VANCOUVER, April 25 /PRNewswire-FirstCall/ - QLT Inc. (NASDAQ: QLTI; TSX: QLT) today reported financial results for the first quarter ended March 31, 2008. Unless specified otherwise, all amounts are in U.S. dollars and in accordance with U.S. GAAP.
"In the first quarter of 2008, we were pleased to report the U.S. Food and Drug Administration's (FDA) decision to remove the need for blood monitoring from the Aczone(TM) label," said Bob Butchofsky, President and Chief Executive Officer of QLT. "This decision was an important milestone for QLT, as it validated our clinical and regulatory strategy, and will positively impact Aczone's market potential. We were also very pleased to begin enrolment in our punctal plug CORE trial."
"The first quarter also marked the initiation of rebuilding a more focused QLT. We took the first steps to create shareholder value by implementing a strategic restructuring plan designed to reduce expenses and bring in additional capital. We have implemented the majority of our announced 45% reduction in headcount and are in discussions with several parties regarding divestitures of Aczone, Eligard(R), and Atrigel(R), as well the land and building at our headquarters in Vancouver."
2008 1Q FINANCIAL RESULTS
QLT is now reporting the results of our QLT USA, Inc. businesses (Eligard, Aczone, and the Atrigel platform) as one line item called Income from discontinued operations on our statements of operations. This item captures in one line the net results of the entire QLT USA operation until divestiture.
Worldwide Product Sales
As previously announced, Visudyne(R) sales for the first quarter were
$36.5 million, a decrease of 40.4% from sales in the first quarter of 2007.
Sales in the U.S. were $9.3 million, up 10.6% from the prior-year first
quarter, while sales outside the U.S. were $27.2 million, down 48.5% from
the prior year. The drop in Visudyne sales was primarily due to the
approval and reimbu
|SOURCE QLT Inc.|
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