OccuLogix Inc.

OccuLogix Inc. announced that it has secured a bridge loan in an aggregate principal amount of $3,000,000 from a number of private parties. The loan bears interest at a rate of 12% per annum and will have a 180-day term, which may be extended to 270 days under certain circumstances. The repayment of the loan is secured by a pledge by the Company of its 50.1% ownership interest in OcuSense Inc. OcuSense Inc. is a San Diego-based in vitro diagnostics company that is developing technologies to enable eye care practitioners to test for highly sensitive and specific biomarkers in tears at the point-of-care. Under the terms of the loan agreement, the Company has two pre-payment options available to it, should it decide to not wait until the maturity date to repay the loan. Under the first pre-payment option, the Company may repay the loan in full by paying the lenders, in cash, the amount of outstanding principal and accrued interest and issuing to the lenders five-year warrants in an aggregate amount equal to approximately 19.9% of the issued and outstanding shares of the Company's common stock (but not to exceed 20% of the issued and outstanding shares of the Company's common stock).