In the NEW AMERICA section of Investor's Business Daily of Monday, February 24, 1997, was this feature article:
"Photodynamic therapy an experimental procedure being pioneered by a small Canadian company called QLT PhotoTherpeutics, Inc. This month, QLT filed for FDA approval of PHOTOFRIN as a treatment for lung cancer. Approval could come by years' end, analysts say. UBS Securities security analyst OSTRO says"other companies, such as PDT Inc., Dusa Pharmaceuticals Inc. and Pharmacyclics Inc. are developing similar drugs, but QLT has at least a two year jump on them, Ostro said. What's more, each company is developing drugs to treat different diseases, so they aren't in direct competition. Ostro says that he expects QLT to land solidly in the black by 1999.
Here is a PR Newswire on this company:
QLT PHOTOTHERAPEUTICS INC. REPORTS 1996 FOURTH QUARTER RESULTS Vancouver, Feb. 17 /CNW-PRN/ - QLT PhotoTherapeutics Inc. today released its financial results for the fourth quarter of 1996. For the quarter ended December 31, 1996, the Company recorded net income of $4,042,000, or $0.17 per common share, compared to a net loss of $4,203,000, or$0.24 per common share, for the quarter ended December 31, 1996. The Company ended the quarter with working capital of approximately $104.5 million and no long term debt. For the fiscal year ended December 31, 1996, the Company incurred a net loss of $4,698,000, or $0.19 per common share, compared to a net loss of $14,690,000, or $0.77 per common share for the prior fiscal year. The financial results for the fourth quarter reflect revenues from collaborative arrangements in the U.S. and Europe and the early sales efforts of our distribution partner, Sanofi Pharmaceuticals, Inc., in the launch of PHOTOFRIN(R) in the United States'' said Kenneth H. Galbraith, Senior Vice President and Chief Financial Officer. The PHOTOFRIN(R) sales efforts for 1997 should continue to grow as additional laser placements are made in the United States and Japan. In addition, our European partner, Beaufour Ipsen, should be conducting an initial launch in Europe by mid 1997.'' ``Research and development expenditures will increase in 1997 due to the investment required for the Phase III clinical studies for age-related macular degeneration using BPD-MA and commercial scale-up of the manufacturing process for BPD-MA.'' 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.
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17 Institutions hold a 8.45% position, a 84.49% increase from the prior period. 7 Institutions established new positions, 4 increased holdings, 4 decreased holdings and 2 were unchanged.
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NOTICE HERE HOWEVER MR. OSTRO CHANGED HIS OPINION OF THE COMPANY: UBS Securities said analyst Marc Ostro had downgraded Canada's QLT PHOTOTHERAPEUTICS INC to hold from buy. "We are reducing QLT from a buy to a hold ... as a result of its fully valued stock price (the company has over a $700 million market capitalization) and our concerns that the ramp up of Photofrin sales will be slower than expected," Ostro wrote in an analysis. Photofrin is a light-activated cancer drug. (Reuters 09:36 AM ET 02/19/97)
WHY DID HE HAVE A CHANGE OF HEART?
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I LEAVE IT UP TO YOU FELLOW QLTIF supporters, DOES THIS STOCK HAVE ANY FURTHER TO GO IN LIGHT OF THE HIGHLY POSITIVE FEATURE ARTICLE IN INVESTOR'S BUSINESS DAILY OR IS IT FULLY VALUED? PERHAPS A SHORT TERM TRADE WOULD BE BEST OR HOLD FOR THE RIDE!?! |
