QLT reduces losses in second quarter

QLT Inc. reported a net loss for the quarter ended June 30 of $6.2 million compared with a net loss of $12.6 million for the quarter ended a year earlier.

The company said the improvement is primarily due to savings from its 2012 restructuring initiatives and reduced spending on its synthetic retinoid program offset by $0.7 million in restructuring costs incurred during the quarter.

During the second quarter of 2013, research and development expense was $4.4 million compared to $7.5 million for the same period in 2012. The decrease was due to the company’s restructuring initiatives and higher spending in 2012 related to the completion of early-stage safety studies and manufacturing activities required to support clinical studies.

The company also reduced its selling general and administrative expense for the second quarter of 2013 to $1.8 million from $5.9 million for the same period in 2012.