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Biotech / Medical : QLT PhotoTherapeutics (QLTI)

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To: Im-patient who wrote (698)	10/15/1999 10:29:00 AM
From: Scripts	Read Replies (1) of 1321

Faint praise blamed for QLT's plunge By PAUL BAGNELL AND THOMAS HIRSCHMANN The Financial Post QLT PhotoTherapeutics Inc. (QLT-T) , down $10 to $55.50, on volume of 283,765 shares, and (QLTI-O) , down $6 9/16 to $37 1/2 (US), on volume of four million shares. QLT and a partner said the October issue of Archives of Ophthalmology includes "extensive positive results" from a phase III clinical trial of Visudyne, a blindness treatment the two companies have developed. Neil Bressler, an ophthalmology professor at Johns Hopkins University medical school, called the study a "landmark" that could alter the course of treatment for age-related macular degeneration. But one market watcher said a less than ringing editorial on the treatment in the publication was behind yesterday's dramatic stock plunge. QLT's chief financial officer, Kenneth Galbraith, said he knew of no reason for the share price tumble beyond volatility which is typical in the weeks before the U.S. Food & Drug Administration meets to discuss drug approvals. An FDA panel is set to deliberate on the Visudyne on Nov. 17.

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