QLT Inc. (QLTI) Announces Exclusive Option Agreement for Potential Sale of Punctal Plug Delivery System
12/27/2012 9:15:56 AM
VANCOUVER, British Columbia, Dec. 24, 2012 (GLOBE NEWSWIRE) -- QLT Inc. (Nasdaq:QLTI) (TSX:QLT) ("QLT" or the "Company") announced today that the Company has entered into an exclusive option agreement with Mati Therapeutics Inc. ("Mati"), a development company associated with Robert Butchofsky, QLT's former President & CEO, under which QLT has granted Mati a 90-day option to acquire assets related to QLT's punctal plug drug delivery system ("PPDS") technology (the "Technology") in exchange for $500,000. The option may be extended by Mati for up to three successive 30-day periods upon payment of an additional $100,000 for each extension. Should Mati exercise the option, QLT and Mati will enter into an asset purchase agreement and QLT will be entitled to a closing payment of $750,000, certain milestone payments and a low single digit royalty on world-wide net sales of all products using or developed from the Technology.