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 principal into common shares at $0.32 per share, resulting in the issuance of 4,375,000 common shares. The conversion represents a 35% reduction in the company’s outstanding debenture principal, which was previously $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. “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 strengthens Ocumetics’ balance sheet by reducing debt and interest costs while aligning investor interests with the company’s clinical development objectives. This financial restructuring comes as Ocumetics prepares for key regulatory milestones, including an Investigational Device Exemption (IDE) submission to the U.S. Food and Drug Administration. The company is currently conducting a first-in-human early feasibility study for its dynamic intraocular lens, which is designed to fit within the natural lens compartment of the eye and potentially eliminate the need for corrective lenses by allowing the eye’s natural muscle activity to shift focus from distance to near.
Ocumetics’ technology aims to provide clear vision at all distances without glasses or contact lenses, with no perceptible time lag. The company’s advancements could transform the field of ophthalmology, offering a game-changing solution for patients. By converting debt to equity, Ocumetics enhances its financial flexibility to support ongoing research and development activities.
For further information, contact David Burwell, Director of Investor Relations, at dave.burwell@ocumetics.com or (403) 410-7907. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements under applicable Canadian securities legislation, including statements regarding the commencement, timing, and scope of clinical trials and research activities. These statements are based on estimates and assumptions that are subject to risks and uncertainties, which may cause actual results to differ materially. The company disclaims any obligation to update forward-looking statements except as required by law.
