UPDATE 2-Results, lack of clarity disappoint QLT investors

(Recasts, adds analyst comments; in U.S. dollars unless noted)

By Scott Anderson

TORONTO, April 25 (Reuters) - QLT Inc (QLT.TO: Quote, Profile, Research) (QLTI.O: Quote, Profile, Research) said on Friday it slipped to a first-quarter loss, hurt by a restructuring charge and slumping sales of its Visudyne anti-blindness treatment.

However, analysts were also disappointed that the biopharmaceutical company provided no clear update on its divestiture program, unveiled in January, in a bid to remake itself into a more narrowly focused company.

The restructuring includes the sale of QLT USA, whose primary assets are 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 planned to sell land and buildings at its corporate headquarters in Vancouver, British Columbia, and cut 115 jobs, with further reductions as assets are divested.

"The divestment process is well under way and is progressing in a reasonable time frame," Chief Executive Bob Butchofsky said on a conference call.

The company said it took a charge of $7.4 million during the quarter related to the restructuring, but analysts wanted more details on the moves that would see it concentrate on ocular treatments including Visudyne and punctal plugs -- tiny plugs inserted into the tear ducts to prevent drainage.

"There were no updates on the divestiture program, which I think everybody wanted to hear about and is the most important thing," said John Maletic, an analyst at Scotia Capital.