QLT ophthalmic, drug delivery news
QLT postponed its annual meeting to June 4 from May 24 after shareholders controlling about 22.8 million, or about 40%, of the company's shares submitted proxy statements to the SEC in support of a dissident slate of directors proposed by NB Public Equity Komplementar ApS, which is seeking to replace up to six QLT board members. At April 30, the company had 49.1 million shares outstanding.
QLT issued a statement highlighting four initiatives proposed by the board. The company said a "key priority" will be the development of QLT091001 for retinal diseases caused by inherited lecithin-retinol acyltransferase (LRAT) or retinal pigment epithelium-specific protein 65kDa (RPE65) gene mutations. The synthetic retinoid replacement therapy for 11-cis-retinal completed Phase Ib trials in retinitis pigmentosa (RP) due to inherited LRAT or RPE65 mutations and Leber's congenital amaurosis (LCA). QLT said it plans to continue development of its punctual plug drug delivery technology, but said investments beyond Phase II would not occur without a partner to "significantly offset" expenses. The company also plans to repurchase $75-$100 million in shares through a Dutch auction tender offer next quarter. Lastly, QLT said it plans to submit a PMA to FDA by mid-year for a new laser for use with ophthalmic drug Visudyne verteporfin. ...