QLT announces third quarter results for 2008



    VANCOUVER, Oct. 28 /CNW/ - QLT Inc. (NASDAQ:   QLTI; TSX: QLT) ("QLT" or
the "Company") today reported financial results for the third quarter ended
September 30, 2008. Unless specified otherwise, all amounts are in U.S.
dollars and in accordance with U.S. GAAP.
    "This has been a very productive quarter for QLT," said Bob Butchofsky,
President and Chief Executive Officer of QLT. "The Company is in a much
stronger position today than it was at the beginning of the year. The
successful divestment of three assets provided us with enough capital to
redeem our convertible debt and it leaves us in a position of strength with
$155.9 million in unrestricted cash. Also, our royalty revenue from
Visudyne(R) and Eligard(R) continue to be significant to the Company and
provide additional funding for our internal development programs, including
our proprietary punctal plug drug elution technology trials. As we announced
separately this morning, the data from our Phase 2 CORE trial showed a
meaningful reduction in intra-ocular pressure, suggesting that we are making
progress in advancing this platform technology."
    In a separate matter, QLT's worldwide Visudyne licensee, Novartis,
recently announced a restructuring of its U.S. commercial organization. As
part of the restructuring, Novartis will no longer have a dedicated Ophthalmic
sales force, however it will continue to support Visudyne in the U.S. with
indirect sales methods. In the near term, we expect profitability to increase
as a result of reduced selling and administrative expenses.

    2008 Q3 FINANCIAL RESULTS

    Worldwide Product Sales

    As previously announced, global Visudyne sales for the third quarter were
$34.1 million, a decrease of 30.1% from sales in the third quarter of 2007.
Sales in the U.S. were $9.1 million, down 2.9% from the prior-year third
quarter, while sales outside the U.S. were $24.9 million, down 36.6% from the
prior year. The drop in Visudyne sales was primarily due to the approval and
reimbursement in Europe of alternative therapeutics for age-related macular
degeneration. We now believe that Visudyne sales for the year will be at the
low end of our guidance range of $145 million to $160 million.
    Worldwide Eligard sales in the third quarter were $54.7 million, an
increase of 18.3% over the third quarter of 2007. U.S. sales of $16.9 million
were down 9.5% from last year's third quarter, while sales outside the U.S.
increased 37.2% to $37.8 million.

    QLT Revenues

    For the third quarter, total revenue of $10.9 million was down 25.6% from
the third quarter of 2007 due primarily to the drop in worldwide Visudyne
product sales, which more than offset the improvement in Visudyne
profitability. QLT's share of profit from Visudyne sales in the third quarter
was 22.6%, up from 18.8% a year ago, as spending to support the product fell
more than 40% from the prior-year quarter. All royalty and product revenues
derived from Eligard product sales are now included in Income from
discontinued operations, net of income taxes.

    QLT Expenses

    For the third quarter of 2008, expenditures for research and development
(R&D) were $6.9 million compared to $9.1 million in the same period of 2007.
The decrease occurred as increased spending on the punctal plug program was
more than offset by declines related to preclinical research and lemuteporfin.
Selling, general and administrative (SG&A) expense was $4.4 million, down from
$6.0 million in the third quarter of 2007, primarily due to savings realized
from our restructuring.

    Gains on Asset Divestments

    QLT reported gains on the three divestments that occurred during the
third quarter. The gain on the sale of the building and land of $21.3 million
was included as a separate line item within continuing operations. The
combined pre-tax gains on the divestures of Aczone(R) and Atrigel(R) of
$134.3 million were reported as part of income from discontinued operations.

    Operating Income/Loss

    Operating income for the third quarter was $17.0 million, but excluding
the gain on the sale of building and land we had an operating loss of
$4.2 million. This compared favorably to an operating loss of $6.5 million in
the prior-year quarter as a result of lower operating expenses, which more
than offset the drop in contribution from Visudyne.

    Income from Discontinued Operations, Net of Income Taxes

    Income from discontinued operations, net of income taxes, was
$134.8 million for the third quarter compared to income of $2.2 million in the
third quarter last year. The increase was driven by gains realized on the
divestment of Aczone and Atrigel during the quarter.

    Earnings Per Share (EPS)/Loss Per Share

    QLT reported EPS of $1.97 in the third quarter of 2008 compared to EPS of
$0.00 in the prior-year quarter. The improvement was primarily the result of
gains recorded related to asset divestments during the quarter.
    In the third quarter, non-GAAP EPS was $0.05, as the gains on asset
divestments, restructuring charge, stock compensation, accrued cost of sales
re: MEEI and other items were backed out of GAAP EPS. The full reconciliation
of GAAP to non-GAAP EPS for the third quarter and nine months is provided in
Exhibits 1 and 2, attached.

    Cash and Short-Term Investments

    The Company's consolidated cash balance at September 30, 2008 consisted
of $155.9 million of cash and cash equivalents and $124.0 million of
restricted cash. The restricted cash balance related to the bond posted to
stay the execution of the July 17, 2007 judgment, pending appeal, in the MEEI
litigation. During the quarter, the Company redeemed all of the $172.5 million
of convertible notes that it issued in August 2003. The reported September 30,
2008 cash balance reflects collection of the net proceeds for the three asset
divestments, repayment of the convertible notes, as well as a $16.5 million
cash installment paid for income taxes that is expected to be adequate to
cover all tax liabilities resulting from the three divestments during the
quarter.

    RECENT COMPANY HIGHLIGHTS

    (*) Released data from the Phase 2 CORE trial that is a study using QLT's
punctal plug delivery technology in combination with Xalatan(R) and a
conventional plug in patients with glaucoma or ocular hypertension.

    (*) Completed the previously disclosed agreement to sell the land and
building comprising the Company's corporate headquarters and the adjacent
undeveloped parcel of land in Vancouver, British Columbia for Cdn$65.5 million
to Discovery Parks Holdings Ltd. ("Discovery Parks"), in its capacity as
trustee of Discovery Parks Trust and Discovery Parks Trust 2. In conjunction
with the sale, QLT entered into a five-year lease with Discovery Parks for
approximately thirty percent of the facility and will provide two-year 6.5%
interest-only second mortgage vendor financing in the amount of
Cdn$12 million.

    (*) Entered into an exclusive license agreement with Reckitt Benckiser
Pharmaceuticals Inc. for Atrigel, a sustained-release drug delivery
technology, except for certain rights being retained by QLT USA and its prior
licensees. Under the terms of the license agreement and related asset purchase
agreement, QLT USA received an aggregate upfront payment of US$25 million and
may receive potential milestone payments of up to US$5 million based on the
successful development of two Atrigel-formulated products. As part of the
transaction, Reckitt acquired 18 employees from QLT USA and took over most of
its corporate facility located in Fort Collins, Colorado.

    (*) Initiated a Phase I safety study in healthy adults of QLT091001, an
orally administered synthetic retinoid replacement therapy for 11-cis-retinal,
which is a key biochemical component of the visual retinoid cycle. The drug is
being developed under a Co-Development agreement with Retinagenix LLC for the
potential treatment of Leber's Congenital Amaurosis (LCA), an inherited
progressive retinal degenerative disease that leads to retinal dysfunction and
visual impairment beginning at birth. Phase I data is expected to be reported
in the first half of 2009.

    (*) Completed the redemption of $172.5 million of convertible notes.

    UPCOMING EVENTS

    On November 10, 2008, as part of the FP04 Glaucoma Original Paper
Session, Dr. Rick Lewis, the principal investigator and co-authors Carolina
Mendoza-Perez MD and Gustavo Velasco Gallegos will be presenting the
previously announced results of QLT's punctal plug delivery proof-of-concept
study at the 2008 American Academy of Ophthalmology Annual Meeting in Atlanta,
GA.

    
        PA034 Enhancing Patient Compliance Using a Punctal Plug Delivery
        System for Reduction of Elevated IOP in the Management of Glaucoma
        Date and Time: Monday Nov 10, 08:42 AM - 08:50 AM
        Location: Georgia World Congress Center,
        Room: A411
    

    On November 12, 2008 Bob Butchofsky, CEO, will be giving a corporate
presentation at the Rodman & Renshaw Annual Global Investment Conference in
New York, NY.
    The Company expects to present six-month results from its RADICAL trial
before year-end. The RADICAL trial is a Phase II, multicenter, randomized,
single-masked study comparing reduced-fluence Visudyne-Lucentis combination
therapies and Lucentis monotherapy in subjects with choroidal
neovascularization (CNV) secondary to age-related macular degeneration (AMD).

    Conference call information

    QLT Inc. will hold an investor conference call to discuss third quarter
2008 results on Tuesday, October 28, 2008 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 7157, followed by the number sign.

    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 web site at www.qltinc.com.

    
    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    Nine months ended
    States dollars, except               September 30,         September 30,
    per share information)             2008       2007       2008       2007
    -------------------------------------------------------------------------
    (Unaudited)
    Revenues
      Net product revenue         $  10,868  $  14,606  $  36,462  $  54,170

    Costs and expenses
      Cost of sales                   1,969      2,805      7,331      9,432
      Accrued cost of sales
       re: MEEI(1)                    1,020      1,461      3,332      1,461
      Research and development        6,887      9,081     23,049     26,236
      Selling, general and
       administrative                 4,422      5,989     15,519     15,980
      Depreciation                      464      1,334      2,566      3,910
      Litigation                          -        265        864    110,162
      Gain on sale of long-
       lived assets                 (21,289)         -    (21,289)         -
      Restructuring charge              349        174      9,439        668
    -------------------------------------------------------------------------
                                     (6,178)    21,109     40,811    167,849
    -------------------------------------------------------------------------

    Operating income (loss)          17,046     (6,503)    (4,349)  (113,679)

    Investment and other
     (expense) income
      Net foreign exchange losses      (296)      (863)       (58)    (1,285)
      Interest income                 1,853      3,818      5,789     11,163
      Interest expense               (2,743)    (2,735)    (8,811)    (5,965)
      Other                              26      3,165        288      4,429
    -------------------------------------------------------------------------
                                     (1,160)     3,385     (2,792)     8,342
    -------------------------------------------------------------------------

    Income (loss) from continuing
     operations before income
     taxes                           15,886     (3,118)    (7,141)  (105,337)

    (Provision) recovery of
     income taxes                    (3,749)     1,316       (144)    36,233

    -------------------------------------------------------------------------
    Income (loss) from continuing
     operations                      12,137     (1,802)    (7,285)   (69,104)
    -------------------------------------------------------------------------

    Income from discontinued
     operations, net of income
     taxes                          134,789      2,153    136,302      5,653

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Net Income (loss)             $ 146,926  $     351  $ 129,017  $ (63,451)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic net income (loss) per
     common share
      Continuing operations       $    0.16  $   (0.02) $   (0.10) $   (0.92)
      Discontinued operations          1.81       0.03       1.83       0.08
    -------------------------------------------------------------------------
      Net income (loss)           $    1.97  $    0.00  $    1.73  $   (0.85)

    Diluted net income (loss) per
     common share
      Continuing operations       $    0.16  $   (0.02) $   (0.10) $   (0.92)
      Discontinued operations          1.81       0.03       1.83       0.08
    -------------------------------------------------------------------------
      Net income (loss)           $    1.97  $    0.00  $    1.73  $   (0.85)

    Weighted average number of
     common shares outstanding
     (in thousands)
      Basic                          74,620     74,618     74,620     75,003
      Diluted                        74,620     74,624     74,620     75,003
    -------------------------------------------------------------------------

    (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)

                                                 September 30,   December 31,
    (In thousands of United States dollars)              2008           2007
    -------------------------------------------------------------------------
    (Unaudited)
    ASSETS
    Current assets
      Cash and cash equivalents                     $ 155,945      $ 126,731
      Restricted cash                                 123,964        123,495
      Accounts receivable                              29,834         25,257
      Income taxes receivable                          64,523         48,421
      Inventories                                      12,433         18,511
      Current portion of deferred income tax assets    11,843         19,392
      Other                                             8,467         11,930
    -------------------------------------------------------------------------
                                                      407,009        373,737
    -------------------------------------------------------------------------

    Property, plant and equipment                       3,943         11,643
    Assets held for sale                                   48         41,107
    Deferred income tax assets                         31,375          7,041
    Goodwill                                           23,145         94,903
    Mortgage receivable                                11,276              -
    Long-term inventories and other assets             23,640         20,556
    -------------------------------------------------------------------------
                                                    $ 500,436      $ 548,987
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES
    Current liabilities
      Accounts payable                              $   9,442      $   8,486
      Accrued restructuring charge                        800            153
      Accrued liabilities                             131,509        123,294
      Convertible debt                                      -        172,500
      Current portion of deferred revenue               7,459          8,431
      Current portion of deferred income tax
       liabilities                                          -         11,291
    -------------------------------------------------------------------------
                                                      149,210        324,155

    Uncertain tax position liabilities                  2,122          2,070
    Deferred revenue                                    1,837          2,939
    -------------------------------------------------------------------------
                                                      153,169        329,164
    -------------------------------------------------------------------------

    SHAREHOLDERS' EQUITY
    Common shares                                     702,221        702,221
    Additional paid in capital                        122,676        119,779
    Accumulated deficit                              (585,438)      (714,455)
    Accumulated other comprehensive income            107,808        112,278
    -------------------------------------------------------------------------
                                                      347,267        219,823
    -------------------------------------------------------------------------
                                                    $ 500,436      $ 548,987
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    As at September 30, 2008, there were 74,620,328 issued and outstanding
    common shares and 6,064,688 outstanding stock options.



    QLT Inc.
    CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
    ----------------------------------------------
    2008 Third Quarter Reconciliation of GAAP Earnings
     to Adjusted Non-GAAP Earnings                                 Exhibit 1
    -------------------------------------------------------------------------
                                                                Three months
                                  Three months                         ended
    (In millions of United               ended                  September 30,
     States dollars, except       September 30,                         2008
     per share information)          2008 GAAP    Adjustments    Non-GAAP(1)
    -------------------------------------------------------------------------
    (Unaudited)
    Revenues
      Net product revenue              $  10.9        $     -        $  10.9

    Cost and expenses
      Cost of sales                       (2.0)           0.0 (a)       (2.0)
      Accrued cost of sales re: MEEI      (1.0)           1.0 (b)          -
      Research and development            (6.9)           0.2 (a)       (6.7)
      Selling, general and administrative (4.4)           0.5 (a)       (3.9)
      Depreciation                        (0.5)             -           (0.5)
      Litigation                             -              -              -
      Gain on sale of long-lived assets   21.3          (21.3)(c)          -
      Restructuring                       (0.3)           0.3 (d)          -
    -------------------------------------------------------------------------
                                           6.2          (19.2)         (13.0)
    -------------------------------------------------------------------------

    Operating income (loss)               17.0          (19.2)          (2.2)

    Investment and other (expense)
     income
      Net foreign exchange losses         (0.3)             -           (0.3)
      Interest income                      1.9              -            1.9
      Interest expense                    (2.7)           1.5 (b)       (1.2)
      Other                                0.0              -            0.0
    -------------------------------------------------------------------------
                                          (1.2)           1.5            0.4
    -------------------------------------------------------------------------

    Income (loss) from continuing
     operations before income taxes       15.9          (17.7)          (1.8)

      Provision for income taxes          (3.7)           3.7 (e)       (0.0)

    -------------------------------------------------------------------------
    Income (loss) from continuing
     operations                           12.1          (14.0)          (1.8)
    -------------------------------------------------------------------------

    Income from discontinued
     operations, net of income taxes     134.8         (129.3)(a)(d)     5.4
                                                              (f)(g)
    -------------------------------------------------------------------------
    Net income                         $ 146.9        $(143.3)       $   3.6
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic net income per common
     share:
      Continuing operations            $  0.16                       $ (0.02)
      Discontinued operations             1.81                          0.07
    -------------------------------------------------------------------------
      Net income                       $  1.97                       $  0.05

    Diluted net income per common
     share:
      Continuing operations            $  0.16                       $ (0.02)
      Discontinued operations             1.81                          0.07
    -------------------------------------------------------------------------
      Net income                       $  1.97                       $  0.05

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

    Adjustments:
    ------------
    (a) Remove stock based compensation.
    (b) Remove accrued cost of sales re: MEEI and related interest expense.
    (c) Remove gain on sale of long-lived assets.
    (d) Remove restructuring charge.
    (e) Remove income tax impact of the above adjustments.
    (f) Remove gain on sale of assets, net of tax.
    (g) Remove recognition of tax asset related to reversal of valuation
        allowance.

    (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
    ----------------------------------------------
    2008 Third Quarter Reconciliation of GAAP Earnings
     to Adjusted Non-GAAP Earnings                                 Exhibit 2
    -------------------------------------------------------------------------
                                                                 Nine months
                                   Nine months                         ended
    (In millions of United               ended                  September 30,
     States dollars, except       September 30,                         2008
     per share information)          2008 GAAP    Adjustments    Non-GAAP(1)
    -------------------------------------------------------------------------
    (Unaudited)
    Revenues
      Net product revenue              $  36.5        $  (0.4)(a)    $  36.0

    Cost and expenses
      Cost of sales                       (7.3)           0.9 (a)(b)    (6.4)
      Accrued cost of sales re: MEEI      (3.3)           3.3 (c)          -
      Research and development           (23.0)           0.8 (b)      (22.2)
      Selling, general and
       administrative                    (15.5)           1.3 (b)      (14.2)
      Depreciation                        (2.6)           0.2 (d)       (2.4)
      Litigation                          (0.9)           0.9 (e)          -
      Gain on sale of long-lived assets   21.3          (21.3)(f)          -
      Restructuring                       (9.4)           9.4 (g)          -
    -------------------------------------------------------------------------
                                         (40.8)          (4.5)         (45.3)
    -------------------------------------------------------------------------

    Operating loss                        (4.3)          (4.9)          (9.2)

    Investment and other (expense)
     income
      Net foreign exchange gains          (0.1)             -           (0.1)
      Interest income                      5.8              -            5.8
      Interest expense                    (8.8)           4.3 (c)       (4.5)
      Other                                0.3              -            0.3
    -------------------------------------------------------------------------
                                          (2.8)           4.3            1.5
    -------------------------------------------------------------------------

    Loss from continuing operations
     before income taxes                  (7.1)          (0.6)          (7.7)

      Provision for income taxes          (0.1)          (1.1)(h)       (1.3)

    -------------------------------------------------------------------------
    Loss from continuing operations       (7.3)          (1.7)          (9.0)
    -------------------------------------------------------------------------

    Income from discontinued operations,
     net of income taxes                 136.3         (125.1)(a)(b)    11.2
                                                              (g)(i)
                                                              (j)
    -------------------------------------------------------------------------
    Net income                         $ 129.0        $(126.8)       $   2.2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic net income per common share:
      Continuing operations            $ (0.10)                      $ (0.12)
      Discontinued operations             1.83                          0.15
    -------------------------------------------------------------------------
      Net income                       $  1.73                       $  0.03

    Diluted net income per common
     share:
      Continuing operations            $ (0.10)                      $ (0.12)
      Discontinued operations             1.83                          0.15
    -------------------------------------------------------------------------
      Net income                       $  1.73                       $  0.03

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

    Adjustments:
    ------------
    (a) Remove inventory write-down.
    (b) Remove stock based compensation.
    (c) Remove accrued cost of sales re: MEEI and related interest expense.
    (d) Remove impairment of fixed assets.
    (e) Remove litigation expense.
    (f) Remove gain on sale of long-lived assets.
    (g) Remove restructuring charge.
    (h) Remove income tax impact of the above adjustments.
    (i) Remove gain on sale of assets, net of tax.
    (j) Remove recognition of tax asset related to reversal of valuation
        allowance.

    (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 Plug Delivery, Inc. is a wholly-owned subsidiary of QLT Inc.
    Atrigel is a registered trademark of QLT USA, Inc.
    Visudyne is a registered trademark of Novartis AG.
    Eligard is a registered trademark of Sanofi-aventis.
    Aczone is a registered trademark of Allergan Sales, LLC.
    

    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."

    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: our plans to divest certain of our assets;
our expectations for timing to receive data from our CORE study and our
Visudyne RADICAL study; our expectation in the near term of increased
profitability from Visudyne sales as a result of reduced selling and
administration expenses; and statements which contain language such as:
"assuming," "prospects," "future," "projects," "believes," "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.
Many such risks, uncertainties and other factors are taken into account as
part of our assumptions underlying these forward-looking statements and
include, among others, the following: the Company's future operating results
are uncertain and likely to fluctuate; our ability to successfully complete
the sale of one or more of our assets or operations at an acceptable price and
the time period necessary to complete such sales are uncertain; uncertainties
relating to the timing and results of the clinical development and
commercialization of our products and technologies (including Visudyne and our
punctal plug technology) and the associated costs of these programs; the
timing, expense and uncertainty associated with the regulatory approval
process for products; uncertainties regarding the impact of competitive
products and pricing; risks and uncertainties associated with the safety and
effectiveness of our technology; risks and uncertainties related to the scope,
validity, and enforceability of our intellectual property rights and the
impact of patents and other intellectual property of third parties; and
general economic conditions and other factors described in detail in QLT's
Annual Report 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.





For further information:

For further information: QLT Inc. Media Contact: 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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