QLT Inc. (Nasdaq:QLTI) (TSX:QLT) today announced that its wholly-owned U.S. subsidiary, QLT Ophthalmics, Inc. ("QOI"), and Quantel Medical and its distributor, Quantel USA, Inc., have entered into a co-promotion agreement for the sale of Activis PDT Lasers used to activate Visudyne® during photodynamic therapy of primarily classic lesions in wet age-related macular degeneration (AMD). The lasers are manufactured by Quantel Medical and sold by Quantel USA, Inc. and will be promoted by both Quantel USA, Inc. and QOI's sales force to the retina community in the United States.
"This co-promotion arrangement further demonstrates our ongoing commitment to supporting the retina community's treatment of patients with wet AMD," said Bob Butchofsky, President and Chief Executive Officer of QLT. "QLT is pleased to be in a position to enhance our support of U.S. retina specialists by using our existing sales force to market a photodynamic laser option."
Under the terms of the agreement, QOI will have a right to market the laser while Quantel USA, Inc. will accept orders and complete sales for the lasers, and provide QOI a flat fee for each laser sold in the United States, on a per unit basis, as a result of sales generated by QOI. Each party will be responsible for the costs of maintaining and operating its own sales force. The term of the agreement runs for a one year period and thereafter is automatically renewed, unless terminated by either party.