OccuLogix to acquire SOLX

By Elaine Rigoli

Tampa, Fla., Aug. 1 - OccuLogix, Inc. said it has signed a definitive merger agreement to acquire SOLX, Inc. by way of a merger of SOLX and a newly incorporated, wholly owned subsidiary of OccuLogix.

OccuLogix will provide SOLX with a $240,000 bridge loan and currently expects the transaction to be completed within the next 31 days, according to a news release.

At the closing, OccuLogix will issue 8.4 million shares of its common stock and pay $7 million in cash. OccuLogix will make additional payments of $3 million and $5 million in cash on the first and second anniversaries of the closing, respectively.

SOLX has developed the DeepLight glaucoma treatment system, which may provide deeper tissue penetration than other lasers currently used in trabeculoplasty without causing damage to the trabecular meshwork.

The DeepLight 790 and the DeepLight GMS received Europe's CE Mark approval in December 2004 and October 2005, respectively. SOLX is conducting randomized, multi-center studies of its DeepLight 790 and DeepLight GMS in the United States.

Finally, if SOLX receives final Food and Drug Administration approval for the marketing and sale of the DeepLight GMS on or prior to Dec. 31, 2007, OccuLogix will pay an additional $5 million, the release said.

Based at the Boston University Photonics Center in Boston, SOLX is a privately held company developing glaucoma treatments.

OccuLogix is a Toronto-based health care company.

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