Please wait while we load the requested 10-K report or click the link below:
QLT ANNOUNCES FOURTH QUARTER AND YEAR END 2012 RESULTS
|For Immediate Release||February 21, 2013|
VANCOUVER, CANADA 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 fourth quarter and full year ended December 31, 2012. Unless specified otherwise, all amounts are in U.S. dollars and in accordance with U.S. GAAP.
2012 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 December 24, 2012, the Company entered into an exclusive option agreement with Mati Therapeutics Inc. (Mati), a development company led by Robert Butchofsky, QLTs former President and CEO, pursuant to which the Company granted Mati an exclusive 90-day option to acquire assets related to our punctal plug delivery system in exchange for $0.5 million. The option may be extended by Mati for up to three successive 30-day periods upon payment of an additional $0.1 million for each extension. In accordance with the accounting standard for discontinued operations, the results of operations relating to both the Visudyne business and the punctal plug drug delivery system 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) expense, which now includes only expenses from our synthetic retinoid program, was $5.0 million in the fourth quarter, down from $6.3 million in the fourth quarter of 2011. For the full year, R&D expense was $24.6 million in 2012, compared to $23.0 million in 2011. The increase was primarily due to a $1.2 million charge related to accelerated vesting of employee stock options resulting from the election of a new Board of Directors at the Companys annual meeting of shareholders on June 4, 2012, plus higher spending on our synthetic retinoid program.
For the fourth quarter, Selling, General and Administrative (SG&A) expense was $2.4 million, down from $4.5 million in 2011. The decrease from the prior year was primarily due to savings from our restructurings announced in 2012. For the full year, SG&A expenditures of $15.1 million were down from the $17.1 million reported in 2011. The decrease from the prior year was primarily due to savings from our restructurings announced in the second half of 2012, partially offset by a $1.2 million charge related to accelerated vesting of employee stock options and directors deferred stock units resulting from the election of a new Board of Directors.
Page 1 of 7
The following information was filed by Qlt Incbc (QLTI) on Thursday, February 21, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Qlt Incbc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Qlt Incbc.