QLT Announces 2007 Results



    Provides Guidance on Eligard(R) and Visudyne(R)

    VANCOUVER, Feb. 21 /CNW/ - QLT Inc. (NASDAQ:   QLTI; TSX: QLT) today
reported its financial results for the fourth quarter ended December 31, 2007
and full year 2007 as well as issued its guidance for 2008. Unless specified
otherwise, all amounts are in U.S. dollars and in accordance with U.S. GAAP.

    2007 RESULTS

    Worldwide Product Sales

    As previously announced, Visudyne(R) sales for the fourth quarter were
$45.5 million, a decrease of 40.5% over sales in the fourth quarter of 2006.
Sales in the U.S. were $10.0 million, up 9.2% from the prior-year
fourth quarter, while sales outside the U.S. were $35.5 million, down
47.2% from the prior year. For the full year 2007, worldwide Visudyne sales
were $214.9 million, 39.3% lower than in 2006, as U.S. sales declined 45.1%
and non-U.S. sales declined 37.8%. The drop in Visudyne sales was primarily
due to the approval and reimbursement of alternative therapeutics for
age-related macular degeneration.
    Worldwide Eligard(R) sales in the fourth quarter were $48.1 million, an
increase of 31.4% over the fourth quarter of 2006. In the period, U.S. sales
of $17.4 million were up 16.5% from the fourth quarter of 2006, while sales
outside the U.S. increased 41.7% to $30.7 million. For the full year 2007,
Eligard sales were $180.9 million, up almost 50% from the prior year, as U.S.
sales of $75.0 million grew 37.5% and non-U.S. sales of $106.0 million were up
60.1%.

    QLT Revenues

    For the fourth quarter, total revenue of $30.9 million was down
20.1% from the fourth quarter of 2006, as the drop in Visudyne revenue was
only partially offset by higher Eligard revenue. For the fourth quarter,
revenue from Visudyne of $13.6 million fell 50.1% while revenue related to
Eligard (royalty and product revenue combined) of $16.9 million was up 54.0%.
For the full year 2007, total revenues of $127.9 million were down 26.9% from
the prior year due primarily to the decline in Visudyne end-user sales.
Revenue from Visudyne for the full year was $67.7 million, down 47.6% from
$129.4 million in the prior year, while royalty and product revenue related to
Eligard was $58.5 million, up 34.1% from the prior year.
    QLT's share of profit from Visudyne sales in the fourth quarter decreased
to 12.9% from 23.1% in Q4 2006. However, the 2007 results included
approximately $6.5 million of expense related to provisions for excess
inventory taken in the fourth quarter by both QLT and Novartis. Excluding this
expense, the profit share in the fourth quarter would have been 20.1%. For the
year, QLT's share of profit from Visudyne sales was 20.7% (22.2% excluding the
provisions for excess inventory), compared to 27.6% in 2006. The decline in
profitability occurred as the reduction in Visudyne expenses has not kept pace
with the decline in sales.

    QLT Expenses

    For the fourth quarter of 2007, expenditures for Research and Development
(R&D) were $13.6 million compared to $12.7 million in the same period of 2006.
For the full year, expenditures for R&D in 2007 were $46.4 million, down from
$56.4 million in 2006 primarily due to decreased spending on Aczone(TM) and
Atrigel(R) programs.
    For the fourth quarter of 2007, Selling General and Administrative (SG&A)
expense was $7.9 million, down from $14.6 million in the fourth quarter of
2006, primarily due to a reduction in legal fees associated with patent
litigation. For the full year 2007, SG&A expenditures of $27.4 million were
down significantly from $42.2 million in 2006, again primarily due to legal
fees associated with patent litigation.

    Operating Loss and Earnings Per Share (EPS)/Loss Per Share

    Operating loss for the fourth quarter was $51.0 million, compared to a
loss of $115.7 million in the prior-year quarter. The 2007 loss was driven by
a charge of $42.9 million for the Purchase of In-Process R&D related to the
acquisition of ForSight Newco II, Inc. in October 2007. The fourth quarter
2006 operating loss occurred primarily due to a charge of $112.5 million taken
in that period related to the settlement in the TAP litigation. Full year
operating loss for 2007 was $154.6 million, compared to an operating loss in
2006 of $87.3 million. The loss in 2007 was due primarily to a charge of
$110.2 million related to the Massachusetts Eye and Ear Infirmary (MEEI)
judgment in July 2007, as well as the charge for purchase of in-process R&D
taken in the fourth quarter. The judgment in the MEEI case has been stayed
pending the outcome of the appeal filed by QLT of the District Court decision
in that case.
    QLT reported a loss per share of $0.62 in the fourth quarter and a loss
per share of $1.47 for the full year 2007. The fourth quarter loss was
primarily due to the charge for purchase of in-process R&D mentioned above.
The full year loss was primarily due to this same charge and the charge for
the MEEI judgment. In 2006, QLT reported a loss per share of $1.56 in the
fourth quarter and a loss per share of $1.20 for the full year, which were
primarily due to a charge of $112.5 million taken in the fourth quarter
2006 related to the settlement in the TAP litigation.
    In the fourth quarter, non-GAAP loss per share was $0.02, while for the
full year non-GAAP EPS was $0.16. Key items that were excluded in the
determination of non-GAAP EPS include: (i) all amounts related to the MEEI
judgment, (ii) the purchase of in-process R&D related to the acquisition of
ForSight Newco II, (iii) the provision for excess Visudyne inventory, (iv)
stock compensation expense, and (v) gains related to the sale of BEMA Fentanyl
technology. The full reconciliations of GAAP to non-GAAP EPS for the
fourth quarter and full year are provided in Exhibits 1 and 2.

    Cash and Short-Term Investments

    The Company's consolidated cash balance at December 31, 2007 consisted of
$126.7 million of cash and cash equivalents and $123.5 million of restricted
cash. The restricted cash balance comprises $121.2 million in a bond related
to the MEEI judgment as well as $2.3 million in escrow related to the
divestment in 2006 of the Company's generic dermatology and manufacturing
facility. The company has $172.5 million of convertible notes that can be put
back to the Company in September 2008. The Company expects to significantly
add to its cash balance in 2008 by proceeding with its previously announced
intention to sell Atrigel, Eligard, Aczone and the headquarters facility and
land in Vancouver.

    2008 GUIDANCE

    Based on recent events and current trends in Visudyne sales, QLT is
projecting that Visudyne sales will range from $145 million to $160 million in
2008 and expects that its share of profit from Visudyne sales will be
approximately 20% in 2008. Eligard sales for the full year are expected to
exceed $200 million.
    Beginning with the first quarter results for 2008, we will be reporting
the results of our QLT USA business as one line item called Income from
Discontinued Operations on our statements of operations. This item, which will
appear near the bottom of our statement of operations, will capture in one
line the net results of the entire QLT USA operation until divestiture.
    In 2008 the Company expects to achieve the following development
milestones in these three areas:

    
    -   Visudyne: Completion of enrollment in the RADICAL combination study
        with six-month results expected in Q4.

    -   Drug in Punctal Plugs for Glaucoma: IND filing for the punctal plug
        with drug technology and initiation of a Phase I/II clinical trial in
        glaucoma patients in H1, with results on drug elution and plug
        retention expected by year end.

    -   Photodynamic therapy with lemuteporfin (QLT0074): Human
        proof-of-concept studies for the treatment of moderate to severe acne
        expected to be completed in 2008.
    

    The Board of Directors will continue to evaluate strategic options
regarding these assets as they progress through their clinical development.
    The Company expects to provide guidance on 2008 SG&A and R&D with its
2008 first quarter results which will be announced April 25, 2008.

    About QLT

    QLT Inc. is a global biopharmaceutical company dedicated to the
discovery, development and commercialization of innovative therapies. Our
research and development efforts are focused on pharmaceutical products in the
fields of ophthalmology and dermatology. In addition, we utilize three unique
technology platforms, photodynamic therapy, Atrigel(R) and punctal plugs with
drugs, to create products such as Visudyne(R) and Eligard(R) and future
product opportunities. For more information, visit our web site at
www.qltinc.com.
    A full explanation of how QLT determines and recognizes revenue resulting
from Visudyne sales is contained in the financial statements contained in the
periodic reports on Forms 10-Q and 10-K, under the heading "Significant
Accounting Policies - Revenue Recognition." Visudyne sales are product sales
by Novartis under its agreement with QLT.

    Certain statements in this press release constitute "forward looking
statements" of QLT within the meaning of the Private Securities Litigation
Reform Act of 1995 and constitute "forward looking information" within the
meaning of applicable Canadian securities laws. Forward looking statements
include, but are not limited to: the Company's projections of 2008 sales of
Visudyne, and our share of profit from Visudyne sales and 2008 sales of
Eligard; our plans to divest certain core and non-core assets described in the
press release; our future business plans and strategy focusing on our Visudyne
franchise and the clinical programs relating to Visudyne, our punctal plug
drug delivery technology and our photodynamic therapy dermatology technology;
our expectations we will achieve certain milestones in these clinical studies
in 2008; and statements which contain language such as: "assuming,"
"prospects," "future," "projects," "expects" and "outlook." Forward-looking
statements are predictions only which involve known and unknown risks,
uncertainties and other factors that may cause actual results to be materially
different from those expressed in such statements. Factors that could cause
actual events or results to differ materially include, but are not limited to:
the Company's future operating results are uncertain and likely to fluctuate;
currency fluctuations in primary markets might impact financial results; the
risk that future sales of Visudyne and Eligard may be less than expected
(including as a result of the timing and impact of existing competitive
products and/or new products launched by competitors and the level of
physician acceptance of Visudyne in combination with other agents); the
Company's reliance on third parties for the manufacture and marketing of
Visudyne and Eligard; our ability to successfully complete the sale of one or
more of the assets or operations at an acceptable price and the time period
necessary to complete such sales are uncertain; fluctuations in the real
estate market; uncertainties relating to the timing and results of the
clinical development and commercialization of our products and technologies
(including Visudyne, our punctal plug technology and our photodynamic therapy
dermatology technology) and the associated costs of these programs; the
timing, expense and uncertainty associated with the regulatory approval
process for products; and general economic conditions and other factors
described in detail in QLT's Annual Information Form on Form 10-K, quarterly
reports on Form 10-Q and other filings with the U.S. Securities and Exchange
Commission and Canadian securities regulatory authorities. Forward looking
statements are based on the current expectations of QLT and QLT does not
assume any obligation to update such information to reflect later events or
developments except as required by law.

    
    QLT Inc. - Financial Highlights
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    -----------------------------------------------
    (In accordance with United States generally accepted accounting
     principles)

    (In thousands of United         Three months ended         Year ended
     States dollars, except per         December 31,          December 31,
     share information)                2007     2006         2007     2006
    -------------------------------------------------------------------------
    (Unaudited)
    Revenues
      Net product revenue         $  22,087  $  32,032  $  95,857  $ 151,860
      Net royalties                   8,431      6,151     30,362     21,099
      Contract research and
       development                        -        209        299      1,155
      Licensing and milestones          367        244      1,387        976
    -------------------------------------------------------------------------
                                     30,885     38,636    127,905    175,090
    -------------------------------------------------------------------------

    Costs and expenses
      Cost of sales                  14,524      9,993     45,396     42,191
      Accrued cost of sales
       re: MEEI(1)                    1,369          -      2,830          -
      Research and development       13,553     12,724     46,428     56,428
      Selling, general and
       administrative                 7,924     14,614     27,414     42,228
      Depreciation                    1,710      1,528      6,505      6,255
      Litigation                          -    112,500    110,162    112,500
      Purchase of in-process
       research and development      42,865          -     42,865          -
      Restructuring (recovery)
       charge                           (97)     3,018        938      2,828
    -------------------------------------------------------------------------
                                     81,848    154,377    282,538    262,430
    -------------------------------------------------------------------------

    Operating loss                  (50,963)  (115,741)  (154,633)   (87,340)

    Investment and other
    (expense) income
      Net foreign exchange losses      (458)      (820)    (1,743)    (3,706)
      Interest income                 3,114      5,161     14,278     20,488
      Interest expense               (3,061)    (1,741)    (9,026)    (6,595)
      Other                             385          2      4,813      2,773
    -------------------------------------------------------------------------
                                        (20)     2,602      8,322     12,960
    -------------------------------------------------------------------------

    Loss from continuing
     operations before
     income taxes                   (50,983)  (113,139)  (146,311)   (74,380)

    Recovery (provision) for
     income taxes                     4,261      2,634     36,575     (9,035)

    -------------------------------------------------------------------------
    Loss from continuing
     operations                     (46,722)  (110,505)  (109,736)   (83,415)
    -------------------------------------------------------------------------

    Income (loss) from
     discontinued operations,
     net of income taxes                175     (6,971)      (261)   (18,190)

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Net loss                      $ (46,547) $(117,476) $(109,997) $(101,605)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic net (loss) income
     per common share
      Continuing operations       $   (0.63) $   (1.47) $   (1.47) $   (0.99)
      Discontinued operations          0.00      (0.09)     (0.00)     (0.22)
    -------------------------------------------------------------------------
      Net loss                    $   (0.62) $   (1.56) $   (1.47) $   (1.20)

    Diluted net (loss) income
     per common share
      Continuing operations       $   (0.63) $   (1.47) $   (1.47) $   (0.99)
      Discontinued operations          0.00      (0.09)     (0.00)     (0.22)
    -------------------------------------------------------------------------
      Net loss                    $   (0.62) $   (1.56) $   (1.47) $   (1.20)

    Weighted average number of
     common shares outstanding
    (in thousands)
      Basic                          74,620     75,183     74,907     84,596
      Diluted                        74,620     75,183     74,907     84,596
    -------------------------------------------------------------------------
    (1)  Amount accrued on Visudyne sales since June 30, 2007 pursuant to
         and pending outcome of appeal of the judgment rendered in the MEEI
         litigation.



    QLT Inc.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    -------------------------------------
    (In accordance with United States generally accepted accounting
     principles)
                                                   December 31,  December 31,
    (In thousands of United States dollars)               2007          2006
    -------------------------------------------------------------------------
    (Unaudited)
    ASSETS
    Current assets
      Cash and cash equivalents                      $ 126,731     $ 299,053
      Short-term investment securities                       -        75,163
      Restricted cash                                  123,495         3,916
      Accounts receivable                               25,257        38,872
      Income taxes receivable                           48,421         4,049
      Inventories                                       18,511        34,268
      Current portion of deferred income tax assets     19,392         8,657
      Other                                             11,930        14,031
    -------------------------------------------------------------------------
                                                       373,737       478,009
    -------------------------------------------------------------------------

    Property, plant and equipment                       52,750        50,497
    Deferred income tax assets                           7,041         9,838
    Goodwill                                            94,903        98,641
    Long-term inventories and other assets              20,556         2,121
    -------------------------------------------------------------------------
                                                     $ 548,987     $ 639,106
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES
    Current liabilities
      Accounts payable                               $   8,486     $  15,255
      Income taxes payable                                   -            29
      Accrued restructuring charge                         153         2,383
      Accrued liabilities                              123,294       125,805
      Convertible debt                                 172,500             -
      Current portion of deferred revenue                8,431        11,508
      Current portion of deferred income
       tax liabilities                                  11,291             -
    -------------------------------------------------------------------------
                                                       324,155       154,980

    Deferred income tax liabilities                          -         5,483
    Uncertain tax position liabilities                   2,070             -
    Deferred revenue                                     2,939         2,929
    Convertible debt                                         -       172,500
    -------------------------------------------------------------------------

                                                       329,164       335,892
    -------------------------------------------------------------------------

    SHAREHOLDERS' EQUITY
    Common shares                                      702,221       708,206
    Additional paid in capital                         119,779       114,724
    Accumulated deficit                               (714,455)     (603,251)
    Accumulated other comprehensive income             112,278        83,535
    -------------------------------------------------------------------------
                                                       219,823       303,214
    -------------------------------------------------------------------------
                                                     $ 548,987     $ 639,106
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    As at December 31, 2007, there were 74,620,328 issued and outstanding
common shares and 5,645,755 outstanding stock options.



    QLT Inc.
    CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

    2007 Fourth Quarter Reconciliation of
    GAAP Earnings to Adjusted Non-GAAP Earnings                    Exhibit 1
    -------------------------------------------------------------------------
                                                                Three months
                            Three months                               ended
                                   ended                         December 31,
    (In millions of United   December 31,                               2007
     States dollars, except         2007
     per share information)         GAAP       Adjustments        Non-GAAP(1)
    -------------------------------------------------------------------------
    (Unaudited)
    Revenues
      Net product revenue       $   22.1          $   (0.2) (a),(b) $   21.9
      Net royalties                  8.4                 -               8.4
      Contract research and
       development                     -                 -                 -
      Licensing and milestones       0.4                 -               0.4
    -------------------------------------------------------------------------
                                    30.9              (0.2)             30.7
    -------------------------------------------------------------------------
    Cost and expenses
      Cost of sales                (14.5)              3.1  (b),(c)    (11.4)
      Accrued cost of sales
        re: MEEI                    (1.4)              1.4  (d)            -
      Research and development     (13.6)              0.6  (C)        (13.0)
      Selling, general and
       administrative               (7.9)              1.0  (a),(c)     (6.9)
      Depreciation                  (1.7)                -              (1.7)
      Purchase of in-process
       research and development    (42.9)             42.9  (e)            -
      Restructuring recovery         0.1              (0.1) (f)            -
    -------------------------------------------------------------------------
                                   (81.8)             48.8             (33.1)
    -------------------------------------------------------------------------

    Operating loss                 (51.0)             48.6              (2.3)

    Investment and other
     income (expense)
      Net foreign exchange losses   (0.5)                -              (0.5)
      Interest income                3.1                 -               3.1
      Interest expense              (3.1)              1.4  (d)         (1.7)
      Other                          0.4              (0.2) (g)          0.2
    -------------------------------------------------------------------------
                                    (0.0)              1.2               1.2
    -------------------------------------------------------------------------

    Loss from continuing
     operations before income
     taxes                         (51.0)             49.9              (1.1)

      Recovery (provision) for
       income taxes                  4.3              (4.7) (h)         (0.5)

    -------------------------------------------------------------------------
    Loss from continuing
     operations                    (46.7)             45.1              (1.6)
    -------------------------------------------------------------------------

    Income from discontinued
     operations, net of income
     taxes                           0.2                 -               0.2
    -------------------------------------------------------------------------

    Net loss                    $  (46.5)         $   45.1          $   (1.4)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic net (loss) income
     per common share:
      Continuing operations     $  (0.63)                           $  (0.02)
       Discontinued operations      0.00                                0.00
    -------------------------------------------------------------------------
       Net loss                 $  (0.62)                           $  (0.02)

    Diluted net (loss) income
     per common share:
      Continuing operations     $  (0.63)                           $  (0.02)
      Discontinued operations       0.00                                0.00
    -------------------------------------------------------------------------
      Net loss                  $  (0.62)                           $  (0.02)

    Weighted average number of
     common shares outstanding
    (in millions)
      Basic                         74.6                                74.6
      Diluted                       74.6                                74.6

       Adjustments:
       ------------
    (a) Remove fees related to the reduction of an inventory purchase
        obligation.
    (b) Remove provision for excess inventory.
    (c) Remove stock based compensation.
    (d) Remove accrued cost of sales re: MEEI and related interest expense.
    (e) Remove purchase of in-process research and development related to
        the acquisition of ForSight Newco. II, Inc.
    (f) Remove restructuring charge.
    (g) Remove reversal of accrual related to 2004 acquisition of Atrix
        Laboratories Inc.
    (h) Remove income tax impact of the above adjustments and the
        realization of outside basis difference in a foreign entity.

    (1) The adjusted non-GAAP financial measures have no standardized
        meaning under GAAP and are not comparable between companies.
        Management believes that the adjusted non-GAAP financial measures
        are useful for the purpose of financial analysis. Management uses
        these measures internally to evaluate the Company's operating
        performance before items that are considered by management to be
        outside of the Company's core operating results.



    QLT Inc.
    CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
    Year ended December 31, 2007
     Reconciliation of GAAP Earnings to
     Adjusted Non-GAAP Earnings                                    Exhibit 2
    -------------------------------------------------------------------------
                                                                  Year ended
                              Year ended                         December 31,
    (In millions of United   December 31,                               2007
     States dollars, except         2007                            Adjusted
     per share information)         GAAP       Adjustments        Non-GAAP(1)
    -------------------------------------------------------------------------
    (Unaudited)
    Revenues
      Net product revenue       $   95.9          $   (0.2) (a),(b) $   95.7
      Net royalties                 30.4                 -              30.4
      Contract research and
       development                   0.3                 -               0.3
      Licensing and milestones       1.4                 -               1.4
    -------------------------------------------------------------------------
                                   127.9              (0.2)            127.7
    -------------------------------------------------------------------------
    Cost and expenses
      Cost of sales                (45.4)              3.1 (b),(c)     (42.3)
      Accrued cost of sales
       re: MEEI                     (2.8)              2.8 (d)             -
      Research and development     (46.4)              2.2 (c)         (44.2)
      Selling, general and
       administrative              (27.4)              2.3 (a),(c),(e) (25.1)
      Depreciation                  (6.5)                -              (6.5)
      Litigation                  (110.2)            110.2 (f)             -
      Purchase of in-process
       research and development    (42.9)             42.9 (g)             -
      Restructuring charge          (0.9)              0.9 (h)             -
    -------------------------------------------------------------------------
                                  (282.5)            164.3            (118.2)
    -------------------------------------------------------------------------

    Operating (loss) income       (154.6)            164.2               9.5

    Investment and other
     income (expense)
      Net foreign exchange losses   (1.7)                -              (1.7)
      Interest income               14.3                 -              14.3
      Interest expense              (9.0)              2.5 (d)          (6.5)
      Other                          4.8              (4.2)(i),(j)       0.6
    -------------------------------------------------------------------------
                                     8.3              (1.7)              6.6
    -------------------------------------------------------------------------

    (Loss) income from continuing
     operations before income
     taxes                        (146.3)            162.5              16.2

      Recovery (provision) for
       income taxes                 36.6             (40.5)(k)          (3.9)

    -------------------------------------------------------------------------
    (Loss) income from
     continuing operations        (109.7)            122.0              12.3
    -------------------------------------------------------------------------

    Loss from discontinued
     operations, net of
     income taxes                   (0.3)                -              (0.3)

    -------------------------------------------------------------------------
    Net (loss) income           $ (110.0)         $  122.0          $   12.0
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic net (loss) income
     per common share:
      Continuing operations     $  (1.47)                           $   0.16
      Discontinued operations      (0.00)                              (0.00)
      -----------------------------------------------------------------------
      Net (loss) income         $  (1.47)                           $   0.16

    Diluted net (loss) income
     per common share:
      Continuing operations     $  (1.47)                           $   0.16
      Discontinued operations      (0.00)                              (0.00)
      -----------------------------------------------------------------------
      Net (loss) income         $  (1.47)                           $   0.16

    Weighted average number of
     common shares outstanding
    (in millions)
      Basic                         74.9                                74.9
      Diluted                       74.9                                74.9

    Adjustments:
    ------------
    (a) Remove fees related to the reduction of an inventory purchase
        obligation.
    (b) Remove provision for excess inventory.
    (c) Remove stock based compensation.
    (d) Remove accrued cost of sales re: MEEI and related interest expense.
    (e) Remove impairment of equipment.
    (f) Remove patent litigation charge.
    (g) Remove purchase of in-process research and development related to
        the acquisition of ForSight Newco. II, Inc.
    (h) Remove restructuring charge.
    (i) Remove gain on sale of BEMA technology.
    (j) Remove reversal of accrual related to 2004 acquisition of Atrix
        Laboratories Inc.
    (k) Remove income tax impact of the above adjustments and the
        realization of outside basis difference in a foreign entity.

    (1) The adjusted non-GAAP financial measures have no standardized
        meaning under GAAP and are not comparable between companies.
        Management believes that the adjusted non-GAAP financial measures
        are useful for the purpose of financial analysis. Management uses
        these measures internally to evaluate the Company's operating
        performance before items that are considered by management to be
        outside of the Company's core operating results.
    

    Conference Call Information

    QLT Inc. will hold an investor conference call to discuss its
fourth quarter and year end 2007 results on Thursday, February 21st at
8:30 a.m. ET (5:30 a.m. PT). The call will be broadcast live via the Internet
at www.qltinc.com. To participate on the call, please dial
1-800-319-4610 (North America) or 604-638-5340 (International) before 8:30
a.m. ET. A replay of the call will be available via the Internet and also via
telephone at 1-800-319-6413 (North America) or 604-638-9010 (International),
access code 7142, followed by the number sign.

    Atrigel is a registered trademark of QLT USA, Inc.
    Visudyne is a registered trademark of Novartis AG.
    Eligard is a registered trademark of Sanofi-Synthelabo Inc.

    QLT Inc. is listed on The NASDAQ Stock Market under the trading symbol
    "QLTI" and on The Toronto Stock Exchange under the trading symbol "QLT."





For further information:

For further information: QLT Inc.: Vancouver, Canada, Therese Hayes,
Telephone: (604) 707-7000, or 1-800-663-5486, Fax: (604) 707-7001

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