VANCOUVER, Oct. 18 /PRNewswire-FirstCall/ - 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 plat
|SOURCE QLT Inc.|
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