QLT Inc. 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.