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QLT Announces Second Quarter 2013 Results

VANCOUVER, British Columbia, Aug. 1, 2013 (GLOBE NEWSWIRE) -- QLT Inc. (Nasdaq:QLTI) (TSX:QLT) ("QLT" or the "Company") is a biotechnology company dedicated to the development and commercialization of innovative ocular products that address the unmet medical needs of patients and clinicians worldwide. The Company today reported financial results for the second quarter ended June 30, 2013. Unless specified otherwise, all amounts are in U.S. dollars and in accordance with U.S. GAAP.

2013 SECOND QUARTER FINANCIAL RESULTS

Discontinued Operations Reporting

On September 24, 2012, the Company announced that it completed the sale of its Visudyne ® business to Valeant Pharmaceuticals International, Inc. On April 3, 2013, the Company completed the sale of its punctal plug delivery system technology (the "PPDS Technology") to Mati Therapeutics Inc. In accordance with the accounting standard for discontinued operations, the results of operations relating to both the Visudyne business and the PPDS Technology have been excluded from continuing operations and reported as discontinued operations for the current and prior periods.

QLT Expenses / Other Income

Research and Development (R&D) expenses relate to QLT's synthetic retinoid program. During the second quarter of 2013, R&D expense was $4.4 million compared to $7.5 million for the same period in 2012. The $3.1 million decrease was primarily due to savings from the Company's 2012 restructuring initiatives and higher spending in 2012 related to the completion of certain early stage safety studies and manufacturing activities required to support clinical studies.

During the second quarter of 2013, Selling, General and Administrative (SG&A) expense was $1.8 million compared to $5.9 million for the same period in 2012. The $4.1 million decrease was primarily due to savings from the Company's 2012 restructuring initiatives. 

Investment and Other Income was $1.2 million for the second quarter of 2013. This primarily consists of a $1.0 million gain related to the Fair Value Change in the Contingent Consideration asset. This gain occurred primarily because our contingent consideration assets are recorded as the present value of future expected payments with respect to Eligard ® and Visudyne, and therefore as each quarter elapses, even if no changes are made to the underlying Eligard and Visudyne contingent consideration forecasts, a gain will be booked related to the time value of money as we move closer to realizing the full face value of the future expected payments.

Operating Loss

The operating loss for the second quarter of 2013 was $7.1 million, compared to a $13.7 million operating loss incurred during the same period in the prior year. The $6.6 million improvement in operating results is primarily due to savings from our 2012 restructuring initiatives and reduced spending on our synthetic retinoid program offset by $0.7 million of restructuring costs incurred during the quarter.

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