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news.Canada-based OccuLogix has sold its Solx subsidiary to a company owned by that subsidiary's president and founder, Doug Adams.
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Under the terms of the purchase agreement, the acquirer assumed all costs and liabilities of Solx as of December 1, 2007, in addition to a $5 million payment obligation owed by OccuLogix to the former shareholders of Solx, due on September 1, 2008.
In addition, the purchase agreement provides that OccuLogix will receive a royalty of 3% of revenues generated by world-wide sales of the Solx 790 Laser and the Solx Gold Shunt, until such time as Solx becomes cash-flow positive from its operations, and a royalty of 5% thereafter. Both the Solx 790 Laser and the Solx Gold Shunt have CE approval in Europe and are currently the subject of two randomized, multi-center studies in the US.