Canadian Drug Companies

[Onthego]

QLT-T NR today 91M at 7.52

Van Sun/CP say QLT ends trial for prostate drug


2006-02-15 09:10 ET - In the News

The Vancouver Sun reports in a Canadian Press dispatch QLT said Tuesday a key trial of its treatment for an enlarged prostate failed to show any improvement. CP's Craig Wong writes it will not go ahead with phase 3 trials of the drug. The company said its lemuteporfin injectable therapy in patients with benign prostatic hyperplasia "did not meet the study's primary efficacy objective at three months." QLT said there was no significant difference between patients receiving the treatment and control groups. "The preliminary result of this trial does not support initiation of phase 3 clinical trials of lemuteporfin in BPH at this time," said Bob Butchofsky, acting chief executive officer of QLT. The announcement comes as the company tries to refocus in the wake of a string of setbacks. Investors pushed the stock from Monday's close of $7.60 in Toronto to a high of $7.80 Tuesday, before it closed back down at $7.52. In a research note on the development, UBS Investment Research suggested it would have little impact on the company's performance. That is because lemuteporfin was in such early stages. QLT plans to discuss the matter next Wednesday at its investor conference call.