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Operating and research and development costs rose at biotech company QLT Inc., causing its second-quarter loss to widen to $6.1 million.
With health care under the microscope as the U.S. looks to trim its budget, President and CEO Robert Butchofsky doesn’t believe reimbursement for Visudyne treatment will be affected.
“We think even if there is some sort of prolonged problem or impasse with the debt crisis, it’s unlikely to impact a drug for a … disease like macular degeneration,” he says.
Higher Visudyne sales lifted the company’s revenues to $12.7 million. Visudyne is used in the treatment of macular degeneration, which causes blindness.