Canada’s QLT Inc saw its share price take a tumble on the Nasdaq and Toronto stock exchanges yesterday after it said a Phase II trial of its prostate drug lemuteporfin had failed to show a benefit in patients with benign prostatic hyperplasia after three months compared to placebo.

"The preliminary result of this trial does not support initiation of Phase III clinical trials of lemuteporfin in BPH at this time," commented Bob Butchofsky, QLT’s acting Chief Executive Officer. "We intend to complete the analysis of the data, including the six-month measurements, in order to determine the best path forward."

No additional details of the trials have yet been released, but QLT says it plans to discuss the findings on February 22 during a conference call.

Shares in QLT fell 9.5% to $6.11 in premarket activity on the Nasdaq yesterday but recovered slightly to close at $6.52.