8:07AM QLT Inc Board issues letter to shareholders announcing corporate progress and 2013 objectives; QLT expects its recently augmented Synthetic Oral Retinoid leadership team to meet with the FDA by the end of Q1 2013 to discuss the development path to advance QLT091001 (QLTI) 8.08 : The Board promised to determine whether the Company should retain or explore opportunities to partner or sell its Visudyne business: On September 24, 2012, Visudyne was sold to Valeant Pharmaceuticals International, Inc. for a total of $112.5 million upfront, contingent payments potentially totaling $20 million, and a royalty on net sales of new indications for Visudyne, if any should be approved.
Co provided the following updates regarding QLT's 2013 corporate objectives:
1) QLT expects its recently augmented Synthetic Oral Retinoid leadership team to meet with the FDA by the end of Q1 2013 to discuss the most prudent development path to advance QLT091001.
2) Until the aforementioned FDA meeting is concluded, the minutes from it are reviewed, and a subsequent end of phase II meeting is completed with formal guidance provided by the FDA, QLT does not expect to provide timelines for potential pivotal trial initiation(s).
3) After evaluating the strategic options available to enhance shareholder value with respect to our Synthetic Oral Retinoid program, the Board has determined at this time that independently developing QLT091001 is the most value enhancing path forward for QLT shareholders.
4) Lastly, your Board reiterates its commitment to return both a significant and appropriate amount of capital to shareholders in the near term, and we continue to take a diligent approach towards considering governing regulations and tax-efficiency. Despite these complexities, the Board hopes to be able to complete all or a significant portion of our return of capital program in the first half of 2013.
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