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Biotech / Medical : QLT PhotoTherapeutics (QLTI)
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To: BostonView who wrote (966)7/20/2000 6:04:28 AM
From: George Mc Geary   of 1321
 
QLT Shares Soar On News U.S. Will Reimburse Low-Income Americans For Visudyne

Dow Jones Online News, Wednesday, July 19, 2000 at 16:51

WASHINGTON -(Dow Jones)- The U.S. Health Care Financing Administration said it will reimburse low-income Americans for using an antiblindness drug developed by Canada's QLT Inc. and Ciba-Vision, the eye-care division of Switzerland's Norvartis AG.

Shares of QLT (QLTI), which had fallen sharply earlier in the week after two analysts lowered their investment rating on the stock over concerns about Medicare reimbursement for Visudyne treatment, soared Wednesday in active Nasdaq trading.

HFCA spokesman Don McLeod said Visudyne, a drug developed to treat age-related macular degeneration -- the leading cause of blindness in adults over the age of 50 -- was included in a proposed physician fee schedule for 2001 in June. He said the drug also was approved in June for inclusion in the United States Pharmacopoeia.

In a statement Monday concerning Medicare, the financing administration said it is proposing next year to establish "a uniform national price for certain procedures," including Visudyne treatment for age-related macular degeneration, "if they are covered by a local carrier."

Compiled from Dow Jones Newswires and other sources)

Copyright (c) 2000 Dow Jones & Company, Inc.

Funny isn't it that Adams Harkness would downgrade this on Monday. Wonder why there was no press release on Monday. If you remember Tuesday QLT took the trip south again and ended down almost 2 points from Monday's radical up close.
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