OccuLogix cuts back
This article was originally published in The Gray Sheet
Executive Summary
OccuLogix fires seven members of its executive team in January following the indefinite suspension of clinical development for the RHEO blood filtration system to treat "dry" age-related macular degeneration. Also, CEO Elias Vamvakas and Chief Operating Officer Tom Reeves have agreed to take a 50% pay cut. The Toronto company announced plans for a 300-patient, sham-controlled pivotal trial of RHEO last February, but recently decided the project is not financially feasible following a review of the projected costs and development timeline (1"The Gray Sheet" Feb. 5, 2007, In Brief). The company also is exploring strategic alliances or selling all or part of the company. The firm sold its SOLX glaucoma business in December for $5 million plus future royalties. OccuLogix retains its San Diego-based OcuSense division, which plans to launch the TearLab diagnostic system in 2008. TearLab measures tear film osmolarity, a quantitative biomarker for dry eye