OccuLogix seeks IPO in Canada, United States

OccuLogix Inc. filed a preliminary prospectus with the Canadian securities regulatory authorities in each of the provinces of Canada for an initial public offering (IPO) of its common stock in Canada, reported the company and its significant stockholder, TLC Vision Corp.

The ophthalmic therapeutic company (formerly known as Vascular Sciences Corp.) had filed a registration statement 2 days earlier with the U.S. Securities and Exchange Commission for an IPO of its common stock in the United States. The registration statement is not yet effective.

In Canada and the United States, the common stock will only be offered by means of a prospectus. The securities may not be sold nor may offers to buy be accepted in the United States prior to the time the registration statement becomes effective.

TLC also reported that its chairman and CEO, Elias Vamvakas, resigned from the position of CEO in order to lead OccuLogix as its chairman and CEO. James C. Wachtman will succeed Vamvakas as TLC's chief executive officer. Wachtman was also named to the company's board of directors following the retirement of John Klobnak.