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QLT announces third quarter results for 2008
Date:10/28/2008

VANCOUVER, Oct. 28 /PRNewswire-FirstCall/ - QLT Inc. (NASDAQ: QLTI; TSX: QLT) ("QLT" or the "Company") today reported financial results for the third quarter ended September 30, 2008. Unless specified otherwise, all amounts are in U.S. dollars and in accordance with U.S. GAAP.

"This has been a very productive quarter for QLT," said Bob Butchofsky, President and Chief Executive Officer of QLT. "The Company is in a much stronger position today than it was at the beginning of the year. The successful divestment of three assets provided us with enough capital to redeem our convertible debt and it leaves us in a position of strength with $155.9 million in unrestricted cash. Also, our royalty revenue from Visudyne(R) and Eligard(R) continue to be significant to the Company and provide additional funding for our internal development programs, including our proprietary punctal plug drug elution technology trials. As we announced separately this morning, the data from our Phase 2 CORE trial showed a meaningful reduction in intra-ocular pressure, suggesting that we are making progress in advancing this platform technology."

In a separate matter, QLT's worldwide Visudyne licensee, Novartis, recently announced a restructuring of its U.S. commercial organization. As part of the restructuring, Novartis will no longer have a dedicated Ophthalmic sales force, however it will continue to support Visudyne in the U.S. with indirect sales methods. In the near term, we expect profitability to increase as a result of reduced selling and administrative expenses.

2008 Q3 FINANCIAL RESULTS

Worldwide Product Sales

As previously announced, global Visudyne sales for the third quarter were $34.1 million, a decrease of 30.1% from sales in the third quarter of 2007. Sales in the U.S. were $9.1 million, down 2.9% from the prior-year third quarter, while sales outside the U.S. were $24.9 million, down 36.6% from the prior year. The drop in Visudyne sales wa
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SOURCE QLT Inc.
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