ex99_1.htm


    
      

    

    EXHIBIT
99.1

     

    

     

    News
Release

    For
Immediate Release

    


     

    OccuLogix
Announces Closing of Transactions

     

    Toronto,
ON—October 6, 2008— OccuLogix, Inc. (NASDAQ: OCCX; TSX: OC) announced the
closing of the acquisition of the minority ownership interest in San Diego-based
OcuSense, Inc. that OccuLogix did not already own, the private placement of
U.S.$2,173,000 of shares of OccuLogix’s common stock at a per share price of
U.S.$0.10, the pre-payment by the Company of its U.S.$6,703,500 aggregate
principal amount bridge loan at a per share price of U.S.$0.085 and the payment
of U.S.$481,200 of the commission remaining owing for placement agency services
rendered by Marchant Securities Inc. at a per share price of
U.S.$0.10.  The acquisition of OcuSense common stock involved only
common stock consideration, and the pre-payment of the bridge loan and the
payment of commission were made by the issuance by the Company of shares of its
common stock.  All of these transactions had been approved by the
Company’s stockholders at the Annual and Special Meeting of Stockholders on
September 30, 2008 and were described in the Company’s proxy statement for the
meeting, which is available electronically on EDGAR (www.sec.gov) and
SEDAR (www.sedar.com).

    


    In
connection with these transactions, the Company issued an aggregate of
188,401,588 shares
of its common stock.  As a result, the Company’s current issued and
outstanding share capital consists of 245,707,733 shares of common
stock.  As previously announced, OccuLogix intends to effect a 1:25
reverse stock split tomorrow.

    


    This
press release does not constitute an offer to sell or the solicitation of an
offer to buy any security.  The securities issued in connection with
these transactions have not been registered under the Securities Act of 1933, as
amended (the “Act”) or any state securities laws or qualified under any Canadian
provincial or territorial securities laws, and may not be offered or sold in the
United States absent registration, or an applicable exemption from registration,
under the Act and applicable state securities laws or in Canada absent a valid
prospectus, or an applicable exemption from the prospectus requirements, under
applicable provincial and territorial securities laws.  The Company
has agreed to file a registration statement in the United States covering the
resale of certain of the securities issued in connection with the
transactions.

    


    As
originally contemplated and previously disclosed in the Company’s proxy
statement for the meeting, upon the closing of the acquisition of OcuSense,
Elias Vamvakas stepped down as OccuLogix’s Chief Executive Officer but remains
the Chairman of the Board.  Eric Donsky, OcuSense’s Chief Executive
Officer, is now the Chief Executive Officer of OccuLogix.  Mr. Donsky
is also a member of the Company’s board of directors.

    


    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.

    


    FOR
FURTHER INFORMATION, PLEASE CONTACT:

    


    Suh
Kim

    (905)
602-0887, ext. 3915

    suh.kim@occulogix.com