Ocumetics Technology Corp., 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, issuing 4,375,000 common shares. This conversion represents 35% of the company's outstanding debenture principal of $4 million, significantly strengthening its balance sheet ahead of key patient study milestones.
The transaction is expected to improve financial flexibility and reduce ongoing interest costs, while aligning investor interests with the company's clinical development objectives. Dean Burns, President and CEO of Ocumetics, stated, "These debenture conversions reflect the confidence our investors and debenture holders continue to show in Ocumetics and our long-term vision." He added that the company is actively managing its investments and stakeholder relationships as it advances its patient study and focuses on achieving the next major milestones.
Ocumetics is advancing toward key regulatory milestones, including preparation for its planned Investigational Device Exemption (IDE) submission to the U.S. Food and Drug Administration. The company is currently in the first-in-human early feasibility study phase of its dynamic intraocular lens technology, which fits within the eye's natural lens compartment and uses the eye's natural muscle activity to shift focus from distance to near, potentially eliminating the need for corrective lenses.
The conversion of debt into equity is seen as a positive signal of investor confidence and a strategic move to bolster the company's financial position as it progresses toward commercialization. The company's technology aims to transform the field of ophthalmology with state-of-the-art intraocular lenses and other vision-enhancing technologies.
For further information, interested parties can contact David Burwell, Director of Investor Relations, at dave.burwell@ocumetics.com or (403) 410-7907. The company's common shares are listed on the TSX Venture Exchange under the symbol OTC, on the OTCQB under OTCFF, and on the Frankfurt Stock Exchange under 2QBO.
