We wrote recently about Qlt Inc (NASDAQ:QLTI) entering into an Agreement and Plan of Merger with its wholly-owned indirect subsidiary, Isotope Acquisition Corp., and Aegerion Pharmaceuticals, Inc., upon which the latter two will merge into one company that will be named Novelion Therapeutics Inc. Upon the merger, the new director of Novelion will be Kevin Kotler, manager of hedge fund Broadfin Capital, which according to a newly-amended 13D filing, has raised its stake in the company to 5.27 million common shares that amass 9.98% of QLT’s outstanding stock. Previously, Broadfin Capital’s stake consisted of 4.45 million shares, which accounted for 8.4% of the float, as per its previous 13D filing on the company.
QLT is a biotechnology company engaged in the production of ocular products. Since the beginning of the year, the company’s stock has lost 27.82%. For the second quarter of 2016, QLT reported a loss per share of $0.10, compared to a loss per share of $0.21 for the same quarter in 2015.
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You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Broadfin Capital | 0 | 5,269,831 | 0 | 5,269,831 | 5,269,831 | 9.98% |
| Broadfin Healthcare Master Fund, Ltd | 0 | 5,269,831 | 0 | 5,269,831 | 5,269,831 | 9.98% |
| Kevin Kotler | 0 | 5,269,831 | 0 | 5,269,831 | 5,269,831 | 9.98% |
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Page 1 of 10 – SEC Filing
| QLT Inc. |
| (Name of Issuer) |
| Common Stock without par value |
| (Title of Class of Securities) |
| 746927102 |
| (CUSIP Number) |
| Broadfin Capital, LLC 300 Park Avenue, 25th Floor New York, New York 10022 Telephone- (212) 808-2460 |
| (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) |
| September 20, 2016 |
| (Date of Event Which Requires Filing of this Statement) |
| If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.240.13d-1(e), 240.13d‑1(f) or 240.13d-1(g), check the following box [ ]. | |
| Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent. | |
| * The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. | |
| The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). |
