Document:

<PAGE>

                                                                    EXHIBIT 10.4

DISTRIBUTION AGREEMENT

This agreement ("Agreement") is made on 01. January 2002 between MESYS GMBH, a
company organized under the laws of Germany with offices at Beneckeallee 30,
D-30419 Hannover ("MESYS") and OccuLogix Corporation, 612 Florida Avenue, Palm
Harbor, Florida 34683, USA.

MESYS developed and produces on the order of DIAMED a blood- and plasma therapy
device. This device has been introduced into the market under the tradenames
Octo Nova and Octo Therm. These tradenames have been registered, among others,
by DIAMED in various countries. Furthermore, DIAMED holds all rights worldwide
on Octo Nova and Octo Therm. MESYS is the manufacturer of the plasma therapy
devices "Octo Nova/Octo Therm" and shall be authorized to enter into
distribution agreements with distributors outside Germany, provided that the
exclusive marketing agreement between DIAMED and OccuLogix Corp. has been
concluded (Exhibit D).

OccuLogix Corp. is the exclusive distributor for Octo Nova and Octo Therm in the
territory of United States, Canada and Mexico.

MESYS manufactures Octo Nova/Octo Therm including accessories and spare parts,
according to the terms of this Agreement, and for which MESYS has the necessary
facilities, equipment, qualified personnel and experience.

Accordingly, the parties agree as follows:

1.    MANUFACTURE OF PRODUCT

1.1   MESYS shall manufacture and sell to OccuLogix Corp. the device(s),
      accessories, spare parts, and other tools (hereinafter "Product(s)") as
      described in Exhibit A, attached to this Agreement and in the quantity
      agreed between the parties. MESYS shall also furnish the Product and spare
      parts and meet other conditions as set forth in this Agreement, including
      those provided in Exhibit A and in the following specifications,
      descriptive literature, and other documents ("Specifications").

      Exhibit A:        List of Product(s) and Quantities
      Exhibit B:        Spare Parts
      Exhibit C:        Price List
      Exhibit D:        marketing agreement

      MESYS reserves the right to change the Specifications at any time in
      agreement and upon a written notice to OccuLogix Corp.

      No change to the Products shall be made by OccuLogix Corp. without MESYS's
      prior written consent. During the term of this agreement OccuLogix Corp.
      shall submit to MESYS for their approval and acceptance in writing all
      proposed enhancements to the Product during the term of this Agreement.
      All cost related to such product

<PAGE>
                                      -2-

      enhancements will be paid by OccuLogix Corp. Procedures for handling of
      property rights in case of product enhancements have been included in the
      marketing agreement between DIAMED and OccuLogix Corp. (Exhibit D).

1.2   MESYS shall furnish OccuLogix Corp. the following services for the Product
      purchased under this Agreement:

      1.2.1 Adequate technical and maintenance training for personnel. OccuLogix
            Corp. will bear the costs of those training. The first training is
            free of charge at MESYS.

      1.2.2 Meetings between OccuLogix Corp. and MESYS shall take place in so
            far as reasonable at Hannover. Upon appropriate notification by
            OccuLogix Corp. participation of MESYS personnel shall also be
            possible at other places.

1.3   If requested by OccuLogix Corp. in writing, MESYS shall have sufficiently
      spare parts available, during a period of five (5) years after expiration
      of this Agreement and sell to OccuLogix Corp. within agreed delivery times
      and at reasonable prices.

1.4   MESYS warrants that the Products delivered to OccuLogix Corp. are free
      from defects in materials, workmanship and manufacturing and is
      merchantable, fit for the purpose intended, and in compliance with the
      requirements of this Agreement. MESYS shall replace or repair any Product,
      Product component, work, or other item furnished by it under this
      Agreement, that fails to conform to the requirements of this Agreement if
      such non conformance appears within a period of twelve (12) months as of
      delivery of the Product by MESYS to OccuLogix Corp.

2.    ORDERS, PAYMENTS AND TERMS OF DELIVERY

2.1   Forecast and orders

      2.1.1 Upon execution of this Agreement, and no later than thirty (30) days
            after each succeeding anniversary date of this Agreement, OccuLogix
            Corp. shall submit to MESYS an annual rolling forecast. OccuLogix
            Corp. guarantees that for the term of this Agreement will purchase
            25 units of the Product Octo Nova per year beginning after FDA
            approval (12 month period).

      2.1.2 OccuLogix Corp. shall submit to MESYS purchase orders indicating the
            type and quantity of Product required. OccuLogix Corp. shall submit
            such purchase orders regularly in the form of a rolling forecast
            over a period of 12 months, whereby the running and the following 3
            subsequent months shall be binding orders allowing lead time of
            thirty (30) business days for MESYS to fill the orders. OccuLogix
            Corp. purchase orders shall be deemed accepted by MESYS unless it
            notifies OccuLogix Corp. to the contrary within ten (10) business
            days of its receipt thereof.

      2.1.3 All sales of the Products by MESYS to OccuLogix Corp. and orders
            from OccuLogix Corp. to MESYS shall be subject to the provisions of
            this Agreement,

<PAGE>
                                      -3-

            and shall not be subject to the terms and conditions contained in
            any purchase order of MESYS or OccuLogix Corp.

2.2   Delivery

      2.2.1 OccuLogix Corp. or its agent shall collect Products at MESYS
            facility in Hannover. Till collection the Products remain under the
            custody and the responsibility of MESYS. The following shall be
            agreed as delivery term: "ex works MESYS".

      2.2.2 After the Product has passed all required test, verification and
            approvals and has been properly packed by MESYS, MESYS will inform
            in writing OccuLogix Corp. of availability of the Product.

2.3   OccuLogix Corp. shall pay MESYS the prices for the Product as stipulated
      in Exhibit C. These prices include not freight and packing costs. MESYS
      shall be authorized to raise the prices as per 1st January of every year
      according to the general price increase. Exceptional price increases shall
      be proven separately and can be enforced if deemed essential.

2.4   OccuLogix Corp. shall pay accepted MESYS invoices within thirty (30) days
      of the date of invoice or per letter of credit. Invoices are payable in
      DEM or EURO.

2.5   In the event OccuLogix Corp. were not to purchase the full guaranteed 25
      units per year of Product within the terms of this Agreement specified in
      Section 7, the parties agree that OccuLogix Corp. would pay MESYS DEM
      5,000 or EURO 2.560 for every not purchased unit up to the limit of 25
      units per year.

3.    QUALITY REQUIREMENTS

      All Products shall be manufactured and packaged in accordance with EU/MDD
      with FDA and UL standards.

4.    REGISTRATION/REGULATORY MATTERS

      The Octo Nova/Octo Term is labelled with CE mark and have the registration
      for all EU States. OccuLogix Corp. is responsible for FDA approval.

5.    EXCLUSIVITY

      During the term of this Agreement, MESYS shall not enter into any
      agreement with third parties for the sale of the Octo Nova in United
      States, Canada and Mexico.

6.    CONFIDENTIALITY

      Any information conveyed to OccuLogix Corp. by MESYS in connection with
      this Agreement, and specifically identified as confidential, shall be used
      by OccuLogix Corp. only for the purposes of this Agreement and shall not
      be disclosed to third parties during

<PAGE>
                                      -4-

      the term of this Agreement or for a period of five years thereafter,
      provided, however, that such obligation of confidentiality shall not apply
      to information that:

      (a)   was known prior to its disclosure by the transferring Party;

      (b)   is received at any time in good faith from a third party with the
            legal right to disclose the same; or

      (c)   is in the public domain or subsequently enter the public domain
            other than by reason of acts or omissions of the employees or
            agents.

7.    TERM, TERMINATION

7.1   This Agreement shall be in effect for the initial term beginning with the
      execution date and for a duration of three (3) years after the date of FDA
      approval. It will expire at that date without requiring termination. Any
      prolongation must be agreed upon in advance and in writing.

7.2   Either party may immediately terminate this Agreement if any breach of its
      terms is not cured within sixty (60) days following receipt of written
      notice from the other Party.

7.3   Either party may terminate this Agreement, effective immediately upon the
      giving of notice, if

      (a)   the other Party shall file a petition in bankruptcy, or shall be
            adjudicated a bankrupt, or shall become insolvent, or shall make an
            assignment for the benefit of creditors, or shall be voluntarily or
            involuntarily dissolved, or shall have a receiver, trustee or other
            court officer appointed for its property.

      (b)   the production contract between DIAMED and MESYS is terminated.

      (c)   the marketing contract between DIAMED and OccuLogix Corp. is
            terminated.

7.4   Termination shall not relieve or release either party from performing all
      obligations hereunder and making any and all payments which may be due and
      owing under the terms of this Agreement.

8.    INTELLECTUAL PROPERTY RIGHTS

8.1   This Agreement shall not affect the rights of the parties in their
      respective trademarks or patents.

8.2   OccuLogix Corp. shall not retain any MESYS documents, files, records,
      correspondence, notes, or other items, including copies, relating to the
      business of MESYS, except as its association with MESYS shall require and
      then only with permission of MESYS. In cases where MESYS permits OccuLogix
      Corp. to retain such items, OccuLogix Corp. shall promptly return them to
      MESYS upon request or upon completion or termination under this Agreement.

<PAGE>
                                      -5-

8.3   All drawings, specifications, proposals, photographs, recordings, samples,
      prototypes and products given to OccuLogix Corp. by MESYS or produced by
      OccuLogix Corp. under this Agreement and which incorporates any of MESYS's
      ideas or technology, shall not be shown or displayed by OccuLogix Corp. to
      any third party.

8.4   OccuLogix Corp. shall not disclose to any third party in any manner the
      fact or nature of its association with MESYS without first obtaining the
      express written permission.

8.5   OccuLogix Corp. may disclose MESYS's information to subcontractors,
      regulatory authorities, and others, as required to meet OccuLogix Corp.
      obligations under this Agreement, provided:

      (1)   MESYS has approved such disclosure, and

      (2)   OccuLogix Corp. secures confidential/and proprietary treatment of
            any information thus disclosed in a manner accepted by MESYS.

9.    INDEMNITY

      OccuLogix Corp. shall indemnify and hold MESYS harmless from all claims
      resulting from any act or omission. OccuLogix Corp. agrees to maintain
      product liability coverage in an amount sufficient to meet its obligations
      under this Section 9. MESYS's liability shall be limited to liability in
      compliance with German law. OccuLogix Corp. shall fulfil its obligations
      as representative in accordance with FDA requirements.

10.   RECALLS, INSPECTIONS AND PRODUCT COMPLAINTS

10.1  The parties shall notify and cooperate with each other as to any
      complaints, inspections and recalls concerning the Product.

10.2  In the event of a recall of the Product, OccuLogix Corp. shall assume
      complete responsibility for the conduct of the recall. MESYS shall provide
      OccuLogix Corp. with any manufacturing information required by OccuLogix
      Corp. in connection with the recall. The cost of any recall hereunder
      shall be equitably allocated between the parties in accordance with their
      responsibility for its underlying cause.

11.   TECHNICAL SERVICE

      OccuLogix Corp. is responsible for the technical service in United States,
      Canada and Mexico. OccuLogix Corp. has the necessary equipment, stock of
      spare parts and qualified personnel to realize the technical service in
      accordance with MESYS requirements. OccuLogix Corp. should only use
      original spare parts delivered from MESYS for repair. Maintenance and
      safety checks for Octo Nova/Octo Therm has to be done in accordance with
      MESYS requirements.

<PAGE>
                                      -6-

12.   CUSTOMER TRAINING

      OccuLogix Corp. is responsible for customer training in United States,
      Canada and Mexico. OccuLogix Corp. has the necessary equipment and
      qualified personnel to realize the training in accordance with MESYS
      requirements.

13.   FORCE MAJEURE

      Neither party shall be liable to the other party for failure to perform
      any of its obligations hereunder because of any cause beyond the control
      of or occurring without the fault of such party.

14.   NOTICES

      All notices or communications shall be effective when sent via registered
      mail, with sufficient postage, prepaid, addressed to the recipient party
      at the address of that party first above written, or to such other
      address(es) as either party shall specify by notice to the other party.

15.   MISCELLANEOUS

15.1  This Agreement shall be binding upon the parties, their successors and
      assigns. Neither party shall assign this Agreement without the prior
      consent in writing of the other party, except that either party may assign
      this Agreement to an entity under common control.

15.2  This Agreement constitutes the entire agreement between the parties
      relating to its subject matter and all prior proposals, discussions, and
      writings by the parties and relating to the subject matter of this
      Agreement are superseded. This Agreement may be amended only by written
      agreement of the parties.

15.3  This Agreement is to be deemed to have been entered into in Hannover, and
      its construction shall be in accordance with the laws of Germany, and all
      disputes under it shall be adjudicated in the courts of Hannover.

Partner                                              MESYS

By:     _________________________                    By: _______________________
Title:  Chairman, President & CEO                    Title:

<PAGE>

                                    EXHIBIT A

List of Products

      Octo Nova                            EU Version

      Octo Therm                           Heater for Octo Nova

Quantities

      Octo Nova                            25 units per year (minimum)

      Octo Therm                           25 units per year (minimum)

<PAGE>

                                    EXHIBIT B

MESYS
Medizinische Systeme
MeSys GmbH
Beneckeallee 30
30419 Hannover
Fon: 0511 679999-0
Fax: 0511 679999-11
Email: mesys@aol.com

                              SPARE PART LIST 2000

                                    OCTO NOVA

                                     05/2000
                              Valid from 01.05.2000

_______________

Price changes and errors excepted. All Prices without packaging and
transportation costs. For Shipments with a goods worth below DM 50.-a fee of DM
35.- will be charged.

<PAGE>

                                DOOR INSIDE VIEW

<TABLE>
<CAPTION>
 PART NO.                                DESCRIPTION                                      EURO               DM
----------              ----------------------------------------------                   ------           --------
<S>                     <C>                                                             <C>               <C>
KM E039-10              Chargeable Battery Pack Octo Nova LCR 24V/2, 2P                  168,73            330,00
BG-F467-00              Power Supply Octo Nova complete                                  762,34           1491,00
AN-F028-00              Fan Octo Nova                                                     39,88             78,00
SZ-E030-00              Fuse 5x20 T10A                                                     0,92              1,80
BG-E313-04              Motherboard                                                      220,88            432,00
BG-E300-04              PCB, CPU-517                                                     315,47            617,00
BG-E325-00              PC/104 CPU complete                                             1692,37           3310,00
BG-E308-02              PCB, Scale                                                       140,61            275,00
BG-E309-01              PCB, Bloodleak detector                                           87,43            171,00
BG-E310-00              PCB, Alarmtone                                                    78,74            154,00
BG-E319-00              PCB, Drip Counter                                                108,39            212,00
SZ-E027-00              Fuse 5x20 T200mA                                                   0,92              1,80
IT-E020-00              Toroidal Transformer                                             119,64            234,00
IE-E007-00              Line Filter                                                       75,16            147,00
</TABLE>

<PAGE>

                                DOOR OUTSIDE VIEW

<TABLE>
<CAPTION>
 PART NO.                      DESCRIPTION                                                 EURO               DM
----------              ----------------------------                                      -----             ------
<S>                     <C>                                                               <C>               <C>
SE-F022-00              Fuse Holder                                                        6,44             12,60
SE-F020-00              Power Connector                                                   37,32             73,00
SZ-E029-00              Fuse 5x20 2AmT                                                     0,92              1,80
SI-F148-00              Label Technical Service                                            2,53              4,95
SI-F144-00              Label Fuses                                                        0,82              1,60
SI-F147-00              Label Connector Octo Therm                                         2,30              4,50
SI-F016-00              Label Potential Equalization                                       0,61              1,20
KK-F037-00              Power Cord                                                         8,08             15,80
KT-F326-00              T-Clip Cableguiding Cart                                           1,64              3,20
</TABLE>

<PAGE>

                               FRONT OUTSIDE VIEW

<TABLE>
<CAPTION>
  PART NO.                        DESCRIPTION                                             EURO               DM
----------              ------------------------------------                            ------            --------
<S>                     <C>                                                             <C>               <C>
SE-F088-00              Keyboard with plate German                                       728,08           1424,00
KT-F286-00              Line holder, red                                                   2,94              5,75
KT-F287-00              Line holder, blue                                                  2,94              5,75
KT-F288-00              Line holder, yellow                                                2,94              5,75
KT-F324-00              Bubble catcher holder D=21 blue                                    3,89              7,60
BG-F473-00              Sensors, Air detector                                            319,56            625,00
BG-F493-00              Blood pump rotor                                                 314,96            616,00
BG-F494-00              Balance pump rotor                                               293,99            575,00
BG-F484-00              Reedswitch for Pump housing                                        9,25             18,10
BG-F495-00              Citrate pump rotor                                               219,86            430,00
BG-F479-00              Door, Blood pupmpen                                               99,19            194,00
BG-F477-00              Door, Balance pump 1                                             113,37            166,00
BG-F478-00              Door, Balance pump 2                                             113,37            166,00
BG-F470-00              Door, Citrate pump                                                55,73            109,00
SE-F090-00              Keyboard, Level Lifter                                            44,99             88,00
BG-F481-00              Mirror, Bloodleak detector                                        11,40             22,30
BG-F482-00              Drip Counter                                                     324,67            635,00
BG-F500-00              Scale                                                           1014,91           1985,00
BG-F464-00              Detector, Substitution                                           371,71            727,00
KT-F276-00              Roller with Brake                                                 60,33            118,00
KT-F277-00              Roller without Brake                                              49,08             96,00
KT-F129-00              Plexiglass Supporting Disk blue                                    5,47             10,70
KT-F130-00              Plexiglass Supporting Disk red                                     5,47             10,70
KT-F132-00              Plexiglass Supporting Disk yellow                                  5,47             10,70
KT-F200-00              Plexiglass Supporting Disk transparent                             3,78              7,40
KT-F325-00              Plexiglass Supporting Disk orange                                  5,47             10,70
</TABLE>

<PAGE>

                                   ACCESSORIES

<TABLE>
<CAPTION>
  PART NO.                  DESCRIPTION                   EURO               DM
----------              --------------------              -----             -----
<S>                     <C>                               <C>               <C>
BG-F485-00              Filter holder blue                49,80             97,40
BG-F486-00              Filter holder yellow              49,80             97,40
MT-F050-10              Crank, Blood pump                 25,31             49,50
MT-F362-00              Key for Case                       2,20              4,30
</TABLE>

<PAGE>

                                    EXHIBIT C

                                   PRICE LIST

<TABLE>
<S>                                                            <C>
Octo Nova                                                      15.000 Euro

Octo Therm                                                      1.125 Euro
(in combination with Octo Nova)
</TABLE>

EXHIBIT D:  MARKETING AGREEMENT DIAMED / OCCULOGIX CORP.
<PAGE>

Addendum to Distribution Agreement from 01. January 2002 between MESYS GMBH,
Hannover (Germany) and OccuLogix Corporation, Florida (USA)

MESYS and OccuLogix agrees to change section 9 - Indemnity as follows

9.       INDEMNITY

OccuLogix shall indemnify and hold MESYS harmless from all claims resulting from
any act or omission of OccuLogix. MESYS shall indemnify and hold OccuLogix
harmless from all claims resulting from any act or omission of MESYS.

OccuLogix Corp. and MESYS agrees to maintain product liability coverage in an
amount sufficient to meet its obligations under this Section 9. MESYS's
liability shall be limited to liability in compliance with German law. OccuLogix
Corp. shall fulfill its obligations as representative in accordance with FDA
requirements.

The additional insurance cost for MESYS will be charged per each invoice to
OccuLogix with the amount of 4.90 Euro (at the moment) per 500, Euro turn over.
The insurance rate depends on the actual insurance rate and can be adapt in
future to the actual rates. OccuLogic agrees to bear this cost.

April 7th 2003

OCCULOGIX CORPORATION/VSC                    MESYS

By: "John Cornish"                           By: "R. Hoffman"

Title: Chief Technology Officer              Title: Managing Director
<PAGE>

                    SECOND ADDENDUM TO DISTRIBUTION AGREEMENT

On January 1, 2002, an Agreement ("AGREEMENT") was executed between MESYS GMBH
("MESYS") and VASCULAR SCIENCES CORPORATION ("VSC"), formerly known as Occulogix
Corporation,

On April 7, 2003, the first addendum to the AGREEMENT was signed, thereby
changing the Indemnity provision in Section 9.

On September 22, 2003, MESYS and VSC hereby agree to a second addendum ("SECOND
ADDENDUM") as follows:

WHEREAS, VSC distributes the Octo Nova Blood Plasma Therapy Machine
(manufactured by MESYS) in North America. VSC hereby agrees to:

1.    Providing technical training for the Octo Nova to the end-user. VSC's
      technical representative will receive formal training, and be certified,
      by MESYS, or an authorized MESYS representative.

2.    VSC will maintain traceability of all Octo Nova units distributed, and
      make this information available to MESYS upon the request.

3.    Any complaints received by VSC regarding the Octo Nova will be forwarded
      to MESYS for review. VSC shall forward MESYS' response and conclusion to
      the complainant. VSC maintains complaint handling procedures in compliance
      with FDA regulations as well as Canadian Medical Device Regulation (CMDR).

4.    The contact person for VSC will be:

            Mr. John Cornish
            Director of Regulatory Affairs
            Vascular Sciences Corporation
            Palm Harbor FL 34683
            PH 727-784-2353

                                           VASCULAR SCIENCES CORPORATION

                                           By: "John B. Cornish"

                                           Title: Director of Regulatory Affairs

                                           MESYS GMBH

                                           By: "R. Hoffman"

                                           Title: Managing Director

<PAGE>

Addendum to Distribution Agreement from 01, January 2002 between MESYS GMBII,
Hannover (Germany) and OccuLogix Corporation, Florida (USA)

MESYS and OccuLogix agrees to change section 9 - Indemnity as follows

9.    INDEMNITY

OccuLogix shall indemnity and hold MESYS harmless from all claims resulting from
any act or omission of OccuLogix. MESYS shall indemnify and hold OccuLogix
harmless from all claims resulting from any act or omission of MESYS.

OccuLogix Corp. and MESYS agrees to maintain product liability coverage in an
amount sufficient to meet its obligations under this Section 9. MESYS's
liability shall be limited to liability in compliance with German law. OccuLogix
Corp. shall fulfil its obligations as representative in accordance with FDA
requirements.

The additional insurance cost for MLSYS will be charged per each invoice to
OccuLogix with the amount of 4,90 Euro (at the moment) per 500,- Euro turn over.
The insurance rate depends on the actual insurance rate and can be adapt in
future to the actual rates. OccuLogic agrees to bear this costs.

April 7th 2003

OccuLogix Corporation VSC                  MESYS

By: /s/ John B. Cornish                    By: /s/ R. Hoffman
    ----------------------------               -------------------------

Title: Cheif Technology Officer            Title: Managing Director

<PAGE>

                    SECOND ADDENDUM TO DISTRIBUTION AGREEMENT

On January 1, 2002, an Agreement ("AGREEMENT") was executed between MESYS GMBH
("MESYS") and VASCULAR SCIENCES CORPORATION ("VSC"), formerly known as Occulogix
Corporation,

On April 7, 2003, the first addendum to the AGREEMENT was signed, thereby
changing, the Indemnity provision in Section 9

On September 22, 2003, MESYS and VSC hereby agree to a second addendum
("SECOND ADDENDUM") as follows:

WHEREAS, VSC distributes the Octo Nova Blood Plasma Therapy Machine
(manufacture by MESYS) in North America, VSC hereby agrees to;

      1.    Providing technical training for the Octo Nova to the end-user,
            VSC's technical representative will receive formal training, and be
            certified, by MESYS, or an authorized MESYS representative.

      2.    VSC will maintain traccability of all Octo Nova units distributed,
            and make this information available to MESYS upon the request.

      3.    Any complaints received by VSC regarding the Octo Nova will be
            forwarded to MESYS for review. VSC shall forward MESYS response and
            conclusion to the complaintant. VSC maintains complaint handling
            procedures in compliance with FDA regulations as well as Canadian
            Medical Device Regulation (CMDR).

      4.    The contact person for VSC will be:

               Mr. John Cornish
               Director of Regulatory Affairs
               Vascular Sciences Corporation
               Palm Harbor FL 34683
               PH. 727-784-2353

                                     VASCULAR SCIENCES CORPORATION

                                     BY: /s/ John B. Cornish
                                         ---------------------------------------
                                         John B. Cornish, Director of Regulatory
                                         Affairs

                                     MESYS GMBH

                                     BY: /s/ R. Hoffman
                                         ---------------------------------------
                                     Title: R. Hoffman, Managing Director
<PAGE>
                      DISTRIBUTION AGREEMENT AMENDMENT #3

This amending agreement ("Agreement") is made on ___________ July 2004 between
MESYS GMBH, a company organized under the laws of Germany with offices at
Beneckeallee 30, D-30419 Hannover ("MESYS") and OccuLogix, Inc. (formerly
Vascular Sciences Corporation), 612 Florida Avenue, Palm Harbor, Florida 34683,
USA ("OccuLogix").

MESYS developed and produces on the order of Diamed Medizintechnik GmbH
("DIAMED") a blood- and plasma therapy device. This device has been introduced
into the market under the tradenames Octo Nova and Octo Therm. These tradenames
have been registered, among others, by DIAMED in various countries. Furthermore,
DIAMED holds all rights worldwide on Octo Nova and Octo Therm. MESYS is the
manufacturer of the plasma therapy devices "Octo Nova/Octo Therm" and shall be
authorized to enter into distribution agreements with distributors outside
Germany, provided that the exclusive marketing agreement between DIAMED and
OccuLogix has been concluded.

OccuLogix is the exclusive distributor for Octo Nova and Octo Therm in the
territory of United States, Canada and Mexico.

MESYS manufactures Octo Nova/Octo Therm including accessories and spare parts,
according to the terms of the Distribution Agreement, and for which MESYS has
the necessary facilities, equipment, qualified personnel and experience.

MESYS and OccuLogix Corp. entered into a distribution agreement (the
"Distribution Agreement") dated 01 January 2002 pursuant to which MESYS has
agreed to supply Octo Nova and Octo Therm to OccuLogix, as amended on April 7,
2003 and further amended on September 22, 2003.

Accordingly, the parties agree as follows:

1. AMENDMENTS TO DISTRIBUTION AGREEMENT

MESYS and OccuLogix hereby agree that the following changes have been made to
the Distribution Agreement effective as of the date hereof.

     1.1  The following words shall hereby be added to the end of section 6 of
     the Distribution Agreement: "Notwithstanding the foregoing, OccuLogix may
     disclose the Distribution Agreement, and any amendments made thereto as
     required in order to comply with securities laws in the United States and
     Canada". MESYS acknowledges that the foregoing additional language would
     include the disclosure of this Agreement.

1.2  All references to "OccuLogix Corp." in the Distribution Agreement shall be
deemed to be references to "OccuLogix" (as defined under this Agreement). MESYS
acknowledges that OccuLogix, Inc. is the successor to OccuLogix Corp. and the
proper party to this Agreement and the Distribution Agreement.
<PAGE>

                                      -2-

     1.3  The following words shall hereby be added to the end of the third
     sentence in section 2.3 of the Distribution Agreement: "charged to all
     clients worldwide to whom it sells the Product".

2.   MISCELLANEOUS

     2.1  This Agreement shall be binding upon the parties, their successors and
     assigns. Neither party shall assign this Agreement without the prior
     consent in writing of the other party, except that either party may assign
     this Agreement to an entity under common control.

     2.2  This Agreement constitutes the entire agreement between the parties
     relating to its subject matter and all prior proposals, discussions, and
     writings by the parties and relating to the subject matter of this
     Agreement are superseded. This Agreement may be amended only by written
     agreement of the parties.

     2.3  This Agreement is to be deemed to have been entered into in Hannover,
     and its construction shall be in accordance with the laws of Germany, and
     all disputes under it shall be adjudicated in the courts of Hannover.

OccuLogix                            MESYS

By:    ___________________________   By:    _____________________________
Title: ___________________________   Title: _____________________________<PAGE>

                                                                    EXHIBIT 10.5

                            ASSET PURCHASE AGREEMENT

            THIS ASSET PURCHASE AGREEMENT is made and entered into as of the 1st
day of January 2002, by and between APHERESIS TECHNOLOGIES, INC., a Florida
corporation ("ATI"); and OCCULOGIX CORPORATION, a Florida corporation (the
"Seller").

                                   WITNESSETH:

            WHEREAS, the Seller is the owner of certain assets used in
therapeutic apheresis business (the "Business"); and

            WHEREAS, ATI desires to purchase, subject to certain liabilities,
substantially all of the assets of the Seller used in the Business, which
constitute only a portion of the assets of the Seller, and the Seller desires to
sell such assets, all upon the terms and subject to the conditions hereinafter
set forth.

            NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained in this Agreement, it is hereby agreed as follows:

1.    PURCHASE AND SALE OF ASSETS: CLOSING.

      (a)   Purchase and Sale. Upon the terms and subject to the conditions
            hereinafter set forth, the Seller hereby agrees to sell to ATI, and
            ATI agrees to purchase from the Seller the assets owned or used by
            the Seller in connection with the Business and listed on Exhibit A
            to this Agreement (collectively, the "Assets").

      (b)   Procedure for Closing. At the closing of the transactions
            contemplated hereby (the "Closing"), the Seller shall sell, assign,
            transfer, convey and deliver to ATI free and clear of all
            liabilities whatsoever (whether absolute or contingent, and
            including all liens, encumbrances, equities, claims, charges or
            interests of third persons) other than those liabilities set forth
            on Exhibit B, and ATI shall purchase from the Seller, all of the
            Seller's right, title and interest in or to the Assets. The Closing
            shall be held at such place, date and time as the parties to this
            Agreement may agree (the "Closing Date"). At the Closing, in
            accordance with the terms of this Agreement, the Seller shall
            deliver to ATI a bill or bills of sale, assignments and all other
            instruments necessary or appropriate in the opinion of counsel to
            ATI to convey all right, title and interest in or to the Assets to
            ATI, and ATI shall deliver the consideration for the purchase of the
            Assets as provided in Section 2 of this Agreement.

2.    CONSIDERATION.

      (a)   Purchase Price. In consideration of the purchase, sale, conveyance,
            transfer and delivery of the Assets, and upon the terms and subject
            to the conditions of this Agreement, ATI shall pay, the sum of
            TWENTY FIVE THOUSAND AND. NO/100 DOLLARS ($25,000.00), which the
            parties agree is the fair market value

<PAGE>

                                       -2-

            of the Assets as determined by an independent appraisal performed by
            Southland Business Group, 3314 Henderson Blvd, Tampa FL (the
            "Purchase Price"). The Purchase Price shall be paid by the execution
            and delivery by ATI of an assumption agreement (the "Assumption
            Agreement"), covering the liabilities specified on Exhibit B hereto.

      (b)   No Assumption of Liabilities. Except as set forth in the Assumption
            Agreement, ATI shall not and does not assume any of the Seller's
            liabilities, including but not limited to its accounts payable and
            other trade liabilities incurred in the Business, or the debts,
            taxes, contingencies or other liabilities of the Business, whether
            fixed or contingent, and all such liabilities incurred prior to
            Closing shall remain the sole obligation of the Seller.

3.    REPRESENTATIONS AND WARRANTIES. The Seller hereby represents and warrants
      to ATI the following:

      (a)   Organization and Standing. The Seller is a corporation duly
            organized, validly existing and in good standing under the laws of
            the State of Florida and has the corporate power and authority to
            carry on its business as it is now being conducted.

      (b)   Authority Relative to this Agreement. The execution, delivery and
            performance of this Agreement by the Seller have been duly
            authorized by the Board of Directors of the Seller. No further
            corporate or other action is necessary on its part to make this
            Agreement valid and binding upon it and enforceable against it in
            accordance with its terms or to carry out the transactions
            contemplated hereby.

      (c)   No Violations. The execution, delivery and performance of this
            Agreement by the Seller do not and will not (1) constitute a breach
            or a violation of any law, rule or regulation, agreement, indenture,
            deed of trust, mortgage, loan agreement or other instrument to which
            the Seller is a party or by which it is bound; (2) constitute a
            violation of any order, judgment or decree to which the Seller is a
            party or by which it is bound or by which any of the Seller's assets
            or properties are bound or affected; or (3) result in the creation
            of any lien, charge or encumbrance upon any of the Setter's assets
            or properties.

      (d)   Litigation. The Seller (1) is not a party to any litigation,
            proceeding or administrative investigation and none is pending or
            threatened against it, its properties, or any property used in the
            Business, (2) knows of no basis for any such litigation, proceeding
            or investigation which might have a material adverse effect,
            financial or otherwise, on the Business, (3) knows of no outstanding
            order, writ, injunction or decree of any court, government,
            governmental authority or arbitration against or affecting the
            Business; and (4) knows of no material infringement of any
            copyright, trademark, trade name, patent or other proprietary right
            owned or licensed by it.

<PAGE>

                                       -3-

      (e)   Title to and Condition of Assets. The Seller has good and marketable
            title to all the Assets. As of the date of this Agreement, such
            assets are subject to no guaranty, judgment, execution, pledge,
            lien, conditional sales agreement, security agreement, encumbrance
            or charge, except as disclosed pursuant to this Agreement (with
            respect to which no default exists) and except for liens for taxes
            not delinquent. The Assets are in good condition and repair,
            reasonable wear and tear excepted, and are operated in conformity
            with all applicable building and zoning ordinances and regulations
            and all other applicable laws, ordinances and regulations.

      (f)   Leases, Contracts and Commitments. The Seller is not a party to any
            leases, contracts, agreements or commitments associated with the
            Business, whether written or oral, of any nature (including
            employment or consulting agreements, mortgages, loans, deeds of
            trust, indentures, credit and collective bargaining agreements).

      (g)   Compliance With Applicable Laws. The conduct of the Business by the
            Seller does not violate or infringe any federal, state, local or
            foreign law, statute, ordinance, license or regulation that is
            presently in effect. Such conduct does not violate or infringe any
            right or concession, copyright, trademark, trade name, patent, know
            how or other proprietary right of others, the enforcement of which
            would adversely affect the Business or the value of the Assets. The
            Seller has and has maintained all licenses and permits required by
            all local, state and federal authorities and regulating bodies.

      (h)   Approvals and Consents. No consent, approval or authorization is
            required in connection with the execution or delivery of this
            Agreement by the Seller or the consummation by it of the
            transactions contemplated hereby.

      (i)   Disclosure. No representation or warranty made by the Seller in this
            Agreement, the exhibits hereto or any of the documents and papers
            required to be delivered pursuant to this Agreement or in connection
            with the consummation of the transactions contemplated hereby
            contains or will contain any untrue statement of a material fact or
            omits or will omit to state a material fact necessary to make the
            statements contained herein or therein not misleading.

4.    REPRESENTATIONS AND WARRANTIES OF ATI. ATI hereby represents and warrants
      the following:

      (a)   Organization and Standing. ATI is a corporation duly organized,
            validly existing and in good standing under the laws of the State of
            Florida and has the corporate power and authority to carry on its
            business as it is now being conducted.

      (b)   Authority Relative to this Agreement. The execution and delivery of
            this Agreement by ATI has been duly authorized by the Board of
            Directors of ATI, and no further corporate action is necessary on
            its part to make this Agreement

<PAGE>

                                       -4-

            valid and binding upon it and enforceable against it in accordance
            with the terms hereof or to carry out the actions contemplated
            hereby.

      (c)   Approvals and Consents. No additional consent, approval or
            authorization is required in connection with the execution or
            delivery of this Agreement by ATI or the consummation by ATI of the
            transactions contemplated hereby.

      (d)   No Violations. The execution, delivery and performance of this
            Agreement by ATI do not and will not (1) constitute a breach or a
            violation of ATI's Articles of Incorporation or by laws, or of any
            law, rule or regulation, agreement, indenture, deed of trust,
            mortgage, loan agreement or other instrument to which ATI is a party
            or by which it is bound; (2) constitute a violation of any order,
            judgment or decree to which ATI is a party or by which it is bound
            or by which any of ATI's assets or properties are bound or affected;
            or (3) result in the creation of any lien, charge or encumbrance
            upon any of ATI's assets or properties, except as contemplated by
            this Agreement.

      (e)   Litigation. ATI (1) is not a party to any litigation, proceeding or
            administrative investigation and none is pending or threatened
            against such corporation, its properties, or any property used in
            its business or the transactions contemplated by this Agreement; (2)
            knows of no basis for any such litigation, proceeding or
            investigation which might have a material adverse effect, financial
            or otherwise, on its business, property, operations or prospects;
            (3) knows of no outstanding order, writ, injunction or decree of any
            court, government, governmental authority or arbitration against or
            affecting it, its properties or business; and (4) knows of no
            material infringement of any copyright, trademark, trade name,
            patent or other proprietary right owned or licensed by it.

5.    COVENANTS. The Seller hereby covenants the following:

      (a)   Conduct of the Business Until Closing. Except as ATI may otherwise
            consent in writing, between the date of this Agreement and the
            Closing Date, the Seller will:

            (1)   neither enter into any transaction, take any action nor fail
                  to take any action which would, or could reasonably be
                  expected to, materially adversely affect the Seller or its
                  usability to perform its obligations under this Agreement;
                  encumber any of the Assets, or dispose of any of the Assets;

            (2)   neither enter into any transaction, take any action nor fail
                  to take any action, in a manner which would result in any of
                  the representations, warranties, disclosures, agreements or
                  covenants of the Seller contained in this Agreement, the
                  exhibits hereto or any document delivered in connection with
                  the consummation of the transactions contemplated hereby, not
                  to be true and complete, as of the time of such transaction,
                  action or failure to take action, and also on the Closing
                  Date; and

<PAGE>

                                       -5-

            (3)   maintain all the Assets in good condition and repair,
                  reasonable wear and tear excepted.

      (b)   Compliance with Laws. The Seller shall comply with all laws of the
            State of Florida, the United States and any other governmental body
            with jurisdiction over the Seller or the Business.

      (c)   Advice of Changes. Between the date of this Agreement and the
            Closing, the Seller will promptly advise ATI in writing of any fact
            which, if existing or known at the date of this Agreement, would
            have been required to be set forth in or disclosed pursuant to this
            Agreement.

      (d)   Other Transactions Prohibited. During the term of this Agreement,
            the Seller will not enter into any written or oral agreements
            providing for the sale, lease or mortgage of the Assets. .

      (e)   Access to Properties and Records, Etc. Between the date of this
            Agreement and the Closing, after reasonable notice, the Seller will
            provide to ATI and its counsel, accountants and other
            representatives full access during normal business hours for
            inspection of all of the properties, personnel, books, tax returns,
            contracts, commitments and records of the Seller to the extent they
            relate to the Business, and will furnish to ATI all such additional
            documents and information with respect to the affairs of the
            Business as ATI or its counsel or accountants may from time to time
            reasonably request. All such books, tax returns, contracts,
            commitments, documents and records of the Seller will be complete
            and correct as of the date of any inspection by or delivery to ATI
            or its representatives of such items.

6.    CONDITIONS PRECEDENT TO THE OBLIGATIONS OF ATI. The obligations of ATI
      under this Agreement are subject to the satisfaction, at or prior to the
      Closing, of each of the following conditions (the fulfillment of any of
      which may be waived in writing by ATI):

      (a)   Accuracy of Representations and Warranties. The representations,
            warranties and statements of the Seller contained in this Agreement,
            all exhibits hereto and any documents delivered in connection
            herewith shall not only have been true and complete as of the date
            of this Agreement but shall also be true and complete as though
            again made on the Closing date, except to the extent that such
            representations and warranties and statements are incorrect as of
            such later date by reason of events occurring after the date of this
            Agreement in compliance with the terms hereof.

      (b)   Compliance. The Seller shall have performed and complied with all
            agreements, covenants and conditions required by this Agreement and
            all exhibits hereto to be performed and complied with by it at or
            prior to the Closing.

      (c)   Certificate. ATI shall have received a certificate executed by the
            President of the Seller and attested to by its Secretary, dated the
            Closing Date, satisfactory in form

<PAGE>

                                       -6-

            and substance to ATI and its counsel, certifying as to (1) the
            fulfillment of the matters set forth in Sections 6(a) and (b) of
            this Agreement and (2) the resolutions adopted by the Board of
            Directors of the Seller approving. the execution of this Agreement
            and the consummation of the transactions contemplated hereby and (3)
            the resolutions adopted by the Stockholders of the Seller approving
            the execution of this Agreement and the consummation of the
            transactions contemplated hereby.

      (d)   Litigation. There shall not be any litigation or proceeding to
            restrain or invalidate the consummation of the transactions
            contemplated hereby.

7.    CONDITIONS PRECEDENT TO THE OBLIGATIONS OF SELLER. The obligations. of the
      Seller under this Agreement are subject to the satisfaction at or prior to
      the Closing of each of the following conditions (the fulfillment of any
      one of which may be waived in writing by the Seller):

      (a)   Accuracy of Representations and Warranties. The representations,
            warranties and statements of ATI contained in this Agreement shall
            not only have been true and complete on the date of this Agreement
            and when made but shall also be true and complete as though again
            made on the Closing Date, except to the extent that they are
            incorrect as of the Closing Date by reason of events occurring after
            the date of this Agreement in compliance with the terms hereof.

      (b)   Compliance. ATI shall have performed and complied with all
            agreements, covenants and conditions required by this Agreement and
            all exhibits hereto to be performed and complied with by it at or
            prior to the Closing.

      (c)   Certificate. The Seller shall have received a certificate executed
            by the President of ATI and attested to by its Secretary, dated the
            Closing Date, certifying as to (1) the fulfillment of the matters
            mentioned in Sections 7(a) and (b) of this Agreement and (2) the
            resolutions adopted by the Board of Directors of ATI approving the
            execution of this Agreement and the consummation of the transactions
            contemplated hereby.

8.    INDEMNIFICATION.

      (a)   General -- Seller. The Seller agrees to indemnify and hold harmless
            ATI in respect of any and all claims, losses and expenses which may
            be incurred by ATI arising out of:

            (1)   any breach by the Seller of any representations, warranties,
                  covenants or agreements made in this Agreement, the exhibits
                  hereto or any document or paper delivered in connection with
                  the transactions contemplated hereby;

            (2)   any attempt by any person to cause or require ATI to pay or
                  discharge any debt, obligation, liability or commitment
                  inconsistent with any such representation, warranty, covenant
                  or agreement;

<PAGE>

                                       -7-

            (3)   any action, suit, proceeding, assessment or judgment arising
                  out of or incident to any of the matters indemnified against
                  in this Section 8, including reasonable fees and disbursements
                  of counsel (before and at trial, in bankruptcy proceedings and
                  in appellate proceedings).

      (b)   General -- ATI. ATI agrees to indemnify and hold harmless the Seller
            in respect of any and all claims, losses and expenses which may be
            incurred by the Seller arising out of:

            (1)   any breach by ATI of any representations, warranties,
                  covenants or agreements made in this Agreement, the exhibits
                  hereto or any document or paper delivered in connection with
                  the transactions contemplated hereby;

            (2)   any attempt by any person to cause or require the Seller or
                  the Stockholder to pay or discharge any debt, obligation,
                  liability or commitment inconsistent with any such
                  representation, warranty, covenant or agreement, or any debt,
                  obligation, liability or commitment arising out of the
                  operation of the Business after Closing;

            (3)   any action, suit, proceeding, assessment or judgment arising
                  out of or incident to any of the matters indemnified against
                  in this Section 8, including reasonable fees and disbursements
                  of counsel (before and at trial, in bankruptcy proceedings and
                  in appellate proceedings).

9.    GENERAL.

      (a)   No Brokers. Each of the parties to this Agreement represents and
            warrants to the other, that it has not utilized the services of any
            finder, broker or agent.

      (b)   Survival of Representations Warranties, Etc: Each of the parties to
            this Agreement covenants and agrees that its representations,
            warranties, covenants, statements and agreements contained in this
            Agreement and the exhibits hereto and any document delivered in
            connection herewith shall survive the Closing Date and terminate on
            the fifth anniversary of such date.

      (c)   Waivers. No action taken pursuant to this Agreement, including any
            investigation by or on behalf of any party, shall be deemed to
            constitute a waiver by the party taking such action of compliance
            with any representation, warranty, covenant or agreement contained
            herein, therein and in any document delivered in connection herewith
            or therewith. The waiver by any party to this Agreement of a breach
            of any provision of this Agreement shall not operate or be construed
            as a waiver of any subsequent breach.

      (d)   Confidentiality. If the transactions contemplated by this Agreement
            are not consummated, then each of the parties to this Agreement
            agrees to keep confidential and shall not use for its own benefit
            any of the information (unless in the public domain) obtained from
            any other party and shall promptly return to

<PAGE>

                                       -8-

            such other parties all schedules, documents or other written
            information (without retaining copies thereof) previously obtained
            from such other parties.

      (e)   Entire Agreement, Amendment. This Agreement (including the exhibits
            hereto and all documents and papers delivered pursuant hereto)
            constitutes the entire agreement, and supersedes all prior
            agreements and understandings, oral and written, among the parties
            to this Agreement with respect to the subject matter hereof. This
            Agreement may not be modified or otherwise amended except by an
            instrument in writing executed by the parties to this Agreement.

      (f)   Assignability. This Agreement shall not be assignable by any party
            to this Agreement without the prior written consent of the other
            party to this Agreement.

      (g)   Further Assurances. The parties to this Agreement will execute and
            deliver, or cause to be executed and delivered, such additional or
            further transfers, assignments, endorsements or other instruments as
            either party may reasonably request for the purpose of carrying out
            the transactions contemplated by this Agreement.

      (h)   Counterparts. This Agreement may be executed in several
            counterparts, each of which shall be deemed an original, but all of
            which together shall constitute one and the same instrument.

      (i)   Section and Other Headings. The section and other headings contained
            in this Agreement are for reference purposes only and shall not
            affect the meaning or interpretation of this Agreement.

      (j)   Governing Law. The validity, construction and enforcement of, and
            the remedies under, this Agreement shall be governed in accordance
            with the laws of the State of Florida.

      (k)   Construction. The parties acknowledge and agree that each of them
            has participated in the negotiation of this Agreement and has been
            represented by counsel. The parties agree that any rule of law
            requiring construction of a document against a party by reason such
            party's having prepared such document shall not apply to this
            Agreement.

      (l)   Cost of Enforcement. If either party engages the services of an
            attorney or any other third party or in any way initiates legal
            action to enforce its rights under this Agreement, the nonprevailing
            party agrees to pay to the prevailing party all costs and expenses
            incurred by it relating to the enforcement of this Agreement
            (including reasonable attorneys' and legal assistants' fees before,
            at and after trial and in appellate proceedings).

            IN WITNESS WHEREOF, this Agreement has been signed by the parties
hereto, all on the date first above written.

<PAGE>

                                       -9-

APHERESIS TECHNOLOGIES, INC.             OCCULOGIX CORPORATION

__________________________________       _______________________________________
 By:  Name                                By:  Name

<PAGE>

                                    EXHIBIT A

Assets

1.    Distributorship rights as defined in the 2001 Asahi/ATI Distributorship
      Agreement

2.    ATI Balance Sheet dated December 31, 2001, including

      ATI Assets
            Cash in Bank (Schedule A)
            Accounts Receivable (Schedule B)
            Inventory (Schedule C)
            Prepaid Expenses (Schedule D)
                     Prepaid Taxes
            Contingent Assets (Schedule E)
            Fixed Assets (Schedule F)
                     Depreciable Assets, Accumulated Depreciation
                     Property
            Other Assets:
                     Previously Expensed Items
                     Cash in Bank
                     Deposits Receivable and Bond Receivable
                     ATI Accounting Computer Software, Customer Files
            Capital
                   Paid in Capital, Retained Earnings, Common Stock
      Other ATI Assets:
            Contracts/Agreements
                     ATI Employee Agreements
                     Lease / Rent Agreements
                     Service Agreements,
                     Consulting Agreements
            Regulatory Files and correspondence (Excluding IDE # G970241)
                     Asahi Plasmaflo AP 05H(L), #P820033
                     Asahi Hemosorba CH-350 #K885017
                     ATI Plasma Pump PP-04, #K961137
                     ATI Plasma Exchange Tubeset, Model 064, K831747
                     ATIPlasma Discard Bag, K926409
                     Asahl Blood Pump ABP-03A, K830818
                     ATI Plasmaflo OP-051W(L) for stand alone use in TPEX
            ATI Accounts Payable (Schedule G)
            Sales Tax Payable (Schedule H)
            Other Short Term Liabilities (Schedule 1)
                     Notes Payable, Royalties, Line of Credit (South Trust Bank,
                     Amex)

<PAGE>

                                    EXHIBIT B

Assumed Liabilities

            $25,000 of Occulogix payable to ATI will be credited by ATI against
the Occulogix "Contingent Asset."

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