A Medical Device Daily

As reported earlier in Medical Device Daily, QLT (Vancouver, British Columbia) said it has implemented a reduction in its overall headcount affecting about 115 people (or about 45%) at its Vancouver headquarters and its U.S. subsidiaries, including members of its management team (Medical Device Daily, Jan. 18, 2007).

The reduction in force is the first initiative undertaken by the company as part of its strategic restructuring plan reported last week in which the company plans to focus its ongoing business primarily on its Visudyne franchise and its clinical development programs related to its punctal plug delivery technology and its photodynamic therapy dermatology technology. Further reductions in force are expected in 2008 as the company’s assets are divested under the restructuring.

As part of this restructuring initiative Alain Curaudeau will be departing from his role at QLT as senior VP, portfolio & project management and acting senior VP, research and development, together with several members of senior management. Coincident with the restructuring, Dr. Julia Levy, who co-founded QLT in 1981, has advised the company she is retiring from her position as executive chair, scientific advisory board and all other formal QLT activities.

“It is extremely difficult to see so many dedicated and talented individuals leaving QLT. I want to thank all of these people for their contributions to our successes and perseverance through challenging periods of time. On behalf of the entire company, I also want to thank Julia Levy for her leadership and inspiring presence at QLT over the past 27 years,” said Bob Butchofsky, president/CEO.

The company said a restructuring charge of about $7.5 million will be recorded in 2008.

QLT is a global biopharmaceutical company dedicated to the development of pharmaceutical products in the fields of ophthalmology and dermatology.