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Prospector
Profile
3-25-002
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| OccuLogix, Inc. |
NAICS |
339112 |
| 2600 Skymark Avenue, Unit 9, Suite 201
Mississauga, Ontario L4W 5B2, Canada |
Description |
Ophthalmic Apparatus Mfg. |
| (905) 602-0887 |
Employees |
24 |
| http://www.occulogix.com/ |
Revenue |
(mil) |
0.0900 |
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Income |
(mil) |
-68.1400 |
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Assets |
(mil) |
10.0000 |
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Liability |
(mil) |
4.1000 |
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(for the year ended 2007-12-31) |
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Category:
Audit Concerns
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Event:
Ernst & Young LLP raised substantial doubt about OccuLogix, Inc.'s ability to continue as a going concern after auditing the Company's consolidated financial statements for the years ended December 31, 2007, and 2006. The auditing firm pointed to the Company's recurring operating losses and working capital deficiency. For the year ended December 31, 2007, the Company posted a net loss of $68,139,314 on total revenues of $91,500, as compared with a net loss of $82,184,503 on total revenues of $174,259. At December 31, 2007, the Company's balance sheet showed $9,998,360 in total assets, $4,099,072 in total liabilities, and $5,899,288 in total stockholders' equity. The Company's balance sheet at December 31, 2007, showed strained liquidity with $3,102,210 in total current assets available to pay $4,099,072 in total current liabilities.
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Intellectual Property:
The Company's OcuSense subsidiary, owns or has exclusive licenses to five U.S. patents relating to the TearLab(TM) test for DED and related technology and processes and has applied for a number of other patents in the United States and other jurisdictions. In addition to patent protection, OcuSense has registered the TearLab(TM) trademark in the U.S. [SEC Filing 10-K 03-17-08]
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Description:
The Company offers treatments for eye diseases, including age-related macular degeneration.
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Officers:
Elias Vamvakas (Chair & CEO); William G. Dumencu (CFO & Treas.); Jay T. Holmes (Dir.); Thomas N. Davidson (Dir.); Richard L. Lindstrom, M.D. (Dir.); Georges Noel (Dir.); Adrienne L. Graves (Dir.); Gilbert S. Omenn (Dir.)
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Auditor:
Ernst & Young LLP
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Securities:
Common Stock Symbol OCCX; NasdaqGM; 57,306,145 common shares outstanding as of March 13, 2008.
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