In its first announcement since beginning a major review of assets in November, QLT Inc. (TSX:QLT;Nasdaq:QLTI) said it will cut its workforce and sell both its Vancouver headquarters and its American subsidiary.
QLT plans to reduce its headcount by 115, with more job cuts and divestments planned, as the company attempts to regain shareholder confidence.
The assets from the sales will be used to repay debt. The plan is also aimed at narrowing QLT's focus to its Visudyne franchise and the development of the punctal plug drug delivery technology it acquired last October.
QLT will also focus on developing Lemuteporfin, an acne treatment that the company expects will complete human proof-of-concept studies by the year's end.
The company's sale of QLT USA Inc. will include the subsidiary's primary assets: Eligard, a prostate cancer treatment; Aczone, an acne treatment; and the Atrigel drug delivery system.
QLT's share price range during the past week: between $4.09 and $4.85; 52-week high: $11.67; 52-week low: $3.44.