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 35% of the company's previously outstanding $4 million debenture principal.
This debt conversion significantly strengthens Ocumetics' balance sheet as it approaches key milestones in its ongoing patient study program. The reduction in debt improves financial flexibility and lowers interest costs, while aligning investor interests with the company's clinical development objectives. Dean Burns, President and CEO of Ocumetics, noted that these conversions reflect continued investor confidence in the company's long-term vision.
Ocumetics is currently conducting a first-in-human early feasibility study for its dynamic intraocular lens, which is designed to fit within the eye's natural lens compartment and potentially eliminate the need for corrective lenses. The lens uses the eye's natural muscle activity to shift focus from distance to near, providing clear vision at all distances without glasses or contact lenses.
The company continues to advance toward regulatory milestones, including preparation for an Investigational Device Exemption (IDE) submission to the U.S. Food and Drug Administration. This debt conversion positions Ocumetics to focus resources on achieving these next major milestones and advancing its technology platform.
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 includes forward-looking statements under applicable Canadian securities legislation, which involve risks and uncertainties that could cause actual results to differ materially. Readers should not place undue reliance on such statements. The company disclaims any obligation to update forward-looking statements except as required by law.
View the original release on NewMediaWire.
