OccuLogix completes US$100.8 million initial public offering

Torys acted as counsel to OccuLogix with a team that included David Chaikof, Andy Beck, Karrin Powys-Lybbe, Adam Armstrong, Tanya Baytor, Stephanie Weissglas and Milosz Zemanek (corporate), Robin Coster and Eileen McMahon (IP), James Guadiana, Jeff Scheine, Ron Nobrega and Gregg Benson (tax) and Christina Medland and Peter Keenan (employment and benefits).

On December 16, 2004, OccuLogix, Inc. (TSX: RHE, Nasdaq: RHEO—formerly Vascular Sciences Corporation) completed its US$100.8 million initial public offering of common shares, sold in the United States and Canada, consisting of a US$67.2 million treasury offering and a US$33.6 million secondary offering. OccuLogix provides treatments for eye disease, specifically focusing on proprietary rheopheresis technology used to treat age-related macular degeneration. The underwriting syndicate in the United States was led by Citigroup Global Markets, which acted as sole bookrunner of the offering, while SG Cowen & Co., LLC and ThinkEquity Partners LLC acted as co-managers and included Orion Securities (USA) and DeMatteo Monness LLC. The offering in Canada was made by Citigroup Global Markets Canada, Clarus Securities, Orion Securities and Octagon Capital Corporation.

Following the completion of the IPO and related reorganization, eye care services provider TLC Vision Corporation (TSX: TLC, Nasdaq: TLCV) will continue to be a major shareholder of OccuLogix with a 51.4% interest (48.2% on a fully diluted basis).