01.18.08
QLT, Inc. has restructured, eliminating 45% of its workforce -- approximately 115 people -- at its Vancouver headquarters and its U.S. subsidiaries, including members of its management team.
The reduction in staff is part of the company's strategic restructuring in an effort to focus on its Visudyne franchise and its clinical development programs related to its punctal plug delivery technology and photodynamic therapy dermatology technology. Further staff reductions are expected in 2008 as the company's assets are divested under the restructuring.
Together with several members of senior management, Alain Curaudeau will be departing from his role as senior vice president, portfolio and project management and acting senior vice president, R&D. Also, Dr. Julia Levy, co-founder of QLT, is retiring from her position as executive chair, scientific advisory board and all other QLT activities.
"It is extremely difficult to see so many dedicated and talented individuals leaving QLT. I want to thank all of these people for their contributions to our successes and perseverance through challenging periods of time. On behalf of the entire company, I also want to thank Julia Levy for her leadership and inspiring presence at QLT over the past 27 years," said Bob Butchofsky, president and chief executive officer.
A restructuring charge of approximately $7.5 million will be recorded in 2008.
The reduction in staff is part of the company's strategic restructuring in an effort to focus on its Visudyne franchise and its clinical development programs related to its punctal plug delivery technology and photodynamic therapy dermatology technology. Further staff reductions are expected in 2008 as the company's assets are divested under the restructuring.
Together with several members of senior management, Alain Curaudeau will be departing from his role as senior vice president, portfolio and project management and acting senior vice president, R&D. Also, Dr. Julia Levy, co-founder of QLT, is retiring from her position as executive chair, scientific advisory board and all other QLT activities.
"It is extremely difficult to see so many dedicated and talented individuals leaving QLT. I want to thank all of these people for their contributions to our successes and perseverance through challenging periods of time. On behalf of the entire company, I also want to thank Julia Levy for her leadership and inspiring presence at QLT over the past 27 years," said Bob Butchofsky, president and chief executive officer.
A restructuring charge of approximately $7.5 million will be recorded in 2008.