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Biotech / Medical : QLT PhotoTherapeutics (QLTI)
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To: Ian@SI who wrote (910)5/24/2000 6:45:00 PM
From: Julian  Read Replies (2) of 1321
 
The following is a summary of a report on QLT issued by Christine Charette of BMO Nesbitt Burns on May 19, 2000:
* A conference call with a panel of retinologists from the United States, Canada and France was convened by BMO Nesbitt Burns to discuss Visudyne. Their viewpoints strengthened NB's confidence regarding Visudyne's market size.

* Members of the panel believe that Visudyne will have a dramatic impact on their practices and will eventually represent between 25% and 40% of their workload.

* The patient demand is overwhelming, even if patients are being asked to pay for the procedure prior to approval, as is the case in France or prior to obtaining reimbursement in the U.S.

* The panel believes Visudyne will eventually prove to be beneficial to occult AMD patients.

* There are a number of other diseases related to AMD such as histoplasmosis and angiod streaks that may benefit from Visudyne. These diseases are much less common than AMD, however together they represent a significant number of patients.

* QLT is currently trading at lower P/E multiples or PEG ratios than its peers. This is due to the unusual nervousness surrounding whether or not sales will come in as anticipated, Although volatility is likely to remain, NB believes that QLT's P/E multiple and PEG ratio will close the gap with its peers when Visudyne sales numbers are reported.

* With the Visudyne launch, Nesbitt Burns has removed its Speculative rating on the stock.

* QLT remains a TOP PICK with Nesbitt Burns with a target of $125.00
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