OccuLogix diversifies with SOLX purchase

Toronto-OccuLogix Inc. said it will acquire Boston-based SOLX Inc. in a deal aimed at diversifying OccuLogix's offerings while it awaits further study of its treatment for the dry form of age-related macular degeneration (AMD).

Terms of the deal were not disclosed, but OccuLogix announced it would provide SOLX with a $2 million bridge loan, and substantially all of the purchase price would be paid in OccuLogix stock. OccuLogix, which has seen positive results from a pivotal phase III clinical trial of its RHEO System, recently announced it expects to need additional studies for FDA approval.

The company had been required to obtain a minimum of 150 complete data sets, but only had 115; the company plans to meet with the FDA later this year to discuss the impact of its results thus far. Acquiring SOLX allows OccuLogix to expand into the glaucoma field by claiming rights to the DeepLight Glaucoma Treatment System, including the DeepLight 790 Titanium Sapphire Laser and the DeepLight Gold Micro-Shunt, which can be used to manage IOP. Both features have been approved in Europe and are the subject of two randomized, multicenter studies in the United States.