Quadra Logic Technologies Inc. and Baxter Healthcare Corp.have decided to suspend development of QLT's PhotodynamicTechnology for the elimination of viruses in red cellconcentrates for the blood banking industry, QLT announced onFriday.
The cost of the product would have been prohibitive for theblood banks, said QLT spokesman David Main.
However, researchers at the two companies demonstrated thatQLT's light-activated benzoporphyrine derivative doesinactivate viruses in blood. The companies will look at potentialtherapeutic applications for HIV, hepatitis andcytomegalovirus, Main said.
QLT shares (NASDAQ:QLTIF) closed at $8.75, up 38 cents.
QLT of Vancouver, British Columbia, and Baxter began the jointventure in 1990, focusing first on the elimination of viruses inblood. The agreement calls for a 50-50 split of developmentcosts, expenses and profits. Baxter has exclusive worldwidemarketing rights.
The project represented less than 10 percent of QLT's 1991development expenditures, the company said. Totaldevelopment expenditures for QLT through the third quarterended Sept. 30 were $7.3 million (C$8.4 million). -- KB
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