Biotech Values

[DewDiligence]

Update on Rheopheresis:

[TLCV’s Elias Vamrakis in an incurable wheeler-dealer. If there is a way to squeeze some money out of the RHEO operation, he will find it. From a medical standpoint, I remain skeptical that this procedure can offer much help in AMD. See #msg-2404229 for background info.]

http://biz.yahoo.com/bw/040510/105691_1.html

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TLCVision Provides RHEO Update On Conference Call With Investors

TORONTO--(BUSINESS WIRE)--May 10, 2004--TLC Vision Corporation (NASDAQ:TLCV; TSX:TLC) discussed its fiscal 2004 first quarter financial results during a conference call with investors this morning.

During the call, TLCVision's Chairman & CEO, said the Company believes that a separation and initial public offering of the patented Rheopheresis® blood filtration process business ("RHEO") may be the way to maximize its potential and result in the highest value for TLCV and the Company's shareholders. To help facilitate that, TLCVision and the other major shareholders of Vascular Sciences Corporation ("VSC") have in principle agreed to a plan to proceed with a re-organization that would combine VSC and OccuLogix LP into a new stand-alone device company focused on development of the RHEO procedure and the sales and distribution of RHEOfilters and OctoNova® pumps. The primary question facing the Company is one of timing and there are a number of factors that can affect that.

Mr. Vamvakas went on to say that "If I had to guess now, I'd say we would either be looking at sometime this fall or, if not, probably after the clinical data and PMA have been submitted."

An audio replay of the call will be available until May 24 at 5:00 p.m. ET and can be accessed by dialing 416-626-4100 and entering reservation # 21193098. In addition, an archive of the call will be available for an indefinite period at www.tlcv.com.
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