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TERMINATION AGREEMENT

| B E T W E E      N: |                                                                                                          |
|---------------------|---------------------------------------------------------------------------------------------------------------|
|                |                                                                                                          |
|                | ASAHI KASEI KURARAY MEDICAL      CO., LTD., a corporation organized and existing under the laws of      Japan |
|                |                                                                                                          |
|                | (“Asahi”)                                                                                         |
|                |                                                                                                          |
|                | -      and -                                                                                                  |
|                |                                                                                                          |
|                |  OCCULOGIX, INC., a      corporation incorporated under the laws of the State of      Delaware           |
|                |                                                                                                          |
|                |  (“OccuLogix”)                                                                               |

| 1. | On      and as of the Termination Effective Date, the 2006 Distribution Agreement      hereby shall be terminated and rendered null and void notwithstanding      Article 18.2 thereof, save and except for Articles 7.8, 15, 20, 21, 22, 23      and 24 thereof (the “Surviving Provisions”),      all of which shall survive the termination of the 2006 Distribution      Agreement. |
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| 2.  | Each      of the parties hereto hereby acknowledges and agrees that the other party      hereto owes it no further obligations, liabilities or duties whatsoever      pursuant to, arising from or in connection with, or otherwise relating to,      the 2006 Distribution Agreement, whether of a financial nature or      otherwise, save      and except for any obligations, liabilities or duties pursuant to,      arising from or in connection with, or otherwise relating to, any of the      Surviving Provisions. |
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|  | 3.  | Each      of the parties hereto, on behalf of itself, its successors and assigns and      any party claiming through it, hereby releases completely and forever      discharges the other party hereto and its affiliates and subsidiaries, and      their respective officers, directors, shareholders, agents, employees,      servants, representatives, successors and assigns, from any and all      claims, demands, obligations and causes of action, of any nature      whatsoever, arising under any jurisdiction’s laws, whether known or      unknown, which the releasing party ever had, now has or might have in the      future as a result of, pursuant to, arising from or in connection with, or      otherwise relating to, the 2006 Distribution Agreement or any of the      transactions and dealings engaged in or consummated thereunder or pursuant      thereto, or otherwise relating thereto, save and except      for such claims, demands, obligations and causes of action relating      to any of the Surviving Provisions. |
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| 4. | Each      of the parties hereto hereby represents and warrants to the other party      that: |
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|   | (a)  | it      has the corporate power and capacity to enter into, and perform its      obligations under, this Termination Agreement;  and |
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|   | (b) |  it      has taken all necessary action on its part to authorize the execution and      delivery by it of this Termination Agreement and the performance of its      obligations hereunder. |
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| 5. | Each      of the parties hereto hereby agrees to do, execute, acknowledge and      deliver, or to cause to be done, executed, acknowledged and delivered, all      such further acts, documents and instruments as may be reasonably      necessary to accomplish the intent of this Termination      Agreement. |
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| 6. | This      Termination Agreement may be signed in separate counterparts (and      communicated by facsimile or e-mail transmission), and each such      counterpart will constitute an original document, and such counterparts,      taken together, will constitute one and the same    instrument. |
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| 7.  | This      Termination Agreement shall be governed by the substantive and procedural      laws of Japan.  All disputes, controversies or differences which      may arise between the parties, out of or in relation to or in connection      with this Termination Agreement, or for the breach hereof, shall be      settled by mutual consultation between the parties hereto in good faith as      promptly as possible but, failing an amicable settlement, shall be finally      settled by arbitration to be held in Tokyo, Japan under the Rules of      Conciliation and Arbitration of the International Chamber of Commerce, by      which each party hereto agrees to bebound. |
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|   | ASAHI      KASEI KURARAY MEDICAL CO., LTD. |
|--------|--------------------------------------------|
|   |                                       |   |   |
|   | By:                                   | /s/      Yasuyuki Yoshida |
|   |                                       | Name:  | Yasuyuki      Yoshida |
|   |                                       | Title: | President |
|   |                                       |   |   |
|   |                                       |   |   |
|   |                                       |   |   |
|   | OCCULOGIX,      INC.                       |
|   |                                       |
|   | By:                                        | /s/      Thomas P. Reeves |
|   |                                       | Name:  | Thomas      P. Reeves |
|   |                                       | Title: | President      and Chief Operating Officer |

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