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Biotech / Medical : QLT PhotoTherapeutics (QLTI) -- Ignore unavailable to you. Want to Upgrade?

To: Edward W. Richmond who wrote (1068)	10/11/2000 5:03:32 AM
From: Al Collard	Read Replies (1) \| Respond to of 1321

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.