VANCOUVER, June 7 /CNW/ - QLT Inc. (NASDAQ: QLTI; TSX: QLT) announced
that the Toronto Stock Exchange (TSX) has accepted notice of QLT's intention
to make a normal course issuer bid in the open market through the facilities
of the TSX and/or the NASDAQ Stock Market, which intention was originally
announced on June 4, 2007.
The notice provides that QLT may, during the period commencing June 11,
2007 and ending June 10, 2008, purchase for cancellation up to a maximum of
5,711,993 common shares, subject to a maximum aggregate expenditure by QLT of
up to US$50 million. The actual number of common shares which may be purchased
and the timing of any such purchases will be determined by QLT. The price
which QLT will pay for any such shares will be the market price at the time of
acquisition. During the preceding twelve month period ended June 1, 2007, QLT
purchased for cancellation an aggregate of 13,428,200 common shares at an
average price of US$7.96 per share through the facilities of the NASDAQ and
TSX through both a normal course issuer bid and a modified "Dutch Auction"
tender offer. As of June 1, 2007, there were approximately 75.4 million common
shares of QLT outstanding.
About QLT Inc.
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 two unique
technology platforms, photodynamic therapy and Atrigel(R), to create products
such as Visudyne(R) and Eligard(R).
For more information, visit our web site at www.qltinc.com.
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.
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."
Certain statements in this press release which are not historical facts,
are "forward-looking" statements as the term is defined in the United States
Private Securities Litigation Reform Act of 1995, and "forward-looking
information" within the meaning of applicable Canadian Securities legislation.
You can identify these forward-looking statements and information by QLT's use
of words such as "expects," "plans," "estimates," "projects," "intends,"
"believes," and similar expressions that do not relate to historical matters.
Such forward-looking statements and information include statements with
respect to QLT's intention to purchase its common shares. Forward-looking
statements and forward-looking information are subject to risks and
uncertainties which can cause actual results to differ materially from those
currently anticipated, due to a number of factors, which include, but are not
limited to, our intention to purchase our common shares and the extent to
which QLT repurchases its shares under the normal course issuer bid may be
impacted by market factors and our operating results, and other risk factors
discussed in documents filed by QLT with the Securities and Exchange
Commission from time to time including QLT's Annual Report on Form 10-K and
QLT's Quarterly Reports on Form 10-Q or filed with the Canadian Securities
Regulatory authorities. All forward-looking statements and information in this
press release are made as of today and based upon information known to
management as of the date hereof. QLT assumes no obligation to update or
revise any of its forward-looking statements and information even if
experience or future changes show that indicated results or events will not be
For further information:
For further information: QLT Inc.: Vancouver, Canada, Therese Hayes,
Tamara Hicks, Telephone: (604) 707-7000 or 1-800-663-5486, Fax: (604)