Quadra Logic Technologies was founded in 1981 to develop and commercialize discoveries made at the University of British Columbia in the fields of immunology and diagnostics.
As a newly public company in 1986, QLT was composed of a handful of scientists and professionals who sought to develop applications using photodynamic therapy to combat debilitating diseases. The tremendous potential of photodynamic therapy was first realized in Photofrin®, for use in cancer treatment, which was sold to Axcan Pharma Inc. in 2000. During that same year, QLT received FDA approval for Visudyne®, a breakthrough treatment for the wet form of age-related macular degeneration (AMD). Today, Visudyne has been used in more than two million treatments worldwide and is commercially available in more than 80 countries.
In 2004, QLT completed a merger with Atrix Laboratories Inc., (now QLT USA, Inc.) of Fort Collins, Colorado in order to gain a new portfolio of therapeutics including Eligard®, a treatment for advanced prostate cancer and Aczone® a novel treatment for acne, as well as Atrigel® a drug delivery technology. In 2006, QLT revised its business strategy to streamline its focus and plan for growth. As part of this initiative QLT divested the generic dermatology and manufacturing business in Fort Collins.
A new era for QLT began in 2007, driven by new leadership and a new vision as QLT focused on one therapeutic area: ocular.
Going forward, QLT will leverage its solid financial position to build a new pipeline of products and establish a commercial presence in ocular. These two major initiatives will assist us in achieving our goal to provide new promise for patients, increase value for shareholders and ensure sustainable growth for the future.
Within the current pipeline: Visudyne remains an important asset and QLT will invest in building its profile in studies of combination therapies for the treatment of AMD; the Punctal Plug Delivery System has the potential to address a broad range of ocular diseases that are currently being treated with eye drops; and the synthetic retinoid compound is being developed for the potential treatment of Leber's Congenital Amaurosis, an inherited progressive retinal degenerative disease that leads to retinal dysfunction and visual impairment beginning at birth.
We are excited about QLT's future and achieving our goal to improve and enhance the quality of life for patients around the world. |
