QLT repositions strategy for verteporfin, growth

February 1, 2006

Vancouver, Canada—QLT Inc. has outlined a new strategic plan that refocuses it on key programs in an effort to streamline the company and increase revenues.

Vancouver, Canada-QLT Inc. has outlined a new strategic plan that refocuses it on key programs in an effort to streamline the company and increase revenues.

"QLT has faced significant challenges over the past year. The actions we are announcing . . . are an important step in repositioning the company to meet these challenges," said Robert Butchofsky, who was appointed acting chief executive officer of QLT last September.

"One of the near-term hurdles is the impact of competition on our lead product Visudyne [verteporfin]. While we expect Visudyne to remain a key treatment option for patients, we do recognize the near-term pressure on U.S. sales," he said in a prepared statement.

QLT management also has reviewed operations, assets, and clinical programs, Butchofsky said in a prepared statement. Key components of the plan, outlined in the statement, include:

In other news, Mohammad Azab, MD, the company's executive vice president and chief medical officer, resigned but remains linked as a consultant. In addition, Bill Newell has stepped down as senior vice president and chief business officer to lead a private biotech company.