Ocumetics Technology Corp. (TSXV: OTC) (OTCQB: OTCFF) (FRA: 2QBO) 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. This conversion represents a 35% reduction in the company's outstanding debenture principal, which was previously $4 million.
The debt-to-equity conversion is expected to strengthen Ocumetics' balance sheet as it advances toward key milestones in its ongoing patient study program. The company is preparing for an Investigational Device Exemption (IDE) submission to the U.S. Food and Drug Administration, a critical regulatory step for its dynamic intraocular lens technology.
“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 is expected to reduce ongoing interest costs and align investor interests with the company's clinical development objectives. Ocumetics is developing a dynamic intraocular lens that fits within the eye's natural lens compartment, designed to allow natural muscle activity to shift focus from distance to near, potentially eliminating the need for corrective lenses.
The company is currently in the first-in-human early feasibility study phase. According to the company's press release, the technology aims to provide clear vision at all distances without glasses or contact lenses and without perceptible time lag.
Ocumetics' stock trades on the TSX Venture Exchange under the symbol OTC, on the OTCQB under OTCFF, and on the Frankfurt Stock Exchange under 2QBO. The company is a Canadian research and development firm focused on advanced vision correction solutions.
