2005 Form 10-K
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Bringing evidence-based medical therapies to life OCCULOGIX FORM 10-K 2005 OOcculogix_Cvr05.inddcculogix_Cvr05.indd 3 55/9/06/9/06 33:08:08:08:08 PPMM COMPANY PROFILE OccuLogix is a health care company that brings innovative and evidenced-based medical therapies to market. BOARD OF DIRECTORS ELIAS VAMVAKAS Elias Vamvakas is OccuLogix’s Chairman and CEO. Mr. Vamvakas, management positions at Bausch & Lomb Incorporated, the most recent together with Dr. Jeffrey J. Machat, co-founded TLC Vision Corporation, being Executive Vice President and Chief Administrative Officer from and has been the Chairman of TLC Vision Corporation since 1994 and 1995 to 1996. Mr. Holmes also serves on the board of IntraLase Corp. was its Chief Executive Officer from 1994 to July 2004. He has been our Chairman and Secretary since June 2003 and our Chief Executive RICHARD L. LINDSTROM, M.D. Officer since July 2004. Mr. Vamvakas was named to “Canada’s Top Richard L. Lindstrom, M.D., has been a member of our board since Forty Under Forty” in 1996. In 1999, he was named Ernst & Young’s September 2004 and has been serving as a director of TLC Vision Entrepreneur of the Year for Ontario in the Emerging Category and Corporation since May 2002. Dr. Lindstrom is a founder of, and an Canadian Entrepreneur of the Year for Innovative Partnering. attending surgeon, at Minnesota Eye Consultants and Adjunct Professor Emeritus in the Department of Ophthalmology at the University THOMAS N. DAVIDSON of Minnesota. He is past President of the International Society of Thomas N. Davidson has been a member of our board since September Refractive Surgery, the International Intraocular Implant Society and 2004. Mr. Davidson has been Chairman of NuTech Precision Metals Inc. the International Refractive Surgery Club and is currently the President- since 1984 and Chairman of Quarry Hill Group, a private investment Elect of the American Society of Cataract and Refractive Surgery. Dr. holding company, since 1986. Mr. Davidson is past Chairman of Hanson Lindstrom consults widely in the eye care field, has 32 issued patents Chemical Inc., General Trust and PCL Packaging Inc. Mr. Davidson is and retains an active consultative ophthalmology practice. the non-executive Chairman of Azure Dynamics Corporation, a developer of hybrid electrical vehicle systems for commercial vehicles. He also sits GEORGES NOËL on the board of MDC Partners Inc. and TLC Vision Corporation and was Georges Noël has been a member of our board since July 2003. Mr. recognized by the Financial Post as the Canadian Entrepreneur of the Noël has been involved in the private equity and venture capital industry Year in 1979. for over 14 years. Before that, he was the Chief Financial Officer of an industrial company for 12 years and a corporate banker for ten years. ADRIENNE L. GRAVES, PH.D. In 2004, Mr. Noël was appointed Director of the European Private Adrienne L. Graves has been a member of our board since April 2005. Dr. Equity & Venture Capital Association. Mr. Noël serves on the boards Graves has been President and CEO of Santen Inc., the U.S. subsidiary of of several European companies and private equity funds. He is past Japan’s Santen Pharmaceutical Co., Ltd., since 2002. She joined Santen President of the Belgium Venturing Association and of the IMD Alumni Inc. in 1995 as Vice President of Clinical Affairs to initiate the company’s Club of Belgium. clinical development in the U.S. Under her leadership, Santen’s research and development team successfully developed and obtained U.S. Food GILBERT S. OMENN, M.D., PH.D. and Drug Administration approval for three ophthalmic products in Gilbert S. Omenn has been a member of our board since April 2005. major therapeutic areas. Prior to joining Santen Inc., Dr. Graves spent Dr. Omenn is Professor of Internal Medicine, Human Genetics, and nine years with Alcon Laboratories, Inc. where she most recently served Public Health and Director of the Center for Computational Medicine as Director of International Ophthalmology. and Biology at the University of Michigan. He served as Executive Vice President for Medical Affairs and as Chief Executive Officer of the JAY T. HOLMES University of Michigan Health System from 1997 to 2002. He leads Jay T. Holmes has been a member of our board since September 2004 the Plasma Proteome Project of the international Human Proteome and has been self-employed as an attorney and business consultant since Organization. Dr. Omenn is a director of Amgen Inc. and of Rohm & mid-1996. From 1981 until mid-1996, Mr. Holmes held several senior Haas Company and board chair of the American Association for the Advancement of Science. OOcculogix_Cvr05.inddcculogix_Cvr05.indd 4 55/9/06/9/06 33:08:50:08:50 PPMM SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A AMENDMENT NO. 1 [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO _____ ------------- COMMISSION FILE NUMBER 000-551030 OccuLogix, Inc. (Exact name of Registrant as specifi ed in its charter) DELAWARE 59 343 4771 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identifi cation No.) 2600 Skymark Avenue, Unit 9, Suite 201 Mississauga, Ontario L4W 5B2 (Address of principal executive offi ces) (905) 602-0887 (Registrant’s telephone number, including area code) SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: NONE SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: COMMON STOCK, $0.001 PAR VALUE (Title of Class) 1 OOcc-10k.inddcc-10k.indd 1 55/9/06/9/06 33:06:18:06:18 PPMM Indicate by check mark if the registrant is a well-known seasoned issuer, as defi ned in Rule 405 of the Securities Act. Yes [ ] No [X] Indicate by check mark if the registrant is not required to fi le reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No[X] Indicate by check mark whether the Registrant: (1) has fi led all reports required to be fi led by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to fi le such reports), and (2) has been subject to such fi ling requirements for the past 90 days. Yes [X] No [ ] Indicate by check mark if disclosure of delinquent fi lers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant’s knowledge, in defi nitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ] Indicate by check mark whether the Registrant is an accelerated fi ler (as defi ned in Rule 12b-2 of the Act). Yes [ X] No [ ] Indicate by check mark if the Registrant is a shell company (as defi ned in Rule 12b-2 of the Exchange Act). Yes [ ] No [X] 2 OOcc-10k.inddcc-10k.indd 2 55/9/06/9/06 33:06:24:06:24 PPMM The aggregate market value of the voting common stock held by non-affi liates of the Registrant (assuming offi cers, directors and 10% stockholders are affi liates), based on the last sale price for such stock on June 30, 2005: $131,655,528. The Registrant has no non-voting common stock. As of March 15, 2006, there were 42,181,779 shares of the Registrant’s Common Stock outstanding. EXPLANATORY NOTE This Amendment No. 1 to this Annual Report on Form 10-K is being fi led in order to correct certain arithmetic errors in Item 7, under the heading “Liquidity and Capital Resources – Cash Used in Operating Activities”. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Proxy Statement for the 2006 Annual Meeting of Stockholders of the Registrant to be held June 23, 2006 are incorporated by reference into Part III of this Form 10-K. The Registrant makes available free of charge on or through its website (http://www.occulogix.com) its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports fi led or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934. The material is made available through the Registrant’s website as soon as reasonably practicable after the material is electronically fi led with or furnished to the U.S. Securities and Exchange Commission, or SEC. All of the Registrant’s fi lings may be read or copied at the SEC’s Public Reference Room at 100 F Street, N.E., Room 1580, Washington D.C. 20549. Information on the hours of operation of the SEC’s Public Reference Room can be obtained by calling the SEC at 1-800-SEC-0330. The SEC maintains a website (http://www.sec.gov) that contains reports and proxy and information statements of issuers that fi le electronically. 3 OOcc-10k.inddcc-10k.indd 3 55/9/06/9/06 33:06:24:06:24 PPMM PART I SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements relating to future events and our future performance within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.