QLT announces Visudyne(TM) sales for third quarter
Company confident of continued strong growth in sales
VANCOUVER, Oct. 11 /CNW/ - Following today's release of third quarter
sales by Novartis AG (NYSE: NVS), QLT Inc. (NASDAQ: QLTI; TSE: QLT) reported
global Visudyne(TM) therapy sales of U.S. $31 million (CDN $46.5 million or 53
million Swiss Francs) for the quarter ended September 30, 2000. QLT expects to
release its full financial results on Tuesday, October 17, 2000.
"We are pleased with the 22% growth of Visudyne sales in the third
quarter versus the second quarter, which was consistent with expectations",
said Julia G. Levy, QLT's President and CEO. "The strong endorsement by
retinal specialists of Visudyne clearly point to a product launch which, to
date, has been the fastest introduction in the ophthalmology pharmaceutical
sector in the U.S. We are confident in CIBA Vision's ability to continue the
strong growth in sales in the U.S. and rapidly introduce Visudyne in Europe
and other markets as approvals are received."
Commercial Visudyne sales in North America represented approximately U.S.
$22 million (CDN $33 million or $37.5 million Swiss Francs) or approximately
71% of total Visudyne sales in the third quarter. The remaining U.S. $9
million (CDN $13.5 million or 15.5 million Swiss Francs) was related to sales
in Europe and other markets.
Visudyne therapy is being co-developed for various ocular conditions by
CIBA Vision, the eye care unit of Novartis, and QLT Inc. CIBA Vision markets
the product worldwide while QLT is responsible for manufacturing. Visudyne
therapy is protected by a series of U.S. and foreign-issued patents on
composition of matter, formulations and manufacturing, and the method of use
in treating AMD and other conditions.
QLT Inc. is a world leader in the development and commercialization of
proprietary pharmaceutical products for use in photodynamic therapy, a new
field of medicine utilizing light-activated drugs in the treatment of disease.
QLT's innovative science has advanced photodynamic therapy beyond applications
in various cancers towards breakthrough treatments in ophthalmology and immune
disorders. For more information, you are invited to visit QLT's web site at
www.qltinc.com.
Note:
QLT will be webcasting their conference call on Tuesday October 17, 2000
at 8:30 a.m. EST. You can listen to the conference call live on the web at
www.streeetfusion.com. The call will be archived for 30 days.
Visudyne(TM) is a trademark of Novartis AG
QLT Inc. is listed on The Nasdaq Stock Market under the trading symbol
"QLTI" and on The Toronto Stock Exchange under the trading symbol "QLT."
The foregoing information may contain forward-looking statements which
involve known and unknown risks, uncertainties and other factors which may
cause the actual results to be materially different from any future results,
performance, or achievements expressed or implied by such statements. Such
factors include: risks associated with the commercialization of Visudyne(TM)
therapy including patient and doctor demand for the treatment; dependence on
corporate relationships; manufacturing uncertainties; uncertainty of pricing
and reimbursement; uncertainties relating to clinical trials and product
development; QLT Inc.'s history of operating losses and uncertainty of future
profitability; competition; QLT Inc.'s rapid growth; uncertainty regarding
patents and proprietary rights; QLT Inc.'s product liability claims and
insurance; no assurance of regulatory approval; government regulation; QLT
Inc.'s uncertainty of access to capital; anti-takeover provisions; and
volatility of common share price; among others, all as described in the
Company's Annual Information Form on Form 10-K, recent and forthcoming
Quarterly Reports on Form 10-Q and other filings with the U.S. Securities and
Exchange Commission. |
