(TSX:OC) today reported its consolidated financial results for the three months ended March 31, 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 first quarter of 2008, OccuLogix' net revenues from continuing operations were $7,200 as compared to $90,000 in the first quarter of 2007, and the Company's revenues from discontinued operations for the first quarter of 2008 were $0 as compared to $39,625 in the first quarter of 2007. The first quarter loss from continuing operations was $2.9 million, or $0.05 per share as compared to $3.0 million, or $0.05 per share, in the first quarter of 2007. OccuLogix' loss in the first quarter of 2008 from discontinued operations was $0.0 million, or $0.00 per share, as compared to $1.3 million, or $0.02 per share, in the first quarter of 2007. Including both continuing and discontinued operations, OccuLogix' net loss for the first quarter of 2008 was $2.9 million, or $0.05 per share as compared to $4.3 million, or $0.08 per share, for the first quarter of 2007.

As of March 31, 2008, OccuLogix had cash and cash equivalents of $2.3 million. The Company noted that this amount does not include any of the net proceeds from the $0.3 million bridge loan that it announced on May 5, 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
March 31,
----------------------
2008 2007
$ $
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Revenue
Retina 7,200 90,000
Cost of goods sold
Retina
Cost of goods sold, net of goods recovered (444) 7,100
Royalty costs 25,000 25,000
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Total cost of goods sold 24,556 32,100
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(17,356) 57,900
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Operating expenses
General and administrative 1,365,484 2,433,490
Clinical and regulatory 1,022,987 2,169,739
Sales and marketing 176,529 472,536
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2,565,000 5,075,765
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Loss from operations (2,582,356) (5,017,865)
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Other income (expense)
Interest income 30,288 215,438
Changes in fair value of warrant obligation - (723,980)
Impairment of investments (327,486) -
Interest expense (40,438) (16,641)
Amortization of finance costs (41,000) -
Other 17,492 15,873
Minority interest - 554,848
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(361,144) 45,538
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Loss before income taxes (2,943,500) (4,972,327)
Recovery of income taxes - 1,981,325
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Loss from continuing operations (2,943,500) (2,991,002)
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Loss from discontinued operations - (1,281,742)
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Net loss for the period (2,943,500) (4,272,744)
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Weighted average number of shares outstanding
- basic and diluted 57,306,145 54,558,769
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Net loss per share - basic and diluted (0.05) (0.08)
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OCCULOGIX, INC.

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


March 31, December 31,
2008 2007
---------------------------
$ $
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ASSETS
Current
Cash and cash equivalents 2,329,718 2,235,832
Amounts receivable, net 162,094 374,815
Inventory, net 41,213 -
Prepaid expenses 445,296 481,121
Prepaid finance costs 139,000
Deposit 13,334 10,442
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Total current assets 3,130,655 3,102,210
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Fixed assets, net 113,966 122,286
Patents and trademarks, net 168,496 139,437
Investments 536,264 863,750
Intangible assets, net 5,883,171 5,770,677
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Total assets 9,832,552 9,998,360
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable 364,013 1,192,807
Accrued liabilities 2,933,396 2,873,451
Due to stockholders 74,053 32,814
Deferred revenue 106,700 -
Short term liabilities and accrued interest 3,040,438 -
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Total current liabilities 6,518,600 4,099,072
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Minority interest 274,288 -
Stockholders' equity
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 362,486,775 362,402,899
Accumulated deficit (359,504,417) (356,560,917)
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Total stockholders' equity 3,039,664 5,899,288
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Total liabilities and stockholders' equity 9,832,552 9,998,360
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