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

To: Scripts who wrote (1127)	12/14/2000 8:25:11 AM
From: Al Collard	Read Replies (1) \| Respond to of 1321

QLT issues financial update on sales outlook for Q4 2000 VANCOUVER, Dec. 14 /CNW/ - QLT (NASDAQ: QLTI, TSE: QLT) announced today that fourth quarter demand for Visudyne(TM) vials is expected to grow 20 to 25% over Q3 which will translate into sales of approximately US$36-38 million. Slower than expected growth is due to lack of reimbursement in some countries in Europe and in the U.S., as well as a reduction in revenue caused by the decline in the EURO and Swiss currencies have impacted the upside sales potential for the current year. "We continue to be on track for the most successful launch of an ophthalmic product ever and will meet our original forecasts established earlier in the year," commented Julia Levy, President and CEO of QLT. "Unfortunately, expectations after such a strong second quarter may have been a little too bullish given that we did not have a clear resolution on reimbursement. We consider these issues to be short lived and are not changing our outlook on the opportunity we have with Visudyne." Negotiations in Europe for reimbursement continue on a country-by-country basis between CIBA Vision, the eye care unit of Novartis AG (NYSE:NVS), physician representatives from ophthalmology associations, and local and government payers to ensure that third-party payers provide adequate coverage for Visudyne therapy so that patients in Europe have access to the treatment. Last month, in the United States, the Health Care Financing Administration (HCFA) issued its national coverage policy for Visudyne. In addition, the administration announced the establishment of a new procedure code for Ocular Photodynamic Therapy along with payment levels that will take effect on January 1, 2001. "The National Coverage policy proposed by HCFA is a very positive step moving forward," states Levy. "Despite the obstacles that our corporate partner has faced both with reimbursement related issues in Europe and in the U.S., we've seen tremendous underlying demand for Visudyne by patients and retina specialists. To put this in perspective, we will be missing our upside sales target by approximately 2.3% of the vials we projected we would sell, the remainder of the sales shortfall is due to currency fluctuations." QLT expects 2001 sales in the range of US$240-260 million. 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. 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, but are not limited to: 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, and and other filings with the U.S. Securities and Exchange Commission.