QLT PhotoTherapeutics Inc. Completes Cdn$23 Million Stock Offering
VANCOUVER, July 24 /CNW-PRN/ - QLT PhotoTherapeutics Inc. announced today
the successful completion of the sale of one million common shares at a price
of Cdn$23.00 per share, raising net proceeds of Cdn$22.1 million. The offering
was underwritten by Nesbitt Burns Inc. and Scotia McLeod Inc.
The net proceeds of this offering will be used principally to fund the
research and development of additional photosensitizers for use in the
treatment of autoimmune diseases, including product formulation, toxicology
studies and early-stage clinical studies and for general corporate purposes.
QLT PhotoTherapeutics Inc. is a world leader in the development and
commercialization of proprietary pharmaceutical products for use in
photodynamic therapy. QLT has advanced photodynamic therapy beyond
applications in cancer to potential treatments in ophthalmology, autoimmune
and cardiovascular disease.
QLT's portfolio of products include PHOTOFRIN(R) (porfimer sodium), the
world's only approved photodynamic therapy drug, for use in the treatment of
various cancers throughout the United States, Canada, Japan and certain
countries in Europe; verteporfin (BPD-MA), a product in advanced stages of
testing in the United States, Canada and Europe to treat age-related macular
degeneration, the leading cause of blindness among the elderly; and additional
photosensitizers currently under development.
QLT PhotoTherapeutics Inc. is listed on The Nasdaq Stock Market under the
trading symbol ''QLTIF'' and on The Toronto Stock Exchange under the trading
symbol ''QLT''.
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: risks associated with the commercialization of PHOTOFRIN(R);
uncertainties relating to product development; the Company's history of
operating losses and uncertainty of future profitability; rapid technological
change and competition; uncertainty regarding patents and proprietary rights;
product liability claims and insurance; manufacturing uncertainties;
uncertainty of pricing and reimbursement; no assurance of regulatory approval;
and dependence on corporate relationships; among others, all as described in
the Company's Annual Information Form on Form 10-K.
SOURCE QLT PhotoTherapeutics Inc.
CONTACT: Tamara Hicks, Manager, Investor Relations & Corporate
Communications, thicks(at)qlt-pdt.com; or Ken Galbraith Senior
Vice President & CFO kgalbrai(at)qlt-pdt.com, (604) 872-7881,
1-800-663-5486
-------------------------------------------------------------------------------- |
