[This is the company whose Rheopheresis product for dry AMD strikes me as a possible hoax. TLCV, the parent company which runs LASIK and cataract centers in the U.S. and Canada, sure seems anxious to cash out. Please follow the chain of prior iHub posts on this subject for background info. Caveat emptor!]
NEW YORK, Dec 8 (Reuters) - OccuLogix Inc.'s initial public offering raised $100.8 million on Wednesday after the eye disease treatment company's shares priced at the top of its recently increased range.
The Mississauga, Ontario-based company's IPO priced 8.4 million shares at $12 per share, the underwriter said. Earlier this week, OccuLogix increased the expected pricing range of its offering from $8 to $10 per share to $10 to $12 per share.
The company develops treatments for eye diseases such as age-related macular degeneration, the leading cause of visual impairment and legal blindness in people over the age of 50 in the United States.
Proceeds from the offering will be used to conduct clinical trials, build infrastructure and purchase inventory to support development of its treatment systems.
According to a regulatory filing, OccuLogix is selling 5.6 million shares in the offering while its major shareholder, Canada's TLC Vision Corp. (TLCV, TLC.TO), is selling 2.8 million. After the offering, TLC will own approximately 48.2 percent of the company's shares, on a fully diluted basis.
The deal's underwriters, led by Citigroup, have the option of purchasing an additional 1.26 million shares to cover any over-allotments.
OccuLogix's shares are expected to trade on the Nasdaq under the symbol "RHEO". The company also expects to list its shares on the Toronto Stock Exchange under the symbol "RHE" (RHE.TO). <<
News 
Market Data 
Discover 
AI
