QLT announces receipt of a CDN$45.3 million tax refund

    VANCOUVER, Sept. 8 /CNW/ - QLT Inc. (NASDAQ:   QLTI; TSX: QLT) ("QLT" or
the "Company") today announced that it has received an income tax refund of
Cdn$45.3 million from the Canada Revenue Agency. The income tax refund
resulted primarily from a request to carryback losses the Company incurred in
2007 in connection with the judgment of the United States District Court for
the District of Massachusetts in favor of Massachusetts Eye and Ear Infirmary.
The amount of the refund, before certain minor adjustments, was reflected in
the previously filed financial statements of the Company, including as part of
the income tax receivable balance at June 30, 2009. As a result, the tax
refund is not expected to have any material effect on the Company's current
period statement of operations.

    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.

    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 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 expectation that the tax refund will not
have a material effect on our current period statement of operations; 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; the
assessment or audit of tax refunds is within the discretion of the Canada
Revenue Agency; 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

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 Nanus, Telephone: (646) 378-2927

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890