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                                                                   EXHIBIT 10.12

                      PATENT LICENSE AND ROYALTY AGREEMENT

            THIS AGREEMENT (the "Agreement") is made by and between OccuLogix,
Inc. (formerly Vascular Sciences Corporation), a Delaware Corporation (the
"Licensee"), and Hans Stock ("Stock") living in Germany, who is the assignee of
the rights of Prof. Dr. Helmut Borberg ("Borberg"), listed as inventor along
with Dr. Richard Brunner ("Brunner") in US patent application 09/000,917, which
is the parent application of US letters patent 6,245,038 issued June 12, 2001
(the "Patent").

            WHEREAS, Brunner executed a patent license and royalty agreement
with a predecessor of the Licensee as of May 6, 2002 and amended and restated
that agreement as of the date hereof;

            WHEREAS, Borberg assigned all his right, title and interest to the
Patent and the Patent Rights to Stock;

            WHEREAS, Stock originally licensed any and all of his rights, title
and interests to the Patent and the Patent Rights to the Licensee in an
undocumented oral agreement;

            WHEREAS, Stock executed a patent license and royalty agreement with
Licensee as of August 6, 2004 and amended and restated that agreement as of the
date hereof;

            WHEREAS, Stock continues to desire to license any and all of his
rights, title and interest to the Patent and the Patent Rights derived therefrom
to Licensee, and

            WHEREAS, Licensee continues to desire to obtain an exclusive license
to all of Stock's interest in the Patent and the Patent Rights derived therefrom
and to exclusively own the License to any and all of his rights, title,
interests and ownership to the Patent and any and all related patents, rights
and inventions that specifically relate to the Patent whether owned now or at
any time in the future by Stock (the "License"), and

            WHEREAS, Stock shall be eligible to receive any and all
consideration and compensation from the Licensee, such as those pledged to be
made by the Licensee to Stock under the terms of this Agreement.

            NOW THEREFORE, in consideration for guaranteed Advance Royalty
Payments and Royalty Payments as described below, and other good and valuable
consideration, the parties agree as follows:

1.    Patent Rights. Shall mean any and all of Stock's rights, title, ownership
      and interests in and to US letters patent 6,245,038 and any and all
      inventions, modifications, continuations-in-part, extensions, divisions,
      improvements, etc. made by Stock or his agents, in any and all areas that
      relate directly to the Patent, regardless of whether such inventions or
      improvements are patentable or may become patented; all inventions,
      modifications, continuations-in-part, extensions, divisions, improvements,
      etc. shall automatically be incorporated herein without the payment of any
      additional fees, royalties or any other compensation or considerations of
      any kind.

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2.    License Grant. Stock confirms that he has exclusively licensed, and does
      hereby continue to exclusively license, in accordance with the terms set
      forth below, unto Licensee, Stock's entire undivided right, title,
      ownership and interest in and to the Patent and the Patent Rights,
      throughout the Territory, to be held and enjoyed by Licensee the same as
      it would have been held and enjoyed by Stock if this Patent License and
      Royalty Agreement had not been made and entered into. The exclusive
      license granted herein also includes an exclusive right for the Licensee
      to grant expressly or implicitly, directly or through its subsidiaries or
      affiliates, sublicenses to the Patent and the Patent Rights without the
      requirement to pay any additional royalty fee or sublicense fee to Stock,
      to end users of the patented method including medical practitioners and
      medical clinics.

      The exclusive license granted herein also includes an exclusive right for
      the Licensee to grant sublicenses to the Patent and the Patent Rights to
      unaffiliated third parties other than the end users referred to
      hereinbefore. The Licensee acknowledges that such sublicenses shall not
      have the right to grant sub-sublicenses to the Patent and the Patent
      Rights unless consented to in writing by Stock; sub-sublicensing to
      end-users as defined in the paragraph above is, however, permitted without
      consent.

      Stock recognizes that by signing this Agreement, the combination of this
      Agreement and a patent license and royalty agreement between Brunner and
      Licensee will collectively constitute an EXCLUSIVE PATENT LICENSE AND
      ROYALTY AGREEMENT by which Stock and Brunner grant an exclusive license in
      the Patent to Licensee including the right to sue for past infringement.

3.    Representation by Stock. Stock warrants that he as the assignee of the
      right of Borberg, along with Brunner, as the joint inventors of United
      States Patent 6,245,038, exclusively owns and possesses the Patent and the
      Patent Rights, and has all right and title thereto and that this Patent
      License and Royalty Agreement is made without encumbrance or threat of
      future interference by others claiming ownership therein and that no
      security interests to any third party exists therein or any other
      agreement to the contrary.

4.    Representation by Licensee. Licensee represents that it is a bona fide
      corporation in good standing in Delaware.

5.    Advance Royalty Payments. Licensee agrees to pay Stock Fifty Thousand
      Dollars ($50,000 USD) annually as an advance and credited against any and
      all Royalty Payments paid in accordance with this Agreement. Such Advance
      Royalty Payments shall be non-refundable and be paid to Stock and in equal
      payments of Twelve Thousand Five-hundred Dollars ($12,500 USD), made
      quarterly, on or before the expiration of Forty-five (45) days after the
      reporting close of each prior calendar quarter.

6.    Royalty Payments. Licensee agrees to pay royalties to Stock totaling
      One-and-a-Half Percent (1.5% in USD). Royalty Payments shall be
      non-refundable and be calculated and paid based upon Total Net Revenues
      that Licensee, or any subsidiary of licensee or any company affiliated
      with licensee receives from the bona fide commercial sales of its Products
      sold in reliance and dependence upon the validity of the Patent's claims
      and of the Patent Rights in the Territory.

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                                       -3-

7.    Sublicense Fee. In instances where Stock has consented to a sublicense to
      the Patent and the Patent Rights from Licensee to a third party who is not
      an end user of the patented method, Licensee agrees to pay to Stock a
      sublicense fee constituting a non-refundable cash payment equal to
      Twelve-and-a-Half Percent (12,5% in USD) of any:

            (i)   Upfront cash payment made to Licensee in consideration of the
                  sublicense;

            (ii)  Sublicense fees received by Licensee in consideration of the
                  sublicense;

            (iii) Premium over the fair market value of equity investments in
                  Licensee in consideration of the sublicense; and

            (iv)  Non-cash consideration received by Licensee from a sublicense
                  in consideration of the sublicense, such consideration to
                  include, without limitation, equity in other companies and the
                  value of any license granted to Licensee.

8.    Accounting and Timing of Royalty Payments and of payments of Sublicense
      Fees. Upon making each Royalty and Sublicense Fee Payment, Licensee shall
      provide Stock with a summary of the accounting used to determine the
      amount of Royalty Payment and Sublicense Fees due. Royalty Payments and
      Payments of Sublicense Fees shall be made by wire transfer and shall be
      computed on Total Net Revenues received by the Licensee by the reporting
      close of each calendar quarter and distributed and paid to Stock and on a
      quarterly basis, on or before the expiration of Forty-five (45) days
      after the reporting close of each prior calendar quarter.

9.    Failure to Pay by Licensee. Should Licensee fail to make any payments as
      required herein, and should the Licensee fail to cure the breach created
      thereby, any and all rights, title and ownership to the License provided
      to the Licensee under this Agreement shall be forfeited and any and all
      such rights, title and ownership to the License shall, upon notice of the
      failure to cure the breach, immediately revert to Stock, and all monies
      paid by Licensee until such date shall be retained by him without
      forfeiture.

10.   Territory. Shall mean the United States and any other jurisdictions
      subject to recognizing any valid claims of the Patent or of the Patent
      Rights.

11.   Total Net Revenues. Shall mean total gross revenues less any discounts,
      rebates, shipping costs, handling costs, transportation insurance costs,
      importation fees, and duties on any and all Products sold by the Licensee
      in the Territory which are sold in reliance upon and which are
      specifically used for extracorporeal therapies for the treatment of
      ophthalmic diseases in accordance with or subject to any of the valid
      claims of the Patent. In the case of sales of filters for ophthalmic
      treatment within the meaning of the Patent, either directly by Licensee or
      through Licensee's subsidiaries or a company affiliated with Licensee,
      such total gross revenues shall be deemed to be the cost of the filters to
      Licensee; or in case of Products having components in addition to said
      filters, the allocated cost of the filters to Licensee relative to the
      total costs of said Products. For

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                                       -4-

      other Products the Total Net Revenues shall be the actual sales price to
      purchasers of the Products, less any of the discounts etc. as mentioned
      above.

12.   Records. Licensee agrees to keep complete and correct books, accounts and
      records according to Generally Accepted Accounting Principles (GAAP)
      regulations to facilitate computation of Royalty Payments and Sublicense
      Fees. Stock or his representatives acceptable to Licensee, shall have a
      full right of accounting including the right to confidentially examine
      Licensee's books and records, at all reasonable times and upon reasonable
      notice, for the purpose of verifying the amount of Royalty Payments due.
      In case of miscalculations elicited by such examination, Licensee shall
      compensate Stock for the agreed upon shortfall within thirty (30) days of
      receipt of a detailed report outlining the Royalty Payments determined to
      be due. In case the shortfall exceeds 5% or US$ 5.000, whichever is
      greater, Licensee shall reimburse Stock's costs for the examination.

13.   Products. Shall mean any filters, tubing sets or pumps sold by Licensee or
      its subsidiaries or affiliates to unaffiliated third parties in the
      Territory for the purposes of providing extracorporeal therapies for the
      treatment of the ophthalmic diseases as defined by any valid claim(s) of
      the Patent.

14.   Term and Termination. The Royalty Payments shall be due to Stock beginning
      with the first bona fide commercial sale of any Product in the Territory
      and may, at the discretion of Licensee terminate upon the first of any of
      the following three events to occur: (a) all patents of the Patent Rights
      expire; (b) all material patent claims of the Patent Rights are
      determined, in the opinion of an experienced patent attorney approved by
      Stock and Licensee or an independent experienced patent attorney selected
      by the American Arbitration Association in accordance with its rules if
      such joint approval cannot be obtained after thirty (30) days, to be
      invalid or unenforceable; or (c) a similarly fashioned competitive
      extracorporeal product, method or technology is commercially introduced in
      the Territory for use in ophthalmic indications that could not be deterred
      by best-efforts enforcement/infringement proceedings brought by Licensee
      against the competitive product, method or technology where such
      proceedings are made in reliance in full or in part upon the Patent's
      claims and or the Patent Rights.

      "material patent claims" within the meaning of this section of the
      Agreement are those claims of the Patent Rights covering a method for the
      effective therapeutic treatment of Age-related Macular Degeneration (AMD)
      using plasma differential separation techniques.

      Either Party may terminate this Agreement in the event of a material
      breach by the other Party that is not addressed elsewhere in this
      Agreement, provided only if the breaching Party is given Notice of the
      breach and a reasonable time, not to exceed thirty (30) days from the date
      of receipt of such Notice, in which to cure such breach. Stock may further
      terminate this Agreement in case of a final court order of bankruptcy or
      insolvency of Licensee, and in case Licensee refuses to defend and/or
      enforce the Patent (which defence or enforcement may include a license or
      other reasonable settlement) as provided under section 15. In the case of
      bankruptcy or insolvency of Stock the Licensee shall

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                                       -5-

      retain its rights to the Patent and the Patent Rights in accordance with
      the terms of this agreement.

      The right of Stock to receive the royalty payments and Sublicense Fees
      under sections 5, 6 and 7 shall survive the death of Stock and shall
      become a receivable of Stock's estate until the termination of this
      agreement.

15.   Patent Defense. Licensee shall pay for any and all costs incurred for
      patent maintenance, enforcement and defense of the Patent or the Patent
      Rights in the Territory other than re-examination costs as noted below.
      Stock may, at his own expense, join with the Licensee in the enforcement
      or the defense of the Patent or the Patent Rights in the Territory. In
      case Licensee, after due consideration expressly indicates its refusal in
      writing to Stock to enforce or defend the Patent or the Patent Rights in
      the Territory then Stock may take his own steps to enforce or defend the
      Patent at his awn expense. Stock has no obligation for such participation,
      defense or enforcement at own expenses. Licensee may deduct the allocated
      costs for one reexamination procedure of US letters patent 6,245,038
      incurred under this section 14 from future Royalty Payments and Sublicense
      Fees payable to Stock under sections 6 and 7.

16.   Participation. Stock agrees, in consideration of the premises herein, that
      his executors and administrators will, at any time upon request,
      communicate to the Licensee, its successors and assigns, any facts
      relating to said Patent and Patent Rights, and the history thereof, known
      to him or his successors and assigns, and that he will testify as to the
      same in any interference or other proceeding when requested to do so by
      the Licensee, its successors and assigns. Any and all costs of such
      participation by Stock or his successors and assigns shall be borne by
      Licensee.

17.   Succession. Stock binds himself and his heirs, executors, administrators,
      employees and legal representatives, as the case may be, to execute and
      deliver to the Licensee, any further documents or instruments and to do
      any and all further acts that may be deemed necessary by the Licensee (i)
      in connection with any aspect of the re-examination proceedings, (ii) in
      connection with any proceedings to enforce or defend the Patent; (iii) to
      file applications for improvements and inventions in any country where
      Licensee may elect to file such application(s), and (iv) that may be
      necessary to vest in the Licensee, the license, rights or title herein
      conveyed, or intended so to be, and to enable such title to be recorded in
      the United States and or foreign countries where such application(s) may
      be filed. Any and all costs of such participation by Stock or his
      successors and assigns shall be borne by Licensee.

18.   Relationship of the Parties; Indemnification. It is agreed that this
      Agreement does not make any Party herein a general or special agent, legal
      representative, subsidiary, joint venturer, partner, employee or servant
      of any other Party herein for any purpose.

19.   Validity. During the time of this agreement, licensee will not challenge
      the validity of the patent rights at court or with patent authorities, or
      will support third parties in such a challenge. The parties acknowledge
      that the re-examination proceedings shall not be considered a challenge of
      the Patent Rights.

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20.   Breach and Disputes. Any breaching Party shall have Thirty (30) Days from
      the date of notification to cure such breach. Any dispute between the
      Parties to this Agreement shall be resolved through binding arbitration,
      which shall be governed under the rules and regulations of the American
      Arbitration Association.

21.   Forum, Venue and Governing Law. This agreement shall be governed and
      interpreted under Delaware law (without applying its conflict of law
      principles). Exclusive venue for legal proceedings arising hereunder shall
      be in New York, New York.

22.   Entire Agreement. This Agreement supersedes any prior understanding that
      may have been reached between the Parties (including the Consulting
      Agreement between OccuLogix Corporation and Hans Stock dated June 25,
      2002) and encompasses the entire agreement between the Licensee and Stock
      with respect to the Patent and the Patent Rights. The terms of this
      Agreement are confidential and shall be maintained by the Parties in
      accordance thereby.

23.   Modification. This Agreement cannot be modified except in writing executed
      mutually between the Parties.

24.   Assignment Licensee shall not grant, transfer, convey or otherwise assign
      any of its rights under this Agreement without the express consent in
      writing of Stock.

            IN WITNESS WHEREOF, the Parties have signed and executed this
Agreement and have caused this Agreement to become effective as of the Effective
Date last executed below.

OCCULOGIX, INC.                            HANS STOCK

By: /s/ Elias Vamvakas                     /s/ Hans Stock
    ------------------------------         -------------------------------------

Title: ___________________________

Date: Oct 25, 2004                         Date: October 25, 2004<PAGE>
                                                                   EXHIBIT 10.20

                           PRODUCT PURCHASE AGREEMENT

         THIS AGREEMENT (the "AGREEMENT") made the 29th day of September, 2004
between OccuLogix, L.P. ("OCCULOGIX"), a limited liability partnership under the
laws of the State of Delaware, and Rheo Therapeutics Inc., a corporation
incorporated under the laws of Ontario (the "PURCHASER").

         WHEREAS OccuLogix wishes to sell the Products (as hereinafter defined)
to Purchaser, and Purchaser wishes to purchase the Products from OccuLogix.

         NOW THEREFORE, in consideration of the mutual covenants and agreements
herein contained and other good and valuable consideration (the receipt and
sufficiency of which are hereby acknowledged), the parties agree as follows:

                                    ARTICLE 1
                                 INTERPRETATION

1.1      DEFINITIONS. In this Agreement, the following terms shall have the
meanings set forth below, unless the context requires otherwise:

"AFFILIATE(s)" means, in respect of a Person (the "FIRST PERSON"), another
Person that, directly or indirectly: (i) controls the First Person, (ii) is
controlled by the First Person, or (iii) is controlled by the same Person that
controls the First Person. In the definition "control" means ownership of more
than 50% of another Person or the power to direct decisions of another Person,
including the power to direct management and policies of another Person whether
by reason of ownership, contract or otherwise.

"CONFIDENTIAL INFORMATION" of a party means any and all material and information
of a party or any of its Affiliates (in this definition, the "DISCLOSING PARTY")
which has or may come into the possession or knowledge of the other party or any
of its Affiliates (in this definition, the "RECIPIENT PARTY") in connection with
or as a result of entering into this Agreement including information concerning
the Disclosing Party's past, present, and future customers, suppliers, finances,
affairs, technology and business. For the purposes of this definition,
"information" and "material" includes know-how, data, patents, copyrights, trade
secrets, processes, techniques, programs, designs, designs obtained by
reproducing or reverse engineering Product, formulae, marketing, advertising,
financial, commercial, sales or programming materials, written materials,
compositions, drawings, proposals, notes, records, diagrams, computer programs,
studies, work in progress, visual demonstrations, ideas, concepts, and other
data, in oral, written, graphic, electronic, or any other form or medium
whatsoever and shall include all Intellectual Property Rights and any
information identified by the Disclosing Party as confidential, or which the
Recipient Party should know would constitute Confidential Information.
Notwithstanding the foregoing, "Confidential Information" does not include the
following information:

  (i)    information which is in the public domain when it is received by or
         becomes known to the Recipient Party or which subsequently enters the
         public domain through no fault of the Recipient Party (but only after
         it enters the public domain);

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  (ii)   information which is already known to the Recipient Party at the time
         of its disclosure to the Recipient Party by the Disclosing Party and is
         not the subject of an obligation of confidence of any kind;

  (iii)  information which is independently developed by the Recipient Party
         without any use of or reference to the Confidential Information of the
         Disclosing Party where such independent development can be established
         by evidence that would be acceptable to a court of competent
         jurisdiction; and

  (iv)   information which is received by the Recipient Party in good faith
         without an obligation of confidence of any kind from a third party who
         the Recipient Party had no reason to believe was not lawfully in
         possession of such information free of any obligation of confidence of
         any kind, but only until the Recipient Party subsequently comes to have
         reason to believe that such information was subject to an obligation of
         confidence of any kind when originally received.

"INTELLECTUAL PROPERTY RIGHTS" means:

  (a)    any and all proprietary rights provided under (i) patent law, (ii)
         copyright law, (iii) trademark law, (iv) design patent or industrial
         design law, (v) semi-conductor chip or mask work law, or (vi) any other
         statutory provision or common law principle applicable to this
         Agreement, including trade secret law, which may provide a right in
         either ideas, formulae, algorithms, concepts, inventions or know-how
         generally, or the expression or use of such ideas, formulae,
         algorithms, concepts, inventions or know-how; and

  (b)    any and all applications, registrations, licenses, sub-licenses,
         franchises, agreements, renewals or any other evidence of a right in
         any of the foregoing.

"PATIENT INFORMATION" means all information, data and test results collected by
Purchaser in connection with the use of the Products with its patients.

"PERSON" means an individual, corporation, partnership, limited liability
company, trust, business trust, association, joint stock company, joint venture,
pool, syndicate, sole proprietorship, unincorporated organization, governmental
authority or any other form of entity.

"PRODUCTS" means the products defined and described in Schedule 1 attached
hereto.

1.2     EXTENDED MEANINGS. Unless the context requires otherwise, words
importing the singular include the plural and vice versa and words importing
gender include all genders. The terms "including" and "include" shall mean
"including without limitation" and "include without limitation", respectively.

1.3     CURRENCY.  Unless otherwise stated, all dollar amounts referred to in
this Agreement are in United States dollars.

1.4     LEGAL COUNSEL. The parties acknowledge that their respective legal
counsel have reviewed and participated in settling the terms of this Agreement,
and that any rule of

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construction to the effect that any ambiguity is to be resolved against the
drafting party shall not be applicable in the interpretation of this Agreement.

1.5     REMEDIES CUMULATIVE.  Unless otherwise expressly stated herein, all
rights and remedies of either party under this Agreement are in addition to such
party's other rights and remedies and are cumulative, not alternative.

1.6     AGREEMENT AND SCHEDULE AMENDMENT AND SUPPLEMENT. Except as expressly set
out in this Agreement, including each Schedule to this Agreement, may not be
amended or supplemented except by mutual written agreement of at least one
authorized representative of each of the parties. Any such agreement will
expressly state that it is intended to amend or supplement, as the case may be,
this Agreement.

1.7     SCHEDULES.  This Agreement includes and incorporates the following
schedules:

        Schedule 1    -     Product List and Prices
        Schedule 2    -     Product Delivery and Payment Schedule
        Schedule 3    -     Data Relating to Use of Products

                                   ARTICLE 2
                        PRODUCTS AND PATIENT INFORMATION

2.1     PURCHASE AND PAYMENT. OccuLogix will sell and the Purchaser will
purchase the Products listed, in the amounts specified, in Schedule 1. On
October 1, 2004, the Purchaser agrees and shall deliver by cheque to OccuLogix a
payment of US$495,000 ("FIRST PAYMENT"). The First Payment shall be applied
against future invoices issued for Product to be shipped. All invoices for the
Products, plus applicable taxes and delivery charges less any applicable
marketing credit, as set out in Schedule 1, shall be due and payable seven (7)
days prior to the dates specified on Schedule 2. OccuLogix shall use its best
efforts to ship in accordance with the dates specified on Schedule 2. Purchaser
agrees and acknowledges, that in the event Purchaser gives notice to terminate
this Agreement and such proposed termination date is prior to the completion of
all scheduled deliveries of Product, Purchaser shall remain liable for the
remaining balance of Products to be shipped, any amounts owing prior to
termination and as otherwise stated herein.

        In the event that Purchaser fails to pay invoices at least seven (7)
days prior to the scheduled date of shipment, in addition to any other rights
OccuLogix may have under this Agreement, law or otherwise, OccuLogix reserves
the right to withhold future deliveries. Any invoices not paid within 15 days
from date invoice shall accrue interest at the highest allowable rate.

        Subject to availability, the Purchaser may order up to an additional
2000 Kits, in accordance with the terms and conditions of this Agreement, upon
submission of a purchase order by Purchaser and acknowledgement and acceptance
of the purchase order by OccuLogix.

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<PAGE>

2.2     MOST FAVOURED NATION.  OccuLogix will not sell the Products to the
Purchaser at a price that is less favourable than the price charged to any third
party.

2.3     PATIENT INFORMATION. The Purchaser will provide OccuLogix with copies of
the Patient Information and all other data set out in Schedule 3 (excluding the
"Date of Birth" information on the OccuLogix Retinal Consult Form) within 30
(thirty) days after the completion of the treatment by the Purchaser. The
parties agree that the Patient Information shall be collected and held in
accordance with the Personal Information Protection and Electronics Documents
Act (Canada).

                                   ARTICLE 3
                 WARRANTY, LIMITATION OF LIABILITY AND INDEMNITY

3.1     WARRANTIES AND LIMITATIONS.

  (a)   The Purchaser shall be liable for any damage or destruction to the
        OctoNova(R) Apheresis Machine furnished through OccuLogix resulting from
        the Purchaser's or its physicians', employees', agents' or patients'
        mis-use, negligence or mishandling, theft or breach of this Agreement.
        OccuLogix warrants that at the time it installs the OctoNova(R)
        Apheresis Machine and after any maintenance or repairs performed by
        OccuLogix or its agents that the OctoNova(R) Apheresis Machine will be
        in proper working order in accordance with the manufacturer's
        specifications. Except as set forth in the preceding sentence, OccuLogix
        makes no warranties, express or implied with respect to the Products.
        The Products are provided and sold to Purchaser "as is, where is" and
        OccuLogix gives no warranty or representation of any kind whatsoever
        other than as otherwise provided hereby. OccuLogix expressly disclaims
        all representations, warranties, conditions and obligations relating to
        the Products, whether written, oral, statutory, implied, arising from a
        course of conduct or usage of trade or otherwise, including any warranty
        of non-infringement and any implied warranty of merchantable quality or
        fitness for a particular purpose. The parties expressly disclaim the
        application of the United Nations Convention on contracts for the
        International sale of goods. At all times during the Term of this
        Agreement while Purchaser is in possession of the Products, Purchaser
        shall have the benefits of any of OccuLogix's rights under applicable
        manufacturers' warranties with respect to the Products, if any, and, to
        the extent assignable, such warranties are hereby assigned during the
        Term of the Agreement by OccuLogix, including manufacturers' one year
        parts and labor warranty of the OctoNova(R) Apheresis Machine. Purchaser
        shall take all reasonable actions to enforce such warranties when
        available but will not attempt to repair the Products during the
        manufacturer's one-year warranty. Furthermore, notwithstanding the above
        limitations, OccuLogix acknowledges and agrees, at its option, to either
        repair, replace or refund any Kits which prove, upon examination by
        OccuLogix, to be defective in materials and/or workmanship. Purchaser
        must return the Kit to OccuLogix, transportation charges prepaid.

  (b)   OccuLogix does not represent or warrant the fitness of the Products for
        any purpose (including any purpose expressly disclosed by Purchaser) nor
        does

                                      -4-
<PAGE>

        OccuLogix represent or warrant that the Products will have or possess
        any particular quality or state.

  (c)   OccuLogix's liability to Purchaser in relation to this Agreement and the
        Products shall be limited in all circumstances to Purchaser's direct
        damages to a maximum value of the payments paid by Purchaser to
        OccuLogix under this Agreement. Without Limiting the generality of the
        foregoing, in no event shall Occulogix have any liability arising out of
        or otherwise relating to this Agreement or the Products for: (i) damages
        arising out of or relating to any results produced by the Products; or
        (ii) consequential, incidental, special, collateral, punitive,
        exemplary, or indirect damages (including loss of goodwill, loss of
        profits or revenues, loss of savings, loss of use, interruption of
        business, injury or death to persons, damage to property and claims of
        patients or other users), whether based on breach of contract (including
        fundamental breach), tort (including negligence and gross negligence) or
        arising in equity, even if OccuLogix has been advised of the possibility
        of such damages.

3.2     PURCHASER'S COVENANTS.

        The Purchaser covenants the following:

  (a)   it will not resell or distribute the Products except with the prior
        written consent of OccuLogix;

  (b)   it will, at is sole expense, diligently operate the Products safely, at
        a high level of quality, and in accordance with the recommended
        guidelines, policies, procedures, protocols, manuals, instructions,
        methodologies or specifications provided by OccuLogix to Purchaser from
        time to time;

  (c)   until such time as final approval is received from the Food and Drug
        Administration, it will use the Products exclusively in Canada and only
        at a facility that meets manufacturer's requirements, if any. Once
        approval is received from the Food and Drug Administration, it will use
        the Products exclusively in Canada and at such locations for which
        Purchaser has received prior written consent from OccuLogix, which
        consent shall not be unreasonably withheld, provided further that such
        location meets manufacturer's requirements, if any;

  (d)   it will, at its sole expense, store, operate and use the Products in
        accordance with all applicable laws, rules, statutes, regulations,
        orders, judgments, directives or similar requirements, including any
        industry standards, Health Canada or other requirements relating to
        medical devices;

  (e)   it will, at its sole expense, keep the Products in good repair,
        condition and working order and will not remove any markings, labels or
        other proprietary notices or do anything that would disparage or
        adversely affect the reputation or goodwill of OccuLogix or its
        suppliers or of the Products;

                                      -5-
<PAGE>

  (f)   it will not make any alternations, additions or improvements to or in
        any way tamper with the Products;

  (g)   it will promptly notify OccuLogix, in writing, upon becoming aware of
        any problems, complaints, or claims regarding the Products or the use of
        the Products;

  (h)   it will not attempt to register any patents, trademarks, trade names,
        other than "RHEOVision" and "Rheo Therapeutics", or make any claim in
        connection with the Products or do anything inconsistent with or which
        might interfere with the validity of OccuLogix's or its suppliers' or
        its Affiliates' Intellectual Property Rights in the Products anywhere in
        the world; and

  (i)   it will not use, in its marketing materials or otherwise, any name,
        trademark or logo of OccuLogix or any of its Affiliates or suppliers,
        including "Rheopheresis", without OccuLogix's prior written consent, and
        it will not challenge or perform any act that decreases the value of, or
        attempt to register or assert any rights in, any name, trademark or logo
        of OccuLogix or any of its Affiliates, including "Rheopheresis".

                                   ARTICLE 4
                                CONFIDENTIALITY

4.1     CONFIDENTIALITY COVENANT.

  (a)   Each party will at all times, both during the term of this Agreement and
        thereafter, keep and hold all Confidential Information of the other
        party in the strictest confidence, and will not use such Confidential
        Information for any purpose, other than as may be reasonably necessary
        for the performance of its duties pursuant to this Agreement, without
        the other party's prior written consent.

  (b)   Each party agrees:

        (i)     that it will not disclose to any third party or use any
                Confidential Information disclosed to it by the other except as
                expressly permitted in this Agreement or disclosed with other
                party's prior written consent; and

        (ii)    that it will take all reasonable measures to maintain the
                confidentiality of all Confidential Information of the other
                party in its possession or control, which it will in no event be
                less than the measures it uses to maintain the confidentiality
                of its own information of similar importance.

  (c)   Notwithstanding the foregoing, each party may disclose Confidential
        Information:

        (i)     to the extent required by a court of competent jurisdiction or
                other governmental authority or otherwise as required by law
                provided the party notifies the other, and the other party has
                the opportunity to prevent or limit such disclosure; or

                                      -6-
<PAGE>

        (ii)    on a "need-to-know" basis under an obligation of confidentiality
                to its Affiliates and to its Affiliates' authorized agents,
                contractors, legal counsel, accountants, banks and other
                financing sources and their advisors.

  (d)   The terms and conditions of this Agreement will be deemed to be the
        Confidential Information of each party and will not be disclosed without
        the prior written consent of the other party, except to the extent that
        OccuLogix may use similar provisions of the terms herein with other
        purchasers for similar purposes as stated herein.

4.2     RETURN OF CONFIDENTIAL INFORMATION. Upon the termination of this
Agreement, each party will return to the other all copies of any Confidential
Information of the other which is then in its possession or control, and will
remove all digital representations thereof in any form from all electronic
storage media in its possession or under its control, except that the Receiving
Party may retain a copy of such Confidential Information in its Law Department
files for use only to record the specific Confidential Information for which it
is obligated under the Agreement.

4.3     NON-SOLICITATION. OccuLogix and Purchaser each agree that during the
term of this Agreement and for a period of two (2) years after it is terminated,
that it will not directly or indirectly solicit for employment or employ any
employee, consultant, advisor or other individual related to or engaged by the
other or any of its Affiliates during the term of this Agreement.

                                    ARTICLE 5
                              TERM AND TERMINATION

5.1     TERM. This Agreement will commence on the date first written above and
will continue until terminated in accordance with Section 5.2; provided,
however, that OccuLogix may lower its prices for the Products from time to time,
in its discretion, upon sixty (60) days prior written notice to the Purchaser;
provided, however, that the price increase shall not be effective any earlier
than earlier of the delivery of the 10,005 Kit or December 31, 2005 ("EFFECTIVE
DATE") for purchase orders received after the Effective Date.

5.2     TERMINATION. Either party may terminate this Agreement upon ninety (90)
days written notice to the other party. In the event of termination, this
Agreement shall terminate on the effective date of termination without further
action by the other party, and without any liability on the part of either party
except for any liability for any breach of this Agreement; any amounts owing for
Products purchased prior to termination, other outstanding obligations of either
party to the other, and as otherwise stated herein.

                                   ARTICLE 6
                                    GENERAL

6.1     NOTICES. Every notice provided for in this Agreement will be written and
directed to the party to whom delivered or given and will be delivered or given
at:

  (a)   If to OccuLogix, to:

                                      -7-
<PAGE>

        OccuLogix, L.P.
        5280 Solar Drive, Suite 3200
        Mississauga, ON  L4W 5M8

        Attention:        Kevin LaMarche
        Fax:              (905) 602-7956

  (b)   if to Purchaser, to:

        Rheo Therapeutics Inc.
        161 Bay Street, Suite 5840
        P.O. Box 214
        Toronto, ON M5J 2S1

        Attention:        John A. McMahon, CEO
        Fax:              (416) 216-0823

Each such notice will be: (i) personally delivered or by courier; (ii) sent by
telex, telecopier or other direct written electronic means; or (iii) sent by
registered mail. Any notice sent by way of the means described in (i) above will
be deemed to have been given and received on the business day on which it has
been personally delivered provided that if such notice has not been delivered on
a business day, then it will be deemed to have been given and received on the
next business day thereafter. Any notice sent by way of the means described in
(ii) above will be deemed to have been given and received on the date on which
it was transmitted provided that if such notice has not been transmitted on a
business day or it was not transmitted prior to 5:00 p.m. (eastern standard
time) on the business day that it was transmitted, then it will be deemed to
have been given and received on the next business day thereafter. Any notice
sent by the means described in (iii) above will be deemed to have been given and
received on the third business day following the date upon which it has been
mailed. If mail service is or is threatened to be interrupted at any time when a
notice is required to be given thereunder, then such notice will be given by the
means described in (i) or (ii) above. Each party may change its address for the
purposes of this Section from time to time by giving written notice of such
change to the other party in accordance with this Section.

6.2     ENTIRE AGREEMENT. This Agreement, together with any Schedules attached
to this Agreement and any agreements and documents to be delivered pursuant to
the terms of this Agreement, constitutes the entire agreement between the
parties pertaining to the subject matter of this Agreement and supersedes all
prior agreements, understandings, negotiations and discussions, whether oral or
written of any of the parties in respect of the subject matter hereof.

6.3     INJUNCTIVE RELIEF. Each party acknowledges that its failure to comply
with the provisions of this Agreement may cause irreparable harm to the other
party which cannot be adequately compensated for in damages, and accordingly
acknowledges that the other party will be entitled to obtain, in addition to any
other remedies available to it, interlocutory and permanent injunctive relief to
restrain any anticipated, present or continuing breach of this Agreement.

                                      -8-
<PAGE>

6.4     WAIVER. A waiver of any default, breach or non-compliance under this
Agreement is not effective unless in writing and signed by the party to be bound
by the waiver. No waiver will be inferred from or implied by any failure to act
or delay in acting by a party in respect of any default, breach, non-observance
or by anything done or omitted to be done by another party. The waiver by a
party of any default, breach or non-compliance under this Agreement will not
operate as a waiver of that party's rights under this Agreement in respect of
any continuing or subsequent default, breach or non-compliance (whether of the
same or any other nature).

6.5     SEVERABILITY. Any provision of this Agreement which is invalid or
unenforceable in any jurisdiction will, as to that jurisdiction, be ineffective
to the extent of such invalidity or unenforceability and will be severed from
the balance of this Agreement, all without affecting the remaining provisions of
this Agreement or affecting the validity or enforceability of such provision in
any other jurisdiction and appropriate amendments will be made to this Agreement
to put the party who is disadvantaged by such invalidity or unenforceability in
the same financial position as if no provision hereof were in invalid or
unenforceable. The parties agree to immediately negotiate in good faith a
replacement for any such provision in order to preserve the interests of the
parties to the extent permitted by law.

6.6     GOVERNING LAW AND ATTORNMENT. This Agreement will be governed by and
construed in accordance with the laws of the province of Ontario and the federal
laws of Canada applicable therein. Each of the parties irrevocably submits to
the non-exclusive jurisdiction of the courts of Ontario for the purpose of any
suit, action or other proceeding arising out of this Agreement, the subject
matter hereof or any of the transactions contemplated hereby brought by either
party or its successors or assigns.

6.7     FORCE MAJEURE. Notwithstanding any provision herein to the contrary,
neither party shall be deemed to be in default hereunder for failing to perform
or provide any of the Products or other obligations to be performed or provided
pursuant to this Agreement if such failure is the result of any labor dispute,
act of God, inability to obtain labor or materials, governmental restrictions or
any other event which is beyond such party's reasonable control. Such party will
use diligent efforts to remedy such failure or interruption. Neither party shall
be liable for injury to the other party's business or practice or for any loss
of income therefrom or for damage to the goods, wares or other property caused
by any such failure or interruption.

6.8     SUCCESSORS AND ASSIGNS. This Agreement will inure to the benefit of, and
will be binding on, the parties and their respective successors and permitted
assigns. Notwithstanding the foregoing, the Purchaser or OccuLogix may assign
this Agreement or any of its rights or obligations hereunder to their Affiliate,
to a purchaser of all or substantially all of its assets, or to any Person in
its discretion, provided the assignee agrees in writing to assume and be bound
by all or the assigned portion of the party's obligations under this Agreement,
whereupon OccuLogix or Purchaser, as applicable, will be released from all or
such assigned portion of its obligations under this Agreement.

6.9     RELATIONSHIP OF PARTIES. Each of the parties hereto are independent
contractors. Nothing herein will be construed to place the parties in a
relationship of principal and agent,

                                      -9-
<PAGE>

partners or joint venturers, and neither party will have the power to obligate
or bind the other party in any manner whatsoever.

6.10    AGREEMENT DRAWN IN ENGLISH. The parties confirm that it is their wish
that this Agreement, as well as all other documents relating hereto, including
all notices, have been and will be drawn up in the English language only. Les
parties aux presentes confirment leur volonte que cette convention, de meme que
tous les documents, y compris tout avis, qui s'y rallachent, soient rediges en
langue anglaise.

6.11    COUNTERPART AND FACSIMILE. This Agreement may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original
and such counterparts together shall constitute one and the same instrument. The
signature of any of the parties hereto may be evidenced by a facsimile copy of
this Agreement bearing such signature. Such signature shall be valid and binding
as if an original executed copy of the Agreement has been delivered.

        BY SIGNING BELOW, the parties agree to be bound by the terms of this
Agreement as of the date of this Agreement first above mentioned.

                             OCCULOGIX, L.P.

                             By: /s/ Elias Vamvakas
                                 ----------------------------------------------
                                 Name: Elias Vamvakas

                                 Title:

                                 I/We have the authority to bind the corporation

WITNESS:

                             RHEO THERAPEUTICS INC.

                             By: /s/ J. Machat
                                 -----------------------------------------------
                                 Name: J. Machat
                                 Title:

                                 I/We have the authority to bind the corporation

<PAGE>

                                   SCHEDULE 1
                             PRODUCT LIST AND PRICES

OCTONOVA(R) APHERESIS MACHINE

The OctoNova apheresis machine is a microprocessor controlled state-of-the-art
blood and plasma therapy machine used in patients requiring extracorporeal
removal of macromolecular plasma components.

Quantity:  Subject to submission and acceptance of a purchase order.
Price:  $31,200.00 (US), plus applicable taxes and delivery charges.

The OCTONOVA(R) comes with a one year on-site full service warranty. Initial
installation, calibration and operator training will be provided.

KIT

"Kit" includes 1 of each Filter and Tubeser as detailed below.

Quantity:  8004 Kits, delivered in increments as set out in Schedule 2.
Price:  $1,000.00 per Kit**, plus applicable taxes and delivery charges. One Kit
is required per treatment.

** Subject to an introductor discount rebate of $250.00 per Kit until changed in
accordance with Section 5.1.

FILTERS

PLASMAFLO(R) [OP-05W(L)]

In plasma therapy, the Plasmaflo(R) performs the key initial function of
separating the plasma from whole blood, and is used in conjunction with a second
column (the Rheofilter(R)) for purification of the separated plasma, which may
then be returned to the patient. It thus enables the efficient removal of
harmful substances, with simultaneous replenishment of clotting factors.

RHEOFILTER(R) (AR-2000) PLASMA COMPONENT SEPARATOR

The Rheofilter(R) Plasma Component Separator is used as part of an
extracorporeal treatment system in combination with a plasma separator
(Plasmaflo(R)) for improvement in Rheological parameters, for treatment of
dysproteinemia due to abnormal plasma viscosity and for removal of high
molecular weight proteins which may influence disorders of the microcirculation.

TUBESETS

RHEOPHERESIS STERILE TUBESET (MF-230) AND ARTERIAL VENOUS STERILE TUBESET
(AV-210)

<PAGE>

                                   SCHEDULE 2

                      PRODUCT DELIVER AND PAYMENT SCHEDULE

OCCULOGIX PRODUCT DELIVERY AND PAYMENT SCHEDULE
--------------------------------------------------------------------------------

($ in U.S. Dollars)
<TABLE>
<CAPTION>
                   Date of Delivery(1)         Number of Kits(2)  Payment Terms                     Amount Payable*
<S>                <C>                         <C>                <C>                               <C>
2004

                   October 1, 2004                   660          October 1st by Cheque                 $495,000
2005

                   January 31, 2005                  360          7 days prior to Cheque                $270,000
                   February 28, 2005                 396          7 days prior to Cheque                $297,000
                   March 31, 2005                    444          7 days prior to Cheque                $333,000
                   April 29, 2005                    504          7 days prior to Cheque                $378,000
                   May 31, 2005                      648          7 days prior to Cheque                $486,000
                   June 30, 2005                     648          7 days prior to Cheque                $486,000
                   July 29, 2005                     648          7 days prior to Cheque                $486,000
                   August 31, 2005                   696          7 days prior to Cheque                $522,000
                   September 30, 2005                744          7 days prior to Cheque                $558,000
                   October 31, 2005                  744          7 days prior to Cheque                $558,000
                   November 30, 2005                 756          7 days prior to Cheque                $567,000
                   December 30, 2005                 756          7 days prior to Cheque                $567,000
</TABLE>

1   OccuLogix will provide the Purchaser with reasonable notice if scheduled
    deliveries are to be delayed.

*   Plus shipping and taxes. See Section 2 and 5 for full details regarding the
    amount payable. In the event of inconsistency, Section 2 and 5 shall
    control.

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