Eye drug developer QLT Inc. (TSX:QLT) is on the hook for nearly US$70 million in past penalties and tens of millions of dollars for future sales of its Visudyne drug in the wake of a legal decision by a U.S. district court Tuesday. The Vancouver company said the United States District Court for the District of Massachusetts affirmed a 2006 decision by a federal jury that had found QLT liable for unfair trade practices and ordered it to pay damages to the Massachusetts Eye and Ear Infirmary. Under the decision the company must pay US$69.6 million as past damages for royalties, plus interest and legal fees, and royalties on future Visudyne sales.

Posted by GEN-ERIC at 12:04:12 am into the following categories: In The News

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