QLT announces redemption of 3% convertible senior notes due 2023

    VANCOUVER, Aug. 11 /CNW/ - QLT Inc. (NASDAQ:   QLTI; TSX: QLT) announced
today that it is exercising its right to redeem on September 15, 2008 all
$172.5 million outstanding principal amount of its 3% Convertible Senior Notes
("Notes") due 2023. The redemption price for the Notes is 100% of the
principal amount, plus accrued and unpaid interest to, but not including,
September 15, 2008. Under the terms of the indenture governing the Notes,
interest becoming due and payable on September 15, 2008, will be paid on that
date to holders at the close of business on September 1, 2008, the relevant
record date. This press release does not constitute a notice of redemption of
the Notes. The redemption is being made solely pursuant to QLT's Notice of
Redemption dated August 11, 2008, which will be delivered to the holders of
the Notes by The Bank of New York, the trustee under the Note indenture.
    The Notes may be converted at any time before 5:00 p.m., New York City
time, on September 12, 2008, the business day prior to the redemption date, in
accordance with the terms and conditions set forth in the indenture and the
Notes. The Notes are convertible into QLT's common shares at a rate of 56.1892
common shares per $1,000 principal amount of Notes, subject to adjustment in
certain circumstances. This is equal to a conversion price of approximately
$17.80 per common share.
    Questions regarding the redemption should be directed to The Bank of New
York, the trustee under the indenture governing the Notes, at 101 Barclay
Street, Floor 4 - East, New York, New York 10286, Attention: Corporate Trust
Administration, Facsimile (212) 815-5802, or by telephone at 1-800-254-2826.

    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
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

    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."

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)

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