Forward-looking statements are predictions only which involve known and unknown risks and uncertainties and undue reliance should not be placed on such statements. Current material factors or assumptions are implied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements.Forward-looking statements are based on estimates and assumptions made by QLT in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors that QLT believes are appropriate in the circumstances. For additional information about the material factors or assumptions underlying such statements and about the material factors that may cause actual results to vary for those expressed terms or implied in such statements, please consult QLT’s press release dated July 27, 2010 and available on our website as well as filings with the U.S. Securities and Exchange Commission and the Canadian Securities regulatory authorities including its risk factors detailed in the most recently filed annual report on Form 10-K and quarterly report on Form 10-Q. The information set forth herein should be considered in light of such factors. QLT has no intention and undertakes no obligation to update such information to reflect later events or developments, except it’s required by law. The presentation includes a discussion of non-GAAP financial measures as defined by applicable securities laws in most directly comparable U.S. GAAP financial measures. Information reconciling those non-GAAP financial measures QLT’s financial results prepared in accordance with U.S. GAAP have been included in the earnings press release issued today and posted on our website. And with that, I’ll turn the call over to Bob. Bob Butchofsky Great. Thanks a lot Karen, and good morning, everyone. Thank you for joining us on our second quarter earnings call. I’m going to spend a little time and give you some of the financial highlights but Cam will discuss that in more detail, we’ll also talk about the pipeline.
Kind of to put the quarter in perspective as well as the call today, overall, we continue to deliver solid financial results as we strive to build shareholder value by appropriate spending on R&D programs related to our pipeline of innovative drugs and technologies, which is solely focused now on treating ocular diseases.I’m pleased with our financial performance in the second quarter and through the first half of this year and there’s a couple of points I just want to highlight for you. First, starting with adjusted EBITDA, plus the contingent consideration, that was $6.7 million in the second quarter and $10.4 million for the first half of the year. Turning to Visudyne, Visudyne sales grew sequentially from $21.1 million in the first quarter to $24.4 million in the second quarter. Cash at the end of the second quarter on hand is $186 million and as a reminder, we have no long-term debt or other obligations outstanding. Contingent consideration now stands at $138 million at the end of the second quarter and this gives you an implied underlying asset value of cash and contingent consideration of about $324 million. We are generating cash from operations. We’re using some of that cash in addition to funding our R&D programs. We continue to buying back stock and we recently expanded our stock buyback. In the second quarter we purchased 1.2 million shares in the quarter and the total buyback since 2005 is now up to 42.3 million shares. Now, following those highlights, I just want to spend a few moments talking through some of the development milestones. I want to update you on the progress we’ve made thus far in developing our punctal plug program. We’re now targeting two prevalent ocular diseases, glaucoma and allergic conjunctivitis. We’ll be starting new studies in both of those conditions. Read the rest of this transcript for free on seekingalpha.com