TORONTO, ONTARIO (TSX: OC) announced today that it has filed
restated unaudited consolidated financial statements for the
quarter ended March 31, 2008 and restated audited consolidated
financial statements for the financial years ended December 31,
2007 and December 31, 2006. The Company issued a press release on
June 18, 2008 announcing its intention to restate certain of its
financial statements. The Company does not intend to file its
unaudited consolidated financial statements for any of the first
three quarters of the financial year ended December 31, 2007. The
restatements were made in order to correct the manner in which
OccuLogix has been consolidating OcuSense since November 30, 2006,
the date on which OccuLogix acquired its majority ownership
interest in OcuSense which consists of voting preferred stock. As
anticipated by the Company, the restatements did not result in a
decline to total assets in any of the periods restated.
Since the date of the acquisition, OccuLogix has consolidated
OcuSense on the basis of a voting control model. OccuLogix has
determined that, as a result of a voting agreement between
OccuLogix and certain founding stockholders of OcuSense, OccuLogix
is not able to exercise voting control as contemplated in ARB 51
"Consolidated Financial Statements" and FAS 94 "Consolidation of
All Majority-Owned Subsidiaries. However, OccuLogix believes that
OcuSense constitutes a "variable interest entity" as defined under
FIN 46� "Consolidation of Variable Interest Entities. Under FIN
46�, consolidation is based on "variable interests", rather than on
voting interests. OccuLogix believes that it would have been
required to consolidate OcuSense under the variable interest model
as OccuLogix would absorb the majority of the expected losses of
OcuSense. While the Company anticipates that it will continue to
consolidate OcuSense, the initial measurement of the related
assets, liabilities and non-controlling interest under FIN 46�
differs from what had been previously reported by OccuLogix using a
voting control model. The impact of these differences have been
reflected in the restated financial statements.
The restatements affect the previously reported intangible
assets, deferred tax, non-controlling interest, equity balances and
reported net loss. The restatements do not impact the Company's
cash position for any of the affected periods. The impact on
reported net loss was an increase in the loss to $69,829,983 (EPS -
$1.23 per share) from the previously reported loss of $68,139,314
(EPS - $1.20 per share) an increase of 2.5% for the year ended
December 31, 2007 and an increase in the loss to $82,221,897 (EPS -
$1.83 per share) from the previously reported loss of $82,184,503
(EPS - $1.83) an increase of 0.05% for the year ended December 31,
2006. The impact on reported net loss was a decrease in the loss to
$2,277,075 (EPS - $0.04 per share) from the previously reported
loss of $2,943,500 (EPS - $0.05 per share) a decrease in the loss
of 22.6% for the three months ended March 31, 2008 and an increase
in the loss to $4,585,762 (EPS - $0.08 per share) from the
previously reported loss of $4,272,744 (EPS - $0.08 per share) an
increase in the loss of 7.3% for the three months ended March 31,
2007.
As previously announced, on May 20, 2008, OccuLogix filed a
preliminary proxy statement to solicit the proxies of its
stockholders for a number of proposed transactions, including,
among others, the acquisition by OccuLogix of the minority
ownership interest in OcuSense that it does not already own. The
Company's preliminary proxy statement is currently the subject of
review by the U.S. Securities and Exchange Commission. Following
the completion of this review, the Company will file and mail its
final proxy statement.
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.
About OcuSense, Inc.
OcuSense (www.ocusense.com) is an ophthalmic device company
developing and commercializing novel, laboratory-on-a-card
technologies that enable eye care practitioners to test for highly
sensitive and specific biomarkers in tears at the
point-of-care.
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 BALANCE SHEETS
(expressed in U.S. dollars)
As of December 31,
-------------------------
2007 2006
(restated) (restated)
$ $
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ASSETS
Current
Cash and cash equivalents 2,235,832 5,705,235
Short-term investments - 9,785,000
Amounts receivable, net of bad debt reserves
of $172,992 in 2007 and nil in 2006 374,815 165,409
Inventory, net of provision for inventory
obsolescence of $7,295,545 in 2007 and
$5,101,394 in 2006 - 2,344,638
Prepaid expenses 481,121 548,883
Other current assets 10,442 10,442
Current assets relating to discontinued operation - 618,154
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Total current assets 3,102,210 19,177,761
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Fixed assets, net 122,286 574,310
Patents and trademarks, net 139,437 234,841
Investments 863,750 -
Intangible assets, net 11,085,054 34,998,455
Goodwill - -
Other assets relating to discontinued operation - 43,540,051
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15,312,737 98,525,418
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable 1,192,807 162,705
Accrued liabilities 2,873,451 1,837,158
Due to stockholders 32,814 152,406
Current portion of other long-term liability - 3,000,000
Current liabilities relating to discontinued
operation - 486,466
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Total current liabilities 4,099,072 5,638,735
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Deferred tax liability, net 2,259,348 11,100,356
Other long-term liability - 3,420,609
Other liabilities relating to discontinued
operation - 11,087,750
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Total liabilities 6,358,420 31,247,450
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Commitments and contingencies
Minority interest 4,953,960 6,110,834
Stockholders' equity
Capital stock
Common stock 57,306 50,627
Par value of $0.001 per share;
Authorized: 75,000,000; Issued and outstanding:
December 31, 2007 - 57,306,145;
December 31, 2006 - 50,626,562
Additional paid-in capital 362,232,031 354,175,504
Accumulated deficit (358,288,980) (293,058,997)
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Total stockholders' equity 4,000,357 61,167,134
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15,312,737 98,525,418
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OccuLogix, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(expressed in U.S. dollars except number of shares)
Years ended December 31,
---------------------------------------
2007 2006 2005
(restated) (restated) (restated(i))
$ $ $
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Revenue
Sales to related parties - - 81,593
Sales to unrelated parties 91,500 174,259 1,758,696
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Total revenue 91,500 174,259 1,840,289
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Cost of goods sold
Cost of goods sold to related parties - - 43,236
Cost of goods sold to
unrelated parties 2,298,103 3,428,951 3,250,866
Royalty costs 100,000 100,000 100,000
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Total cost of goods sold 2,398,103 3,528,951 3,394,102
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(2,306,603) (3,354,692) (1,553,813)
----------------------------------------------------------------------------
Operating expenses
General and administrative 8,104,405 8,475,751 8,670,394
Clinical and regulatory 8,675,552 4,921,771 5,167,549
Sales and marketing 1,413,459 1,625,187 2,165,337
Impairment of goodwill - 65,945,686 147,451,758
Impairment of intangible asset 20,923,028 - -
Restructuring charges 1,312,721 819,642 -
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40,429,165 81,788,037 163,455,038
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Loss from continuing operations (42,735,768) (85,142,729)(165,008,851)
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Other income (expenses)
Interest income 609,933 1,370,208 1,593,366
Changes in fair value of warrant
obligation 1,882,497 - -
Impairment of investments (1,036,250) - -
Interest expense (17,228) (14,896) -
Other 18,011 30,935 (57,025)
Minority interest 1,312,178 161,179 -
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2,769,141 1,547,426 1,536,341
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Loss from continuing operations
before income taxes (39,966,627) (83,595,303)(163,472,510)
Recovery of income taxes 5,565,542 2,915,790 642,529
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Loss from continuing operations (34,401,085) (80,679,513)(162,829,981)
Loss from discontinued operation (35,428,898) (1,542,384) -
----------------------------------------------------------------------------
Net loss for the year (69,829,983) (82,221,897)(162,829,981)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted average number of shares
outstanding - basic and diluted 56,628,186 44,979,692 41,931,240
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Loss from continuing operations
per share - basic and diluted $ (0.61) $(1.79) $(3.88)
Loss from discontinued operation
per share - basic and diluted $ (0.62) $ (0.04) -
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Net loss per share - basic and
diluted $(1.23) $(1.83) $(3.88)
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----------------------------------------------------------------------------
(i)Note: Prior year balances had previously been restated to reflect the
results of discontinued operations
OccuLogix, Inc.
CONSOLIDATED BALANCE SHEETS
(expressed in U.S. dollars)
(Unaudited)
March 31, December 31,
2008 2007
----------------------------
(restated) (restated)
----------------------------------------------------------------------------
$ $
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
----------------------------------------------------------------------------
Fixed assets, net 113,966 122,286
Patents and trademarks, net 168,496 139,437
Investments 536,264 863,750
Intangible assets, net 10,659,337 11,085,054
----------------------------------------------------------------------------
Total assets 14,608,718 15,312,737
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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
Deferred tax liabilities 1,536,535 2,259,348
----------------------------------------------------------------------------
Total liabilities 8,055,135 6,358,420
----------------------------------------------------------------------------
Minority interest 4,792,176 4,953,960
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 362,270,156 362,232,031
Accumulated deficit (360,566,055) (358,288,980)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total stockholders' equity 1,761,407 4,000,357
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total liabilities and stockholders' equity 14,608,718 15,312,737
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OccuLogix, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(expressed in U.S. dollars except number of shares)
(Unaudited)
Three months ended
March 31,
------------------------
2008 2007
(restated) (restated)
----------------------------------------------------------------------------
$ $
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
Operating expenses
General and administrative 1,526,074 2,654,840
Clinical and regulatory 1,022,987 2,169,739
Sales and marketing 176,529 472,536
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2,725,590 5,297,115
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Loss from operations (2,742,946) (5,239,215)
----------------------------------------------------------------------------
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 207,535 364,680
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(153,609) (144,630)
----------------------------------------------------------------------------
Loss before income taxes (2,896,555) (5,383,845)
Recovery of income taxes 619,480 1,901,573
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Loss from continuing operations (2,277,075) (3,482,272)
----------------------------------------------------------------------------
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Loss from discontinued operations - (1,103,490)
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Net loss for the period (2,277,075) (4,585,762)
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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 (0.04) (0.08)
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Contacts: OccuLogix, Inc. William G. Dumencu (905) 602-0887,
ext. 3910 Email: bill.dumencu@occulogix.com Website:
www.occulogix.com
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