Quadra Logic Technologies Inc. said Wednesday that JamesMiller has resigned as chairman, president and chief executiveofficer of the company. Miller, a founder of the company, willremain on QLT's board of directors.
Miller cited both corporate and personal reasons for hisdeparture from the Vancouver, British Columbia, company.
"As the company gets larger and closer to market, you get intomore operations-based activities," Miller told BioWorld. "Youneed different personnel with different characteristics. It's likea relay race -- it's time for the handoff."
QLT is looking for a seasoned executive from thepharmaceutical industry. In the interim, QLT's board hasappointed Julia Levy, vice president of discovery at QLT and aco-founder, as president and CEO.
Duff Scott has been appointed chairman. Scott, who joined theboard about a year ago, is a former chairman of bothPrudential-Bache Securities Canada Ltd. and the Toronto StockExchange.
Miller, formerly a medical professor at the University of BritishColumbia, plans to start a new company in the pharmaceuticalsector. He declined to reveal details until the project is furtheralong.
QLT is developing drugs activated by light for use in thediagnosis and treatment of cancer, sexually transmitteddiseases and viral inactivation of blood.
The company said its product development plans are onschedule. QLT will file next week an investigational new drugapplication with the Food and Drug Administration for Phase Itrials of its photosensitive drug benzoporphyrin derivative(BPD) to treat skin cancers.
American Cyanamid Co., which has a co-development anddistribution agreement with QLT, will file in the fourth quarterof 1991 for European marketing approval of QLT's Photofrin totreat lung, bladder and esophageal cancers.
The stock (NASDAQ:QLTIF) closed at $7.88 on Wednesday,down 13 cents.
-- Karen Bernstein BioWorld Staff
(c) 1997 American Health Consultants. All rights reserved.