UPDATE 1-QLT to slash workforce by 45 percent, founder quits

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TORONTO, Jan 18 (Reuters) - QLT Inc (QLT.TO: Quote, Profile, Research, Stock Buzz) (QLTI.O: Quote, Profile, Research, Stock Buzz) said on Friday it planned to slash 45 percent of its workforce and take a $7.5 million charge this year, as it turns its focus to its key Visudyne anti-blindness treatment.

The company said it would cut 115 jobs, including members of its management team, at its Vancouver headquarters and its U.S. subsidiaries.

Julia Levy, who co-founded the company in 1981, also said she is retiring as executive chairwoman, Scientific Advisory Board and all other QLT activities.

Alain Curaudeau, acting senior vice-president, Research and Development, is also leaving the firm.

The company said further cuts are expected later this year as its assets are divested under a restructuring plan it unveiled earlier this week.

On Wednesday it said it would implement several initiatives including the sale of QLT USA, Inc, whose primary assets include the Eligard product line for prostate cancer, Aczone, a dermatology product for the treatment of acne vulgaris, and the Atrigel drug delivery system.

It also said it would sell land and buildings at its corporate headquarters in Vancouver and cut jobs. The proceeds from the sale would be used to repay outstanding convertible debt in September 2008.

($1=$1.02 Canadian)

(Reporting by Scott Anderson; Editing by Renato Andrade)