Navigation Links
QLT reduces workforce as first step in its strategic restructure
Date:1/18/2008

VANCOUVER, Jan. 18 /PRNewswire-FirstCall/ - QLT Inc. (NASDAQ: QLTI; TSX: QLT) today announced the Company has implemented a reduction in its overall headcount affecting approximately 115 people (or approximately 45%) at its Vancouver headquarters and its U.S. subsidiaries, including members of its management team.

The reduction in force is the first initiative undertaken by the Company as part of its strategic restructuring plan announced on January 16, 2008 pursuant to which the Company plans to focus its ongoing business primarily on its Visudyne(R) franchise and its clinical development programs related to its punctal plug delivery technology and its photodynamic therapy dermatology technology. Further reductions in force are expected in 2008 as the Company's assets are divested under the restructuring.

As part of this restructuring initiative Alain Curaudeau will be departing from his role at QLT as Senior Vice President, Portfolio & Project Management and Acting Senior Vice President, Research and Development, together with several members of senior management. Coincident with the restructuring Dr. Julia Levy, who co-founded QLT in 1981, has advised the Company she is retiring from her position as Executive Chair, Scientific Advisory Board and all other formal QLT activities.

"It is extremely difficult to see so many dedicated and talented individuals leaving QLT. I want to thank all of these people for their contributions to our successes and perseverance through challenging periods of time. On behalf of the entire company, I also want to thank Julia Levy for her leadership and inspiring presence at QLT over the past twenty-seven years," said Bob Butchofsky, President and Chief Executive Officer.

A restructuring charge of approximately $7.5 million will be recorded in 2008.

For additional information on QLT's strategic restructuring initiatives please refer to the press release issued January 16, 2008 which is available at http://www.qltinc.com.

About QLT

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 three unique technology platforms, photodynamic therapy, Atrigel(R) and punctal plugs with drugs, to create products such as Visudyne(R) and Eligard(R) and future product opportunities. For more information, visit our web site at http://www.qltinc.com.

Atrigel is a registered trademark of QLT USA, Inc.

Visudyne is a registered trademark of Novartis AG.

Eligard is a registered trademark of Sanofi-aventis.

QLT Inc. is listed on the NASDAQ Stock Market under the trading symbol "QLTI" and on The Toronto Stock Exchange under the trading symbol "QLT."

Certain statements in this press release that are not historical facts constitute "forward-looking statements" of QLT within the meaning of the Private Securities Litigation Reform Act of 1995 and constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Such statements include, but are not limited to: our plans to divest certain core and non-core assets described in the press release; our intention to retain adequate proceeds of asset sales to repay our outstanding convertible debt; our future business plans and strategy focusing on our Visudyne franchise and the clinical programs relating to Visudyne, our punctal plug drug delivery technology and our photodynamic therapy dermatology technology; and our expectations we will achieve certain milestones in these clinical studies in 2008. Forward-looking statements are predictions only which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed in such statements. Factors that could cause actual events or results to differ materially include, but are not limited to: the Company's ability to successfully complete the sale of one or more of the assets or operations at an acceptable price and the time period necessary to complete such sales are uncertain; fluctuations in the real estate market; uncertainties relating to the timing and results of the clinical development and commercialization of our products and technologies (including Visudyne, our punctal plug technology and our photodynamic therapy dermatology technology) and the associated costs of these programs; the timing, expense and uncertainty associated with the regulatory approval process for products; and other factors, including those described in detail in QLT's Annual Report on Form 10-K, quarterly reports on Form 10-Q and other filings with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Forward-looking statements are based on the current expectations of QLT and QLT does not assume any obligation to update such information to reflect later events or developments except as required by law.

CONTACT: QLT Inc.: Vancouver, Canada, Therese Hayes, Telephone: (604) 707-7000 or 1-800-663-5486, Fax: (604) 707-7001


'/>"/>
SOURCE QLT Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. New study: Pine bark reduces perimenopausal symptoms
2. Different method of evaluating the urinary tract system reduces radiation dose
3. Saline Reduces Mortality for Brain Injury Patients
4. New study: Pine bark extract reduces ADHD symptoms in children
5. Radiation therapy technique reduces length of prostate cancer treatment
6. Radiation therapy technique reduces length of prostate cancer treatment
7. MR spectroscopy identifies breast cancer, reduces biopsies
8. Body-mind meditation boosts performance, reduces stress
9. Parkinsons Institute research shows that nicotine reduces levodopa-induced dyskinesias
10. VIDEO from Medialink and EcoQuest: New Technology Reduces Exposure to MRSA Staph
11. Ranexa(R) Significantly Reduces Incidence of CV Death, MI or Recurrent Ischemia in MERLIN TIMI-36 Patients With Elevated BNP
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... ... June 27, 2016 , ... ... payment industry today announced its strategic partnership with Connance, a healthcare industry ... The two companies’ proven, proprietary technology combine to provide health systems, hospitals ...
(Date:6/26/2016)... ... June 26, 2016 , ... On June 10-11, 2016, A ... 2016 Cereal Festival and World’s Longest Breakfast Table in Battle Creek, MI, where the ... history as home to some of the world’s leading providers of cereal and other ...
(Date:6/26/2016)... Orion, Clarkston, Michigan (PRWEB) , ... June 26, ... ... with respect to fertility once they have been diagnosed with endometriosis. These women ... intercourse but they also require a comprehensive approach that can help for preservation ...
(Date:6/25/2016)... Viejo, California (PRWEB) , ... June 25, 2016 , ... ... to fit their specific project," said Christina Austin - CEO of Pixel Film Studios. ... fully customizable and all within Final Cut Pro X . Simply select a ...
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... On Friday, ... presented a Bronze Wellness at Work award to iHire in recognition of their exemplary ... part of the 7th annual Maryland Workplace Health & Wellness Symposium at the BWI ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... Va. , June 24, 2016 The ... set of recommendations that would allow biopharmaceutical ... (HCEI) with entities that make formulary and coverage decisions, ... the "value" of new medicines. The recommendations ... does not appear on the drug label, a prohibition ...
(Date:6/24/2016)... Mass. , June 24, 2016   Pulmatrix, ... pharmaceutical company developing innovative inhaled drugs, announced today that ... Russell Investments reconstituted its comprehensive set of ... "This is an important milestone for Pulmatrix," ... will increase shareholder awareness of our progress in developing ...
(Date:6/23/2016)... Calif. , June 23, 2016 Any dentist ... many challenges of the current process. Many of them do ... of the technical difficulties and high laboratory costs involved. And ... to offer it at such a high cost that the ... it. Dr. Parsa Zadeh , founder of ...
Breaking Medicine Technology: