QLTI

QLT Inc. (QLTI)

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QLT Inc. (QLTI)

Q1 2011 Earnings Call

May 5, 2011 8:30 am ET

Executives

Karen Peterson – Investor Relations Specialist

Robert Butchofsky – President and CEO

Cameron Nelson – Vice President, Finance and Chief Financial Officer

Analysts

Steve Yoo – Leerink Swann & Company

Jeffrey Cohen – C.K. Cooper & Co.

Doug Miehm – RBC Capital Markets

Scott Henry – ROTH Capital Partners

Presentation

Operator

Hello. This is the Chorus Call Conference Operator. Welcome to the QLT Inc. First Quarter 2011 Conference Call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions)

At this time, I would like to turn the conference over to Karen Peterson, Investor Relations Specialist. Please go ahead.

Karen Peterson

Good morning, everyone. And welcome to QLT’s first quarter 2011 earnings conference call. If you have not yet received a copy of our press release, you can find it by visiting our website at www.qltinc.com. The conference call is being webcast live and will be available on our website for the next 30 days.

Presenting today is Bob Butchofsky, our President and CEO; and Cameron Nelson, our Chief Financial Officer. Before I turn the call over to Bob, I’d like to take a few moments to go over the Safe Harbor statement.

I need to remind you that certain statements in this conference call are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and constitute forward-looking information within the meaning of Canadian Securities Laws.

Forward-looking statements include but are not limited to, statements relating to our clinical development plans and objectives, timing to commence studies, complete enrollment and receive results, sales and other financial guidance, potential benefits, targets and commercial success of our products and technologies and other statements, which contain language such as believe, goal, future, will, project, expects and outlook, and similar expressions.

Forward-looking statements are based on estimates and assumptions made by QLT in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that QLT believes are appropriate in the circumstances.

Forward-looking statements are predictions only, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from a conclusion, forecast or projection in such statements. Any such risks and uncertainties are taken into account as part of our assumptions underlying these forward-looking statements, including but not limited to, our future operating results are uncertain and likely to fluctuate, currency fluctuations may impact financial results, the risks that future sales of Visudyne or Eligard may be less than expected due to market demand, competition, pricing, reimbursement and other factors.

Uncertainties related to timing, enrollment, cost and success of R&D and commercialization of products, and other future unknown liabilities and other factors including those described in the risks factors section of QLT’s annual report on Form 10-K and quarterly reports on Form 10-Q and in other filings within the U.S. and Canadian Securities regulatory authorities.

These factors should be considered carefully and you should not place undue reliance on QLT’s forward-looking statements. QLT has no intention and undertakes no obligation to update such information to reflect later events or developments except as required by law.

This presentation includes a discussion of non-GAAP financial measures as defined by applicable securities laws. The most directly comparable GAAP financial measures and information reconciling these non-GAAP finance measures to QLT’s financial results prepared in accordance with GAAP have been included in the earnings press release issued today and posted on our website.

And, with that, I’ll turn the call over to Bob.

Robert Butchofsky

[Audio Gap] Joining us on our second call of the week. I want to jump right in and start the call by following up on the day that we presented this week at ARVO for QLT091001 for LCA, or Leber Congenital Amaurosis. I thought Rob Koenekoop did an excellent job of highlighting the data generated on the first 12 subjects with LCA in his formal presentation, his poster session and also during the Investor call we held on Tuesday afternoon.

However, I just wanted to start our today by highlighting what, I believe, are the main take away points in discussing, some of what, I believe, are the next steps in our overall development program. It's important for all of you to keep in mind that LCA’s considered by most experts in the field to be a devastating disease with the most severe form of both retinal degeneration and vision loss. There are no treatments currently proved and LCA strikes children soon after birth.

Now that we are increasing our experience and follow-up with QLT091, the side effect profiles of this molecule continues to appear tolerable with mildly elevated triglycerides and declining HDL levels largely returning to normal soon after dosing though more data is needed, obviously. Also given the continued long-term duration of effect that we are seeing, we are going to continue to focus our ongoing patient enrollment on the 40-milligrams per meter squared dosing regiment.

In terms of efficacy, we have two patients who experienced profound and durable increases in visual acuity and we define that as three to six lines or 15 to 30 letters of vision. In addition, our older patient, and by that I mean 38 years old, who was off chart with only hand/motion vision detected at baseline, was able to read on chart following treatment, and this level of vision improvement for a low-vision patient is also the equivalent of a three to six-line vision improvement. So one quarter, 25% of our treatment population had a profound visual acuity impact.

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