CALGARY, ALBERTA - Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO), a developer of advanced vision restoration technologies, announced that debentureholders have converted $1.4 million of their principal into common shares of the Company at a price of $0.32 per share, resulting in the issuance of 4,375,000 common shares. The conversion represents 35% of the Company’s previously outstanding debenture principal of $4 million.
“These debenture conversions reflect the confidence our investors and debenture holders continue to show in Ocumetics and our long-term vision,” said Dean Burns, President and CEO of Ocumetics. “We are actively managing our investments and stakeholder relationships as we continue to advance our patient study and focus on achieving the next major milestones for the Company.”
The conversion of debt into equity is expected to improve the Company’s financial flexibility and reduce ongoing interest costs while aligning investor interests with the continued advancement of Ocumetics’ technology platform and clinical development objectives. The Company continues to advance toward key regulatory milestones, including preparation for its planned Investigational Device Exemption (“IDE”) submission to the U.S. Food and Drug Administration.
Ocumetics is in the first-in-human early feasibility study phase of a game-changing technology for the ophthalmic industry. The Company has developed a dynamic intraocular lens that fits within the natural lens compartment of the eye, potentially eliminating the need for corrective lenses. It is designed to allow the eye’s natural muscle activity to shift focus from distance to near, providing clear vision at all distances without the help of glasses or contact lenses, and without perceptible time lag.
This debt conversion significantly strengthens the Company’s balance sheet as Ocumetics advances toward key milestones in its ongoing patient study program. The reduction in debt and interest obligations provides the Company with greater financial runway to support its clinical development objectives.
For more information about Ocumetics and its technology, visit the original release on NewMediaWire.
