VANCOUVER, Oct. 18 /CNW/ - QLT Inc. (NASDAQ: QLTI; TSX: QLT) announced
today the successful completion of its acquisition of privately held ForSight
Newco II, Inc. Through this acquisition, QLT, through its wholly-owned
subsidiary, will obtain rights to commercialize ForSight Newco II's
proprietary ocular punctal plug drug delivery system, and will lead and fund
future development efforts in this program.
"We are excited to add this proprietary punctal plug technology to our
ocular pipeline and build on our strengths and expertise in ophthalmology,"
said Bob Butchofsky, President and Chief Executive Officer of QLT.
ForSight Newco II's proprietary punctal plugs are a non-invasive drug
delivery system that QLT believes will be capable of delivering a variety of
drugs to the eye over time through sustained release to the tear film.
Sustained release punctal plugs could potentially replace eye drops for
glaucoma, dry eye, allergies and postoperative care, which represent a $6
billion market. In addition, plugs may provide a more effective, convenient
and reliable treatment alternative that could improve patient compliance with
their medication leading to better outcomes for their disease.
Investor & Analyst Day on November 8
QLT will provide more background information on the proprietary punctal
plugs during its Investor Day in New York on November 8, 2007. The agenda will
include a presentation by Dr. Eugene de Juan, Jr., an inventor of some of
ForSight Newco II's proprietary punctal plug technology. The presentation will
be available live via webcast beginning at 8:00 a.m. Eastern Time (ET).
About QLT Inc.
QLT Inc. is a global biopharmaceutical company dedicated to the
discovery, development and commercialization of innovative therapies. Our
research and development efforts are focused on pharmaceutical products in the
fields of ophthalmology and dermatology. In addition, we utilize two unique
technology platforms, photodynamic therapy and Atrigel(R), to create products
such as Visudyne(R) and Eligard(R). For more information, visit our web site
Atrigel is a registered trademark of QLT USA, Inc.
Visudyne is a registered trademark of Novartis AG.
Eligard is a registered trademark of Sanofi-aventis.
QLT Inc. is listed on The NASDAQ Stock Market under the trading symbol
"QLTI" and on The Toronto Stock Exchange under the trading symbol "QLT."
Certain statements in this press release constitute "forward-looking
statements" of QLT within the meaning of the Private Securities Litigation
Reform Act of 1995 and constitute "forward-looking information" within the
meaning of applicable Canadian securities laws. Such statements include, but
are not limited to, statements relating to potential targets, applications,
markets and benefits of the acquired technology, potential future product
opportunities, and statements containing words such as "expects," "will,"
"could," "intends," "should," "may," "plans," "believes," "potential" and
similar expressions that do not relate to historical matters. These
forward-looking statements are only predictions which involve known and
unknown risks, uncertainties and other factors that may cause actual events or
results to differ materially. Factors that could cause actual events or
results to differ materially include, but are not limited to: uncertainties
relating to development and commercialization of products and technologies and
associated costs, the safety and effectiveness of the acquired technology, the
timing, expense and uncertainty associated with the regulatory approval
process for products, uncertainties regarding our future operating results,
the general competitive condition in the biotechnology and drug delivery
industry and general economic conditions; and other risk factors which are
described in detail in QLT's Annual Information Form on Form 10-K, quarterly
reports on Form 10-Q, Registration Statement on Form S-4 and other filings
with the U.S. Securities and Exchange Commission and Canadian securities
regulatory authorities. Forward-looking statements are based on our current
expectations and QLT does not assume any obligation to update such information
to reflect later events or developments, except as may be required by law.
For further information:
For further information: QLT Inc.: Vancouver, Canada, Therese
Hayes/Tamara Hicks, Telephone: (604) 707-7000 or 1-800-663-5486, Fax: (604)