Happy Return: QLT Bets Big on ForSight Plug
This article was originally published in Start Up
Publicly traded QLT Inc. is trying to capture lightning in a bottle; it has acquired the second company spawned by ForSight Labs, the incubator created by The Foundry. The still unnamed company has developed drug-eluting punctual plugs that QLT believes could challenge the $6 billion eye-drop industry.
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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.