QLT Inc has acquired OT-730, a prodrug of a beta adrenergic antagonist (a type of beta blocker) under investigation for the treatment of glaucoma, from privately-held Othera Pharmaceuticals, Inc. and its wholly-owned subsidiary, Othera Holding, Inc. (together, 'Othera') for a one-time payment of US$ 7.5 million in cash.

In a phase-I/II study conducted by Othera, OT-730 was demonstrated to be safe and well tolerated in glaucoma patients who have been topically administered with an eye drop formulation. Additionally, the results of that study suggested that OT-730 may have comparable efficacy to timolol, but without the cardiovascular side-effects often associated with that drug. QLT is hopeful that further clinical trials will demonstrate that OT-730 can ultimately find its place in what is currently estimated to be a billion dollar world-wide market for beta blockers. QLT intends to develop formulations of the drug that may include higher dosages and a sustained release profile.

“We are pleased to add OT-730 to our ocular portfolio,” said Bob Butchofsky, president and chief executive officer of QLT. “We believe OT-730 is an intriguing molecule and we are excited to continue developing the compound as a stand-alone eye drop and evaluating its potential for use in sustained release systems.”

QLT is a pharmaceutical company dedicated to the development and commercialization of innovative therapies for the eye.