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07:02 AM ET 11/18/96 - 3rd QTR RPT
QLT Phototherapeutics Inc. Reports 1996 Third Quarter Results
VANCOUVER, Nov. 18 /PRNewswire/ -- QLT PhotoTherapeutics Inc. today
released its financial results for the 1996 third quarter. For the quarter ended September 30, 1996, the Company incurred a net loss of $2,694,438 or $0.12 per common share, compared to a net loss of $3,298,638 or $0.17 per common share, for the quarter ended September 30, 1995. The Company ended the quarter with available cash reserves of approximately $92.3 million and no long-term debt.
For the nine months ended September 30, 1996, the Company incurred a net loss of $8,740,362 or $0.38 per common share, compared to a net loss of $10,487,335 or $0.53 per common share.
"The financial results for the third quarter reflect the early sales efforts of our distribution partner, Lederle (Japan), in the launch of PHOTOFRIN(R) in Japan," said Kenneth H. Galbraith, Senior Vice President and Chief Financial Officer.
"The fourth quarter of 1996 will include the sales efforts by Sanofi Winthrop who launched PHOTOFRIN(R) in the United States on October 1st. Although the initial revenues from Japan are modest, Lederle (Japan) has been successful in establishing a number of Photodynamic therapy cancer centres in Japan which should continue to grow in 1997 and build physician awareness for the product."
"For the fourth quarter of 1996, the Company remains optimistic that it can meet three major milestone events: the initiation of registration studies for the use of BPD-MA (verteporfin) in age-related macular degeneration, the filing of a comprehensive supplementary NDA in the United States for the use of PHOTOFRIN(R) for the treatment of non-small cell lung cancer and the completion of European oncology partnership," said Dr. Julia Levy, President and CEO.
The foregoing information contains 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, among others, those described in the Company's Annual Information Form, or Form 10-K, as amended.
3 Months ended Sept.30 9 Months ended Sept. 30
CONDENSED STATEMENTS OF 1996 1995 1996 1995
OPERATIONS(1)
(in thousands except per share amounts)
(Unaudited)
Royalties on product sales $175 $12 $283 $45
Interest and other revenues 1,000 444 2,340 1,707
1,175 456 2,623 1,752
Costs and expenses 3,869 3,755 11,363 12,239
Net loss $(2,694) $(3,299) $(8,740) (10,487)
Net loss per common share $(0.12) $(0.17) $(0.38) $(0.53)
Shares used in calculation of net loss per common share
23,027 19,762 23,027 19,762
SELECTED BALANCE SHEET
DATA(1)
(in thousands)
(Unaudited) Sept. 30, 1996 Dec. 31, 1995
Cash, cash equivalents, short-
term and long-term investment
securities $92,267 $16,057
Working capital 94,021 12,277
Total assets 98,895 22,808
Shareholders' equity 97,689 21,194
(1) All amounts shown are in Canadian dollars. At Sept. 30, 1996, the
exchange rate was approximately US$1.00 equals Cdn$1.37 QLT PhotoTherapeutics Inc. is a world leader in the development and commercialization of proprietary pharmaceutical products for photodynamic therapy, an emerging medical therapy that utilizes light-activated drugs in the treatment of cancer, diseases of the eye and other medical conditions. The Company is listed on the NASDAQ National Market for quotation under the symbol "QLTIF" and on The Toronto Stock Exchange under the trading symbol "QLT."
SOURCE QLT Phototherapeutics Inc.
CONTACT: Kenneth H. Galbraith, Senior V.P. and C.F.O. of QLT
Phototherapeutics Inc., 604-872-7881 or 1-800-663-5486 |
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