In mid-April, the FDA approved Visudyne (verteporfin) therapy for the treatment of the predominantly classic form of wet AMD. (See page 6.)

The approval came on the heels of positive results from a Phase III study conducted by CIBA Vision and QLT PhotoTherapeutics Inc., which confirmed that the benefits and safety of Visudyne therapy are sustained over a
2-year period. Of 242 patients in the study who had predominantly classic choroidal neovascularization (CNV), 59.1% lost less than three lines of vision, compared to 31.3% of patients administered placebo. The percentage of patients experiencing improved vision remained stable at 13%.

Also, 1-year results from a separate and ongoing Phase IIIb study show that Visudyne therapy benefits patients with CNV due to pathologic myopia.

"We are encouraged with the results in the pathologic myopic patients," said Dr. Julia Levy, President and Chief Executive Officer of QLT. "Until now this group of younger patients have had very little hope once diagnosed with the condition -- a devastating proposition given that the vast majority of them are still in the workforce. We intend to discuss this potential new indication with the FDA to determine the viability of a supplemental new drug application for Visudyne."

A complete analysis of the results is under way.