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**2005        MEMORANDUM for Territory Expansion**

| 1. | The                  Exhibit A of AGREEMENT shall be replaced with the Exhibit A of                  this                  Memorandum attached hereto. |
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| 2. | AGREEMENT                  shall be amended to include Exhibits B, C and D attached                  hereto. |
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| 3. | The                  Paragraph B of the Article 1 of AGREEMENT shall be replaced with                  the                  following: |
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| 4. | The                  Paragraph 2.1 of AGREEMENT shall be replaced with the                  following: |
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|   | 2.1.1 | ASAHI                  hereby appoints OCCULOGIX as its exclusive distributor in the Territory-1                  for the sale of the Product solely used for the Treatment Disease,                  provided, however, that OCCULOGIX obtains the FDA approval and                  other                  necessary approvals in the Territory-1 according to the Article                  7.1.1,                  7.2, 7.3, 7.4, 7.5, 7.6, and 7.7 of this Agreement. OCCULOGIX agrees                  to                  act as such exclusive distributor under the terms and conditions                  of this                  Agreement. |
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|   | 2.1.2 | ASAHI                    hereby appoints OCCULOGIX as its exclusive distributor in the                    Territory-2                    for the sale of the Product solely used for the Treatment Disease,                    provided, however, that OCCULOGIX obtains the necessary approvals                    in the                    Territory-2 according to the Article 7.1.2, 7.4, 7.5, 7.6, and                    7.7 of this                    Agreement. OCCULOGIX agrees to act as such exclusive distributor                    under the                    terms and conditions of this                    Agreement. |
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|   | 2.1.3 | ASAHI                    hereby appoints OCCULOGIX as its non-exclusive distributor in                    the                    Territory-3 for the sale of Product solely used for the Treatment                    Disease,                    provided, however, that OCCULOGIX obtains necessary regulatory                    approvals                    in the Territory-3 according to the Article 7.1.3, 7.4, 7.5,                    7.6 and 7.7                    of this Agreement. OCCULOGIX agrees to act as such non-exclusive                    distributor under the terms and conditions of this                    Agreement. |
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| 5. | The                  Paragraph 2.4 of AGREEMENT shall be replaced with the                  following: |
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|   | 2.4 | OCCULOGIX                    shall not represent, market, or sell any similar to or competitive                    products with Product in the Territory-1 and Territory-2 during                    the term                    of this Agreement. |
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| 6. | The                  Paragraph 2.7 of AGREEMENT shall be replaced with the                  following: |
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|   | 2.7 | OCCULOGIX                    shall make its best efforts that public and private medical insurance                    reimbursement shall be applied for the Treatment Disease using                    the Product                    in the Territory-1. Occulogix shall also make the commercially                    reasonable                    efforts that public and private medical insurance reimbursement                    shall be                    applied for the Treatment Disease using the Product in the Territory-2                    and                    Territory-3. |
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| 7. | The                  Paragraph 3.1 of AGREEMENT shall be replaced with the                  following: |
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|   | 3.1.1 | OCCULOGIX                  shall purchase the Product from ASAHI in the Territory-1 in not                  less than                  the quantities described in the Exhibit B attached                  hereto. |
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|   | 3.1.2 | OCCULOGIX                  shall purchase the Product from ASAHI in the Territory-2 in not                  less than                  the quantities described in the Exhibit C attached                  hereto. |
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|   | 3.1.3 | OCCULOGIX                    shall make its best efforts to purchase from ASAHI in the Territory-3                    the                    target quantities of Product described in the Exhibit D attached                    hereto: |
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| 8. | The                  Paragraph 7.1 of AGREEMENT shall be replaced with the                  following: |
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|   | 7.1.1 | OCCULOGIX                  shall be responsible, at its own costs and expenses, for obtaining                  and                  maintaining the FDA and all other applicable approvals and validations                  for                  marketing, sales and use of Product for the Treatment Disease in                  the                  Territory-1 under the name of ASAHI by the end of December 2006.                  If the                  above approvals cannot be obtained by such day and year, OCCULOGIX                  shall                  consult with ASAHI and attempt to reach a mutual acceptable resolution.                  Despite consultation, if both parties cannot find a mutual acceptable                  resolution, ASAHI may delete Product from this Agreement upon six                  (6)                  months prior written notice to                  OCCULOGIX. |
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|   | 7.1.2 | OCCULOGIX                  shall be responsible, at its own costs and expenses, for obtaining                  and                  maintaining all the applicable approvals and validations for marketing,                  sales and use of Product for the Treatment Disease in the Territory-2                  under the names of ASAHI by the end of December 2010. If the above                  approvals cannot be obtained by such day and year, OCCULOGIX shall                  consult                  with ASAHI and attempt to reach a mutually acceptable resolution.                  Despite                  consultation, if both parties cannot find a mutually acceptable                  resolution, ASAHI may delete Product from this Agreement, upon                  six (6)                  months’ prior written notice to OCCULOGIX, for the country or countries                  of                  the Territory-2 where the above approvals were not                  obtained. |
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|  | 7.1.3 | OCCULOGIX                      shall make its best efforts to obtain, with half the costs                      and expenses                      shared with ASAHI, all the applicable approvals and validations                      for                      marketing, sales and use of Product for the Treatment Disease                      in the                      Territory-3 under the name of ASAHI by the end of December                      2010. If the                      above approvals cannot be obtained by such day and year, OCCULOGIX                      shall                      consult with ASAHI and attempt to reach a mutually acceptable                      resolution.                      Despite consultation, if both parties cannot find a mutually                      acceptable                      resolution, ASAHI may delete Product from this Agreement for                      the                      Territory-3 upon six (6) months’ prior written notice to                      OCCULOGIX. |
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| 9. | The                  Paragraph 7.4 of AGREEMENT shall be replaced with the                  following: |
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|   | 7.4 | OCCULOGIX                    shall not be entitled to any compensation from ASAHI even when                    OCCULOGIX                    may not obtain the regulatory approvals of Product in the                    Territory. |
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| 10. | The                      Paragraph 7.7 of AGREEMENT shall be replaced with the                      following: |
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|   | 7.7 | Without                    limiting any other provision in this Agreement, OCCULOGIX shall                    fully                    comply with the regulations of each country in the                    Territory. |
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| 11. | The                    Paragraph 8.3 of AGREEMENT shall be replaced with the                    following: |
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|   | 8.3 | OCCULOGIX                    shall have a right of first refusal over exclusive and non-exclusive                    distribution rights in the Territory-1, the Territory-2, and                    the                    Territory-3 with respect to the Product for the treatment of                    retinopathy                    and any other ophthalmic diseases within the scope of hemo-rheological                    disorders (other than the Treatment                    Disease). |
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| 12. | The                    Paragraph 18.1 of AGREEMENT shall be replaced with the                    following: |
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|   | 18.1 | Each                    Territory shall have its own term for the sales right of the                    Products.                    Details shall be described in the Exhibit B attached                    hereto. |
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| 13. | The                    Paragraph 19.3 of AGREEMENT shall be replaced with the                    following: |
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|   | 19.3 | If                    OCCULOGIX fails to fulfill the provisions stipulated in the Paragraph                    3.1.1 and 3.1.2 of this Agreement, ASAHI may, at its option,                    modify the                    exclusive right granted to OCCULOGIX hereunder to a non-exclusive                    right. |
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| /s/                  Yasuyuki Yoshida          |   | /s/                  Elias Vamvakas      |
|------------------------------------------------|--------|------------------------------------------|
| Yasuyuki                  Yoshida              |   | Elias                  Vamvakas          |
| President                                      |   | Chief                  Executive Officer |
| ASAHI                  KASEI MEDICAL CO., LTD. |   | OCCULOGIX,                  INC.         |
|                                           |   |                                     |
| Date:                  October 17, 2005        |   | Date:                  October 17, 2005  |

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|   | /s/                  Jun-ichi Shirokaze       |
|--------|-----------------------------------------------|
|   | Jun-ichi                  Shirokaze           |
|   | Director                                      |
|   | ASAHI                  KASEI MEDICAL CO.,Ltd. |

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| /s/                  Yasuyuki Yoshida          |   | /s/                    Elias Vamvakas |
|------------------------------------------------|--------|-------------------------------------------------|
| Yasuyuki                  Yoshida              |   | Elias                  Vamvakas                 |
| President                                      |   | Chief                  Executive Officer        |
| ASAHI                  KASEI MEDICAL CO., LTD. |   | OCCULOGIX,                  INC.                |
| Date:                  October 17, 2005        |   | Date:                  October 17, 2005         |

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**Republic        of Colombia**

**Bolivarian        Republic of Venezuela**

**Australia        and New Zealand**

| /s/                  Yasuyuki Yoshida          |   | /s/                    Elias Vamvakas |
|------------------------------------------------|--------|-------------------------------------------------|
| Yasuyuki                  Yoshida              |   | Elias                  Vamvakas                 |
| President                                      |   | Chief                  Executive Officer        |
| ASAHI                  KASEI MEDICAL CO., LTD. |   | OCCULOGIX,                  INC.                |
| Date:                  October 17, 2005        |   | Date:                  October 17, 2005         |

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**Republic        of Italy**

| /s/                  Yasuyuki Yoshida          |   | /s/                    Elias Vamvakas |
|------------------------------------------------|--------|-------------------------------------------------|
| Yasuyuki                  Yoshida              |   | Elias                  Vamvakas                 |
| President                                      |   | Chief                  Executive Officer        |
| ASAHI                  KASEI MEDICAL CO., LTD. |   | OCCULOGIX,                  INC.                |
| Date:                  October 17, 2005        |   | Date:                  October 17, 2005         |

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