Hello Lord Helmut. Here is the latest piece of info I could find:
Fourth Quarter And Year End 1997 Financial Results
03/12/1998 00:00:00 / QLT PHOTOTHERAPEUTICS INC
QLT PHOTOTHERAPEUTICS INC ("QLT-T;QLTIF-Q")
- Fourth Quarter And Year-End 1997 Financial Results
QLT PhotoTherapeutics Inc. reported financial results for the fourth
quarter and fiscal year ended December 31, 1997. All amounts, unless
specified otherwise, are in Canadian dollars.
For the year ended December 31, 1997, QLT reported a net loss of
$16,682,000 or $0.64 per common share compared to a net loss of $4,697,000
or $0.19 per common share for 1996.
For the fourth quarter of 1997, the Company reported a net loss of
$4,747,000 or $0.18 per common share compared to net income of $4,042,000
or $0.17 per common share for the fourth quarter of 1996.
Total revenue for the fourth quarter was $4,325,000 compared to
$10,873,000 for the same quarter in 1996. Revenue for the fourth quarter
included a milestone payment of U.S. $1 million (Cdn $1.4 million) from
Beaufour Ipsen relating to the launch of PHOTOFRIN(R) in France. Royalty
revenue on PHOTOFRIN(R) sales in the fourth quarter was $416,000 up 98%
from $210,000 in the third quarter of 1997, mainly due to increased
PHOTOFRIN(R) sales in the United States. Total revenue reported for the
fourth quarter of 1996 included collaborative payments of $9,500,000 from
new strategic alliances formed by the Company.
The Company's research and development costs for the fourth quarter were
$6,707,000, representing a 39% increase over $4,828,000 expended in the
third quarter of 1997 and a 72% increase over the $3,901,000 expended in
the fourth quarter of 1996.
The increase is consistent with the advancement of the Company's
clinical development programs, including the ongoing Phase III clinical
trials of verteporfin (BPD-MA) for the treatment of age-related macular
degeneration (ARMD) and preparation for the eventual commercialization of
verteporfin (BPD-MA), including commercial scale-up of the manufacturing
process.
"The Company remains in a very strong financial position with
approximately $90 million in available cash resources at the end of 1997,"
said Kenneth H. Galbraith, Senior Vice President and Chief Financial
Officer.
"These existing cash resources, together with continuing revenue from
collaborative arrangements and royalties from sales of PHOTOFRIN(R), will
allow the Company to aggressively pursue its business objectives over the
next several years, including:
- the completion of clinical development and commercialization of
verteporfin (BPD-MA) for the treatment of ARMD in conjunction with
CIBA Vision;
- the expansion of commercial opportunities for PHOTOFRIN(R) and
verteporfin (BPD-MA) in the treatment of cancer by seeking approvals
in new markets and conducting additional clinical studies in new
indications, including Barrett's esophagus;
- the advancement of research and early clinical development in the use
of photodynamic therapy in the treatment of a variety of autoimmune
conditions; and
- the development of several new photosensitizers for future clinical
development."
Total revenue for the year ended December 31, 1997, was $10,342,000
including revenue of $2,790,000 (U.S. $2 million) from the Company's
collaborative arrangement with Beaufour Ipsen. The Company earned royalty
revenue for the year of approximately $1,183,000 on end-user sales of
PHOTOFRIN(R) of approximately $4.8 million (U.S. $3.4 million).
Research and development costs for the year ended December 31, 1997,
were $19,214,000 representing an increase of 67% over $11,480,000 incurred
in 1996.
//st
QLT PhotoTherapeutics Inc.-Financial Highlights (Unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter ended Year ended
(Expressed in Canadian dollars) December 31 December 31
(In thousands, except per share data) 1997 1996 1997 1996
Revenue
Royalties on product sales $ 416 $ 386 $ 1,183 $ 669
Revenue from collaborative
arrangements 1,400 9,500 2,790 9,500
Investment and other income 2,509 987 6,368 3,328
4,325 10,873 10,342 13,497
Costs & Expenses
Research and development costs 6,707 3,901 19,214 11,480
Selling, general and
administrative costs 1,653 2,296 5,688 4,847
Amortization 712 634 2,122 1,867
9,072 6,831 27,024 18,194
Net Income (Loss) $(4,747) $ 4,042 $(16,682) $(4,697)
Net Income (Loss) per common share $(0.18) $0.17 $(0.64) $(0.19)
Weighted average number of common
shares outstanding 26,036 24,473 26,036 24,473
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31 December 31
(In thousands) 1997 1996
Current assets
Cash and investment securities $ 86,901 $ 97,151
Other assets 7,268 10,674
94,169 107,825
Long-term investment securities 2,887 -
Capital assets 3,768 2,708
Intangible assets 399 1,662
Total assets $101,223 $112,195
Current liabilities $ 6,375 $ 3,338
Stockholders' equity 94,848 108,857
Total liabilities and stockholders'
equity $101,223 $112,195
All amounts shown are in Canadian dollars. At December 31, 1997, the
exchange rate was approximately U.S. $1.00 equals Cdn. $1.43.
//et
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) and verteporfin (BPD-MA); uncertainties
relating to product development; the Company's history of operating losses
and uncertainty of future profitability; manufacturing uncertainties;
uncertainty of pricing and reimbursement; no assurance of regulatory
approval; dependence on corporate relationships; among others, all as
described in the Company's Annual Information form or Form 10-K.
TEL: (604) 872-7881 Elayne Wandler, Director, Investor Relations
& Corporate Communications
Email: ewandler@qlt-pdt.com
TEL: 1-800-663-5486 Kenneth H. Galbraith, Senior Vice President &
CFO
Email: kgalbrai@qlt-pdt.com
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