FOR IMMEDIATE RELEASE NOVEMBER 9, 2000
ATLANTA, GEORGIA and VANCOUVER, CANADA - CIBA Vision, the eye care unit of Novartis AG (NYSE:NVS), and QLT Inc. (NASDAQ: QLTI; TSE: QLT) announced today that Visudyne™, their breakthrough medical treatment for the leading cause of blindness in people over the age of 50, is a recipient of Popular Science magazine's "Best of What's New" Award in 2000.
Visudyne™ (verteporfin for injection) therapy, used to treat patients with a certain type of the "wet form" of age-related macular degeneration (AMD) and recently approved by the U.S. Food and Drug Administration (FDA) was selected by the editors of Popular Science as one of the 100 most remarkable new products, technological developments and scientific achievements of the year. The award winners will be featured in the cover story of the scientific consumer magazine's December issue.
The editors of Popular Science selected the 100 winners from thousands of products and developments in a total of 10 categories: General Technology, Home Technology, Medical Technology, Photography, Recreation, Electronics, Computers, Cars, Aviation & Space and Auto Technology. Visudyne therapy was chosen to receive the award in the area of Medical Technology.
"To be recognized by one of the world's top consumer science and technology magazines for our achievement with Visudyne caps off an already banner year for QLT and CIBA Vision," said Dr. Julia Levy, QLT's President and Chief Executive Officer. "We believe news of this award will further help inform the public about this breakthrough therapy."
Visudyne therapy is designed to treat a certain type of wet AMD, a disease characterized by the formation of abnormal blood vessels that grow under the central part of the retina known as the macula. These vessels leak fluid and eventually cause scar tissue, which destroys central vision. Visudyne therapy is a two-step procedure that can be performed in a doctor's office. First, Visudyne is injected intravenously into the patient's arm. It is then activated by shining a non-thermal laser light into the patient's eye.
"Winning the 'Best of What's New' Award is a tremendous honor," said Dan Myers, president of CIBA Vision's North American Ophthalmics group. "As the first approved drug therapy for this devastating condition, Visudyne provides new hope to many of the 200,000 Americans who lose their vision from wet AMD every year."
The winners were recognized at an awards luncheon and exhibition today, Thursday, November 9, at the Tavern on the Green restaurant located in New York City's Central Park. The award recipients will also be recognized on the Popular Science web site (www.popsci.com), where readers can vote for the Reader's Choice Award to be announced on January 5, 2001.
Background Information on Visudyne
Visudyne has already been approved for commercial use in age-related macular degeneration in 25 countries, including the U.S., Canada, European Union, and Australia. Visudyne is generally well tolerated and has an excellent safety profile. Visudyne is injected in the arm. Potential side effects include injection site reactions, headaches, blurring, decreased sharpness and gaps in vision, and in one percent to four percent of patients a substantial decrease in vision with partial recovery in many patients. People should avoid direct sunlight for five days to avoid sunburn. People with porphyria should not be treated. In clinical studies, patients required an average of 3.4 treatments during the first year.
Background on CIBA Vision and QLT
With worldwide headquarters in Atlanta, Georgia, USA, CIBA Vision is a global leader in research, development and manufacturing of optical and ophthalmic products and services, including contact lenses, lens care products, ophthalmic surgical products and ophthalmic pharmaceuticals. CIBA Vision products are available in more than 70 countries. For more information, you are invited to visit the CIBA Vision web site at www.cibavision.com.
CIBA Vision is the eye care unit of Novartis AG, a world leader in healthcare with core businesses in pharmaceuticals, consumer health, generics, eye-care, and animal health. In 1999, the Group (including Agribusiness) achieved sales of CHF 32.5 billion and invested more than CHF 4.2 billion in R&D. Headquartered in Basel, Switzerland, Novartis employs about 82,400 people and operates in over 140 countries around the world. CIBA Vision's Ophthalmics Business Unit will become part of Novartis Pharmaceuticals after December 31, 2000, and will be called Novartis Ophthalmics.
QLT Inc. is a world leader in the development and commercialization of proprietary pharmaceutical products for use in photodynamic therapy, a new field of medicine utilizing light-activated drugs in the treatment of disease. QLT’s innovative science has advanced photodynamic therapy beyond applications in various cancers towards breakthrough treatments in ophthalmology and immune disorders. For more information, you are invited to visit QLT’s web site at www.qltinc.com.
Visudyne™ is a trademark of Novartis AG.
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CIBA Vision Corporate Communications contacts
Jan McClure or Kristie Madara
t 678.415.3646
f 678.415.3592
For more information, you are invited to visit the CIBA Vision web site at www.cibavision.com or the Visudyne web site at www.visudyne.com.
QLT Inc. Corporate Communications contacts
Tamara Hicks
Corporate Communications
t 800.663.5486 or 604.872.7881
f 604.873.0816
For more information, you are invited to visit the QLT web site at www.qltinc.com.
QLT Inc. is listed on the Nasdaq Stock Market under the trading symbol "QLTI" and on the Toronto Stock Exchange under the trading symbol "QLT."
The foregoing press release contains forward-looking statements that can be identified by terminology such as “intends to,” “will,” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, but are not limited to: risks associated with the commercialization of Visudyne™ including patient and physician demand for the treatment; dependence on corporate relationships; manufacturing uncertainties; uncertainty of pricing and reimbursement; uncertainties relating to clinical trials and product development; QLT’s history of operating losses and uncertainty of future profitability; competition; QLT’s rapid growth; uncertainty regarding patents and proprietary rights; product liability claims and insurance; no assurance of regulatory approval; government regulation; uncertainty of QLT’s access to capital; QLT’s anti-takeover provisions; and volatility of QLT’s common share price; among others, all as described in QLT’s Annual Report on Form 10-K and Novartis AG’s Form 20-F on file with the U.S. Securities and Exchange Commission. |
