In a letter to its shareholders, QLT Inc. (QLTI: Quote, QLT.TO) outlined its recent progress and its 2013 objectives. The company said it expects its recently augmented Synthetic Oral Retinoid leadership team to meet with the U.S. Food and Drug Administration or FDA by the end of first-quarter 2013 to discuss the most prudent development path to advance QLT091001.
Until the aforementioned FDA meeting is concluded, the minutes from it are reviewed, and a subsequent end of phase II meeting is completed with formal guidance provided by the FDA, QLT does not expect to provide timelines for potential pivotal trial initiation(s), The company said.
The company has determined at this time that independently developing QLT091001 is the most value enhancing path forward for QLT shareholders.
The company said its Board reiterated its commitment to return both a significant and appropriate amount of capital to shareholders in the near term, and it continues to take a diligent approach towards considering governing regulations and tax-efficiency. The company noted that its Board hopes to be able to complete all or a significant portion of its return of capital program in the first half of 2013.
On September 24, 2012, Visudyne was sold to Valeant Pharmaceuticals International, Inc. for a total of $112.5 million upfront, contingent payments potentially totaling $20 million, and a royalty on net sales of new indications for Visudyne, if any should be approved.
On July 9 and December 6, 2012, in connection with the strategic restructuring of the Company, QLT’s Board made decisions to reduce the Company’s personnel by 83%.
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by RTT Staff Writer
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