QLT Inc. is cut-ting 42 per cent of its remaining workforce, leaving just 38 employees at the onetime heavyweight in Canada's biotechnology sector. The Vancouver company, which has sold its main product line, said its remaining employees after the latest downsizing will be focused on the clinical development of synthetic oral retinoid program. The plan follows the sale by QLT of Visudyne, its flagship product, to Valeant Pharmaceuticals Inc. for $112.5 million.

Visudyne combines an injectable drug and laser light to treat age-related macular degeneration.

QLT expects to take a $2-million restructuring charge related to the job cuts and said the affected employees will leave during the first half of 2013. The cuts follow a move by QLT earlier this year to cut 146 of its 214 jobs.

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