VANCOUVER, Sept. 2 /CNW/ - QLT Inc. (NASDAQ: QLTI; TSX: QLT) announced
today the closing of its previously disclosed agreement to sell the land and
building comprising its corporate headquarters and the adjacent undeveloped
parcel of land in Vancouver, British Columbia to Discovery Parks Holdings
Ltd., in its capacity as trustee of Discovery Parks Trust and Discovery Parks
Trust 2 ("Discovery Parks"), for Cdn$65.5 million. In conjunction with the
sale, QLT has 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
"This now marks the completion of another non-core asset transaction,"
said Bob Butchofsky, President and Chief Executive Officer of QLT. "We are
very pleased with the progress we have made in our efforts to restructure the
Company. We believe the Company is nicely positioned to deliver on the
remainder of our principal goals, including the divestment of our remaining
non-core asset Eligard(R) and advancements in our clinical development
programs, including obtaining data from our Phase 2 CORE study examining our
punctal plug elution technology."
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
About Discovery Parks Trust
Discovery Parks Trust designs and builds research facilities for the
benefit of the people of British Columbia. It is B.C.'s leading operator of
office and laboratory research space for the technology and life sciences
sectors. By housing spin-off companies and those seeking to develop stronger
relationships with post-secondary institutions, Discovery Parks' multi-tenant
facilities provide an essential bridge between industry and academia in B.C.
for knowledge and technology transfer. A unique social enterprise, Discovery
Parks is a private trust with a public purpose. It has distributed more than
$12.6 million of its operating profits to benefit academic research in B.C. A
leader in green building development, Discovery Parks built Canada's first
LEED-certified lab building in 2003 and is currently constructing
DiscoveryGreen in Burnaby, B.C.
In 2002, Discovery Parks was recognized by its peers with the Outstanding
Research/Science Park Achievement Award from the Association of University
Research Parks. Discovery Parks is also a key contributor to the B.C.
Technology Industry Scholarship Fund, supporting young scientists and
technologists in their academic endeavours. For more information, visit
Discovery Parks' web site at www.discoveryparks.com.
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.
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 that are not historical facts
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. Such statements include, but are not limited to: our
statements related to our plans to divest our remaining non-core assets and
advancements in our clinical development programs described in the press
release; and statements which contain language such as "expects," "will,"
"plans," "potential," "intends," "believes" and similar expressions that do
not relate to historical matters. Forward-looking statements are predictions
only which involve known and unknown risks, uncertainties and other factors
that may cause actual events or 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 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 and the associated costs of these programs (including our punctal
plug technology); 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 other factors, including those 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)