The Wall Street Journal-20080122-QLT Inc-- Work Force Cut by 45- As Part of Restructuring

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QLT Inc.: Work Force Cut by 45% As Part of Restructuring

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QLT Inc. said it started implementing a previously announced restructuring initiative, firing 115 workers, or about 45% of the work force at its Vancouver headquarters and its U.S. subsidiaries, including members of its management team. The company, which will record a restructuring charge of $7.5 million this year, said further work-force reductions are expected as assets are sold under the restructuring. It said it would implement initiatives including the sale of QLT USA Inc. QLT plans to focus on its key Visudyne antiblindness treatment. Among other management changes, Julia Levy, who co-founded QLT, will retire.