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    OccuLogix Terminates Negotiations with Sowood
Friday June 30, 1:00 pm ET


TORONTO, ONTARIO--(MARKET WIRE)--Jun 30, 2006 -- OccuLogix, Inc. (NasdaqNM:RHEO - News)(TSX:RHE.TO - News) today announced that it has terminated negotiations with Sowood Capital Management LP ("Sowood") in connection with a proposed private purchase, by certain funds and accounts managed or advised by Sowood and its affiliates, of approximately US$30 million of zero-coupon convertible notes of the Company. This proposed transaction had been announced on June 14, 2006.
After preliminary discussions, OccuLogix decided that it would be in the best interests of the Company and its stockholders to discontinue negotiations.

About OccuLogix, Inc.

OccuLogix is a health care company that brings innovative and evidenced-based medical therapies to market. OccuLogix's common shares trade on the NASDAQ National Market under the symbol 'RHEO' and on the Toronto Stock Exchange under the symbol 'RHE'. Visit us on the internet at www.occulogix.com (corporate) and www.rheo.com (healthcare professionals, patients and caregivers).

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Forward-Looking Statements

This press release may contain forward-looking statements. These statements relate to future events and are subject to risks, uncertainties and assumptions about the company. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. Many factors may cause our actual results to differ materially from any forward-looking statement, including the factors detailed in our filings with the Securities and Exchange Commission and Canadian regulatory authorities, including our Registration Statement on Form S-1. We do not undertake to update any forward-looking statements.



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