OCCX Occulogix (MM)

OccuLogix, Inc. (NASDAQ: OCCX)(TSX: OC) announced today that its Annual and Special Meeting of Stockholders will take place on September 30, 2008 at 8:30 a.m. (Eastern time) at the offices of Torys LLP, 79 Wellington Street West, 33rd Floor, Toronto, Ontario. The Company intends to mail the meeting materials to its stockholders on or prior to September 5, 2008.

Earlier today, OccuLogix filed its definitive proxy statement for the meeting, and it will be available electronically on EDGAR (www.sec.gov) and SEDAR (www.sedar.com). Among other approvals, the proxy statement solicits the Company's stockholders' approval of the private placement of U.S.$2,173,000 of shares of the Company's common stock, the pre-payment by the Company of its U.S.$6,703,500 aggregate principal amount bridge loan by the issuance of shares of the Company's common stock to the bridge loan lenders and the acquisition by the Company of the minority ownership interest in San Diego-based OcuSense, Inc. that the Company does not already own. Currently, OccuLogix owns 50.1% of the capital stock of OcuSense on a fully diluted basis and 57.62% on an issued and outstanding basis.

OccuLogix also announced today that it has informed NASDAQ that the Company will be unable to meet the deadlines set forth in the approval of the NASDAQ Listing Qualifications Panel (the "Panel") pursuant to which the Company's listing was transferred from The NASDAQ Global Market to The NASDAQ Capital Market. The Panel's approval was subject to the condition that, on or before August 29, 2008, the Company disclose, in a Current Report on Form 8-K, pro forma financial statements evidencing stockholders' equity of at least U.S.$2,500,000 or demonstrate compliance with one of NASDAQ's alternative listing criteria and the further condition that, on or before September 16, 2008, the Company inform the Panel that the Company's common stock has evidenced a closing bid price of U.S.$1.00 or more for a minimum of ten consecutive trading days.

The Company expects to regain compliance with the applicable continued listing requirements of The NASDAQ Capital Market following the implementation of the matters that the Company's stockholders are being asked to approve at the upcoming meeting. Accordingly, OccuLogix has requested additional time from NASDAQ to regain compliance. There can be no assurance that NASDAQ will grant the Company's request.

The securities to be offered in the private placement, the pre-payment of the bridge loan and the OcuSense acquisition transaction have not been registered under the Securities Act of 1933, as amended (the "Act") or any state securities laws or qualified under any Canadian provincial or territorial securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Act and applicable state securities laws or in Canada absent a valid prospectus, or an applicable exemption from the prospectus requirements, under applicable provincial and territorial securities laws.

About OccuLogix, Inc.

OccuLogix (www.occulogix.com) is a healthcare company focused on ophthalmic devices for the diagnosis and treatment of age-related eye diseases.

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 securities regulatory authorities, including but not limited to our Forms 10-K and 10-Q. We do not undertake to update any forward-looking statements.

Contacts: OccuLogix, Inc. William G. Dumencu (905) 602-0887, ext. 3910 Email: bill.dumencu@occulogix.com Website: www.occulogix.com