QLT restructuring

Following a review of strategic alternatives, QLT (TSX:QLT; NASDAQ:QLTI) said it will sell its QLT USA unit and reduce headcount by 115 (44%) to 145. The company also plans to sell the land and building associated with its Vancouver headquarters. QLT USA's main assets are Eligard leuprolide for prostate cancer; acne vulgaris drug Aczone dapsone topical gel, which is approved in the U.S. and Canada but not yet marketed; and the Atrigel drug delivery system. For the nine months ended Sept. 30, QLT reported net product revenues from Eligard of $19.6 million.

QLT said it will focus on Visudyne verteporfin, which is marketed to treat wet age-related macular degeneration (AMD); its punctal plug drug delivery system; and its photodynamic therapy dermatology technology. The company expects to start a Phase I/II trial of the punctal plug in glaucoma patients this half. Proof-of-concept studies of photodynamic therapy with lemuteporfin (QLT0074) to treat acne are expected to complete this year. ...