You may well be right.
But I suspect that the buying opportunity may run out soon.
Several analysts are becoming increasingly positive about QLT's prospects.
From the WSJ today:
April 14, 2000
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QLT PhotoTherapeutics, Ciba Vision
Win FDA Approval for Blindness Drug
By TAMSIN CARLISLE
Dow Jones Newswires
QLT PhotoTherapeutics Ltd. and Novartis AG's Ciba Vision unit won approval from the Food and Drug Administration to market their Visudyne drug for treating the leading cause of blindness among people over 50 years old.
Several analysts predicted "blockbuster" sales for Visudyne that could reach $1 billion a year within a few years. Matt Geller, an analyst at CIBC World Markets, said Visudyne, which is QLT's second commercial product, should help turn the Vancouver, British Columbia, emerging technology concern into a profitable company as early as next year.
In 1999, QLT posted a loss of 33.8 million Canadian dollars (US$23 million), or 55 Canadian cents a share, on revenue of C$36.4 million.
The disease, known as age-related macular degeneration (AMD), afflicts roughly one in every 10 people over the age of 65. There is no other effective treatment for the condition, which irreversibly destroys central vision by scarring the center of the retina. Visudyne, when activated by a light from a laser beam, seals leaky blood vessels in the eye that cause the scarring.
Some elderly Americans, besides those enrolled in clinical trials of the drug, began receiving Visudyne therapy as early as Thursday, said Kenneth Galbraith, QLT's chief financial officer. "We shipped our first vial [of Visudyne] one hour after receiving the approval letter," he said.
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Whole story at: interactive.wsj.com |
