January 4, 2010 (FinancialWire) — QLT Inc. (NASDAQ: QLTI) (TSX: QLT ) said it has acquired OT-730, a prodrug under investigation for the treatment of glaucoma, from privately-held Othera Pharmaceuticals, Inc. and its wholly-owned subsidiary, Othera Holding, Inc. for a one-time payment of $7.5 million in cash.

OT-730 is a prodrug of a beta adrenergic antagonist (a type of beta blocker).

According to QLT, OT-730, in a Phase I/II study conducted by Othera, was demonstrated to be safe and well tolerated in glaucoma patients who have been topically administered with an eye drop formulation.

QLT added that the results of that study suggested that OT-730 may have comparable efficacy to timolol, but without the cardiovascular side-effects often associated with that drug.

The company said it is hopeful that further clinical trials will demonstrate that OT-730 can ultimately find its place in what is currently estimated to be a billion dollar world-wide market for beta blockers. QLT intends to develop formulations of the drug that may include higher dosages and a sustained release profile.

Canada-based QLT is a pharmaceutical company focused on the development and commercialization of innovative therapies for the eye.

Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). Recently issued reports and filings include Weatherford International Ltd. (NYSE: WFT), UQM Technologies, Inc. (AMEX: UQM), Panhandle Oil and Gas, Inc. (NYSE: PHX), Encore acquisition Company (NYSE: EAC), Altius Minerals Corp. (TSX: ALS), PKC Group Oyj (PLUS: PKC1V) and Standard Life Investments European Private Equity Trust PLC (LSE: SEP) (PLUS: SEP).

FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/). Recently webcast company presentations, financial results & earnings calls now available include Rick’s Cabaret International, Inc. (NASDAQ: RICK) and Applied Signal Technology, Inc. (NASDAQ: APSG). Recordings are accessible via the search function at http://infoescrow.net/f/?u=http://www.investorcalendar.com by entering any company’s ticker symbol into the search field.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.