OccuLogix, dba TearLab Corporation, Reports Q3-09 Financial Results

SAN DIEGO, Nov. 12, 2009 (GLOBE NEWSWIRE) -- OccuLogix, Inc., dba TearLab
Corporation (TearLab) (Nasdaq:TEAR) (TSX:TLB) today reported its consolidated
financial results for the quarter ended September 30, 2009. All dollar amounts
are expressed in U.S. currency, and results are reported in accordance with
United States generally accepted accounting principles.

For the three months ended September 30, 2009, TearLab's net revenues were
$263,221 as compared to $96,849 in the prior quarter ended June 30, 2009 and
$23,900 for the same period in 2008. The Company's loss for the three months
ended September 30, 2009 was approximately $0.7 million, or $0.07 per share
which is unchanged from the loss in the prior quarter ended June 30, 2009 and a
loss of $2.3 million, or $1.00 per share for the same period in 2008.

For the nine months ended September 30, 2009, TearLab's net revenues were
$603,328 as compared to $158,300 for the same period in 2008. The Company's loss
for the nine months ended September 30, 2009 was approximately $2.7 million, or
$0.27 per share as compared to $7.1 million, or $3.10 per share for the same
period in 2008.

As of September 30, 2009, TearLab had cash and cash equivalents and short-term
investments of $1.0 million. In July and August, the Company was successful in
completing a convertible debt financing that raised a total of $1.75 million
which will provide sufficient funding to meet operational needs to the end of
the year.

The TearLab Osmolarity System aids in the diagnosis of Dry Eye Disease, which
affects over 100 million people worldwide. The company has launched TearLab in
Europe, initially focusing on Germany, Italy, Spain and France. The European
launch focuses on key opinion leaders conducting local clinical trials to
generate local country data with the goal of increasing awareness. Data from
these clinical trials will lend additional insights into clinical application of
the TearLab Osmolarity System for physicians and aid in reimbursement efforts.
The Company recently presented a poster at the American Academy of Ophthalmology
and expects to be presenting the results of clinical trials at conferences and
trade shows as well as publishing data in peer-reviewed journals.

The company recently received 510(k) clearance from the FDA which allows the
TearLab Osmolarity System to be marketed in the U.S. to the limited number of
physicians who practice in facilities that hold a CLIA Moderate or High
Complexity certificate under the direction of a qualified laboratory director.
This is the first of two major milestones that are required for the company's
launch into the U.S. market.

The second major milestone, CLIA Waiver categorization expected in the first
half of 2010 reduces the CLIA certification requirement to a much simpler level
such that any of the 50,000 ophthalmologists or optometrists may qualify to
perform the TearLab test under a CLIA Waiver certificate and would pave the way
for wide-spread adoption.

"We continue to be very excited about the future of our TearLab platform and are
seeing increasing interest from our European and North American opinion leaders.
We look forward to obtaining the CLIA waiver categorization and eagerly
anticipate the widespread use of our platform once this regulatory milestone is
achieved," said Elias Vamvakas, TearLab's Chairman & CEO.

About OccuLogix, Inc. dba TearLab Corporation

OccuLogix, Inc. dba TearLab Corporation (www.tearlab.com) develops and markets
lab-on-a-chip technologies that enable eye care practitioners to improve
standard of care by objectively and quantitatively testing for disease markers
in tears at the point-of-care. The TearLab Osmolarity Test, for diagnosing Dry
Eye Disease, is the first assay developed for the award winning TearLab
Osmolarity System. Headquartered in San Diego, CA, TearLab Corporation's common
shares trade on the NASDAQ Capital Market under the symbol 'TEAR' and on the
Toronto Stock Exchange under the symbol 'TLB'. TearLab is currently marketed
globally in more than 17 countries including the U.S.

Forward-Looking Statements

This press release may contain forward-looking statements. These statements
include statements regarding CLIA waiver categorization, the adequacy of our
funding and the results of clinical trials. 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.

OccuLogix, Inc. dba TearLab Corporation

CONSOLIDATED STATEMENTS OF OPERATIONS
(expressed in U.S. dollars except number of shares)

-------------------------
Three months ended
September 30,
-------------------------
2009 2008
---------------------------------------------------------------------
Revenue
TearLab $ 263,221 $ --
Retina -- 23,900
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Total revenue 263,221 23,900
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Cost of goods sold
TearLab - product cost 138,832 --
Retina - product cost -- 1,945
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Total cost of goods sold 138,832 1,945
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Gross profit 124,389 21,955
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Operating expenses
Amortization of intangible assets 303,631 317,377
General and administrative 566,435 630,453
Clinical, regulatory and research &
development 228,796 671,612
Sales and marketing 117,381 218,895
Restructuring charges -- 74,128
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Total operating expenses 1,216,243 1,912,465
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Loss from continuing operations (1,091,854) (1,890,510)
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Other income (expenses)

Interest income 8 17,946
Changes in fair value of warrant
obligation 12,639 --
Gain (impairment) of investments -- (68,281)
Interest expense (40,752) (169,540)
Amortization of deferred finance
charges, warrants & beneficial
conversion values (135,245) (48,000)
Other (17,820) 131,655
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Total other income (181,170) (136,220)
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Loss from continuing operations
before income taxes (1,273,024) (2,026,730)
Income tax recovery (expense) 618,371 (1,649,632)
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Net loss for the period (654,653) (3,676,362)
Net loss attributable to
non-controlling interest, net of tax -- 1,393,410
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Net loss attributable to OccuLogix,
Inc. $ (654,653) $(2,282,952)
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Weighted average number of shares
outstanding - basic and diluted
9,866,685 2,292,280
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Loss per common share attributable to
OccuLogix, Inc - basic and diluted $(0.07) $(1.00)
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OccuLogix, Inc. dba TearLab Corporation

CONSOLIDATED STATEMENTS OF OPERATIONS
(expressed in U.S. dollars except number of shares)

-------------------------
Nine months ended
September 30,
-------------------------
2009 2008
---------------------------------------------------------------------
Revenue
TearLab $ 603,328 $ --
Retina -- 158,300
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Total revenue 603,328 158,300
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Cost of goods sold
TearLab - product cost 388,648 --
Retina - product cost -- 26,501
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Total cost of goods sold 388,648 26,501
---------------------------------------------------------------------
Gross profit 214,680 131,799
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Operating expenses
Amortization of intangible assets 910,892 903,399
General and administrative 2,459,766 2,914,487
Clinical, regulatory and research &
development 867,727 2,502,792
Sales and marketing 500,235 629,337
Restructuring charges -- 1,029,646
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Total operating expenses 4,738,620 7,979,661
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Loss from continuing operations (4,523,940) (7,847,862)
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Other income (expenses)
Interest income 2,277 68,495
Changes in fair value of warrant
obligation 44,076 (68,281)
Gain (impairment) of investments -- (450,072)
Interest expense (40,752) (305,256)
Amortization of deferred finance
charges, warrants & beneficial
conversion values (135,245) (180,000)
Other 7,749 151,893
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Total other income (121,895) (783,221)
---------------------------------------------------------------------
Loss from continuing operations
before income taxes (4,645,835) (8,631,083)
Income tax recovery (expense) 1,967,583 (430,465)
---------------------------------------------------------------------
Net loss for the period (2,678,252) (9,061,548)
Net loss attributable to
non-controlling interest, net of tax -- 1,964,540
---------------------------------------------------------------------
Net loss attributable to OccuLogix,
Inc. $(2,678,252) $(7,097,008)
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Weighted average number of shares
outstanding - basic and diluted 9,851,122 2,292,280
---------------------------------------------------------------------
Loss per common share attributable to
OccuLogix, Inc - basic and diluted $(0.27) $(3.10)
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OccuLogix, Inc. dba TearLab Corporation

CONSOLIDATED BALANCE SHEETS

------------------------------
September 30, December 31,
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2009 2008
---------------------------------------------------------------------
(Unaudited)

ASSETS
Current assets
Cash and cash equivalents $ 967,389 $ 2,565,277
Accounts receivable, net 92,307 333,056
Inventory, net 195,613 148,201
Prepaid expenses 293,565 316,058
Deferred finance charges 28,107 --
Other current assets 37,216 21,680
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Total current assets 1,614,197 3,384,272

Fixed assets, net 156,046 183,384
Patents and trademarks, net 246,969 269,398
Intangible assets, net 8,657,131 9,568,023
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Total assets $ 10,674,343 $ 13,405,077
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 248,669 $ 314,680
Accrued liabilities 888,543 1,201,793
Due to stockholders 38,422 23,152
Deferred revenue 169,340 237,400
Obligations under warrants 13,590 57,666
Short-term liabilities and accrued
interest 1,031,061 --
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Total current liabilities 2,389,625 1,834,691
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Deferred tax liability, net -- 1,611,502
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Total liabilities 2,389,625 3,446,193
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Commitments and contingencies

Contingently redeemable common
stock, 119,629 shares issued and
outstanding at both September 30,
2009 and December 31, 2008 250,000 250,000
Stockholders' equity
Capital stock
Preferred Stock -- --
Par value of $0.001 per share;
authorized 10,000,000: zero
issued and outstanding at both
December 31, 2008 and 2007
Common stock 9,747 9,708
Par value of $0.001 per share;
Authorized: 40,000,000 shares;
Issued and outstanding shares:
Issued and outstanding:
September 30, 2009 - 9,747,056;
December 31, 2008 - 9,708,780
Additional paid-in capital 378,360,594 377,356,547
Accumulated deficit (370,335,623) (367,657,371)
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Total stockholders' equity 8,034,718 9,708,884
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$ 10,674,343 $ 13,405,077
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CONTACT: TearLab Corporation
Investor Relations:
Bill Dumencu
905-636-0128
bdumencu@tearlab.com
Media Inquiries:
Tracy Puckett
678-566-3829
tpuckett@tearlab.com