Doug, Here's a story on Europe and Japan:
4/26/96 =QLT PhotoTherapeutics Up On U.S. Interest In Growth Plan
By Ben Dummett TORONTO (Dow Jones)--QLT PhotoTherapeutics Inc. (QLTIF) stock continues to soar, amid surging U.S. interest in the company and its growth strategy. ''Investors, specificially in the U.S., are starting to understand and see the results of our strategy,'' QLT chief financial officer Kenneth Galbraith tells Dow Jones. QLT's stock is up 1 41/64 at 20 49/64 on Nasdaq. In Toronto, the pharmaceutical company's shares are up 2.05 at 28.25. The stock has been moving steadily upward since April 16, when it announced approval to market its light-activated drug Photofrin in France. The day before the announcement, the stock closed in Toronto at 20.25. The current price is above the previous 52-week high of 26.25. And based on Galbraith's logic, the stock could still have significant upside potential. That's because the company plans to seek U.S. approval in the third quarter to market Photofrin to treat early-, mid- and late-stage lung cancer, Galbraith says. U.S. investors and the industry tend to consider Food and Drug Adminstration support of a drug as a stamp of approval for a treatment, he says. Indeed, QLT decided to carry out its just-completed C$73.3 million share offering on the strength of the FDA's approval last year of Photofrin to treat late-stage esophageal cancer, Galbraith says. Besides seeking FDA approval to treat lung cancer, the company also hopes to announce a European marketing partner for Photofrin before year end. ''We're holding multiple discussions,'' Galbraith says, but he declines to elaborate. Earlier this month, the French government approved Photofrin as a treatment for early- and late-stage lung cancer. The company is seeking similar approval in five other European countries. Of those five, approvals in Germany and Italy are considered key because of their large market sizes, Galbraith says. Success in Japan seems to be another factor for the recent interest in the company's stock. Earlier this week, QLT announced that the Japanese government will cover the cost of using Photofrin in that country. This decision is particularly significant, Galbraith says, because it means that the procedure associated with taking the drug will also be covered under Japan's health insurance plan. |
