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Punctal Plug Can’t Keep QLT Afloat

Five years ago, QLT Inc. charged in hard and snapped up an experimental drug-eluting punctal plug technology created by incubator ForSight Labs LLC. At the time, we reported in START-UP that the punctal plug – designed to deliver drugs directly into the eye – might make or break the company. Looks like it was the latter. Last month, QLT’s newly elected board of directors instituted a broad reshuffling of the company. The board cut the work force by 68% and it intends to divest the still-experimental punctal plug technology, hoping to sell the line outright or spin it out into another entity.

Five years ago, publicly traded QLT Inc.charged in hard and snapped up an experimental drug-eluting punctal plug technology created by incubator ForSight Labs LLC. The technology had only existed a year, but QLT’s CEO Bob Butchofsky was a believer, agreeing to pay $42 million up front for the untested technology, a nice return for investors who had committed less than $5 million to the project. [See Deal] At the time, we reported in START-UP that the punctal plug – designed to deliver drugs directly into the eye – might make or break the company. (See Also see "Happy Return: QLT Bets Big on ForSight Plug " - Medtech Insight, 1 November, 2007..)

Looks like it was the latter. Last month, QLT’s newly elected board of directors instituted a broad reshuffling of the...

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