QLT announces new expiration date of tender offer



    VANCOUVER, Jan. 15 /CNW/ - QLT Inc. ("QLT") (NASDAQ:   QLTI; TSX: QLT)
announced that it will extend the term of its modified "Dutch Auction" tender
offer (the "Offer") for up to US$50 million of its common shares (the
"Shares") commenced on December 5, 2008. The Offer, which was to expire at
5:00 p.m. (Eastern time) today has been extended until 5:00 p.m. (Eastern
time) on January 26, 2009, unless further extended or withdrawn by QLT. As
previously announced in a press release dated January 12, 2009, QLT is
extending the Offer given the decision of the appellate court to affirm the
judgment previously rendered by the district court in the litigation with
Massachusetts Eye and Ear Infirmary ("MEEI").
    QLT will mail a notice of change and variation (the "Notice") to its
shareholders today, setting out the new expiration date of the Offer and
describing the outcome of the litigation with MEEI and other recent
developments with respect to the Offer and QLT since December 5, 2008, the
date of the original Offer. The Notice is being filed concurrently with the
securities regulatory authorities in the United States and Canada.
    Under the terms of the Offer, shareholders have the opportunity to tender
all or a portion of their Shares at an individually selected price that is not
less than US$2.20 and not more than US$2.50 per Share. Shareholders who have
already deposited their Shares pursuant to the Offer and have not withdrawn
such Shares need not take any further action. QLT will select the lowest price
per Share within the price range of the Offer that will allow it to purchase
up to US$50 million of its outstanding Shares at the completion of the Offer.
For further details on the terms and conditions of the Offer, please consult
the offer to purchase and issuer bid circular of QLT filed with the securities
regulatory authorities in the United States and Canada on December 5, 2008, as
amended by the Notice.

    This press release is for informational purposes only and does not
constitute an offer to buy or the solicitation of an offer to sell Shares. The
full details of the Offer, including complete instructions on how to tender
Shares have been mailed to shareholders. The Notice is being mailed to
shareholders today. Shareholders should carefully read the Notice, the Tender
Offer Statement on Schedule TO, as amended, the offer to purchase, the issuer
bid circular, the letter of transmittal and other related materials because
they contain important information, including the various terms and conditions
of the Offer. Shareholders may obtain free copies of the Notice, the Tender
Offer Statement on Schedule TO, as amended, the offer to purchase, the issuer
bid circular and other related documents that have been filed by QLT with the
U.S. Securities and Exchange Commission on the commission's web site at
www.sec.gov. Shareholders also may obtain a copy of these documents, without
charge, from Georgeson Shareholder Communications Canada, Inc., the
information agent for the Offer, toll free at (866) 733-9452. Shareholders are
urged to read these materials carefully prior to making any decision with
respect to the Offer.

    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
field of ophthalmology. 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 website at www.qltinc.com.

    Forward-Looking Statements

    Certain statements in this press release constitute "forward-looking
statements" and "forward-looking information" of QLT, which involve known and
unknown risks, uncertainties and other factors that may cause our actual
results to be materially different from any future results, performance or
achievements expressed or implied by such statements. These statements are
only predictions and there are a number of risks, uncertainties and other
factors which could cause actual events to differ materially, including but
not limited to the factor that our intention to purchase our common shares may
be impacted by market factors and our operating results, and by other factors
described in detail in QLT's Annual Information Form and Annual Report on Form
10-K, quarterly reports on Form 10-Q and other filings with the SEC and
Canadian securities regulatory authorities. Forward-looking statements are
based on our current expectations and QLT assumes no obligation to update such
information to reflect later events or developments, except as required by
law.





For further information:

For further information: QLT Inc., Vancouver, Canada, Karen Peterson,
Telephone: (604) 707-7000 or 1-800-663-5486, Fax: (604) 707-7001; The Trout
Group Investor Relations Contact: New York, USA, Christine Yang, Telephone:
(646) 378-2929; or Marcy Strickler, Telephone: (646) 378-2927

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