VANCOUVER, June 7 /PRNewswire-FirstCall/ - QLT Inc. announced that the Toronto Stock Exchange (TSX) has accepted notice of QLT's intention to make a normal course issuer bid in the open market through the facilities of the TSX and/or the NASDAQ Stock Market, which intention was originally announced on June 4, 2007.
The notice provides that QLT may, during the period commencing June 11, 2007 and ending June 10, 2008, purchase for cancellation up to a maximum of 5,711,993 common shares, subject to a maximum aggregate expenditure by QLT of up to US$50 million. The actual number of common shares which may be purchased and the timing of any such purchases will be determined by QLT. The price which QLT will pay for any such shares will be the market price at the time of acquisition. During the preceding twelve month period ended June 1, 2007, QLT purchased for cancellation an aggregate of 13,428,200 common shares at an average price of US$7.96 per share through the facilities of the NASDAQ and TSX through both a normal course issuer bid and a modified "Dutch Auction" tender offer. As of June 1, 2007, there were approximately 75.4 million common shares of QLT outstanding.
About QLT Inc.
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 two unique technology platforms, photodynamic therapy and Atrigel(R), to create products such as Visudyne(R) and Eligard(R).
For more information, visit our web site at www.qltinc.com. 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 which are not historical facts, are "forward-looking" statements as the term is defined in the United States Private Securities Litigation Reform Act of 1995, and "forward-looking information" within the meaning of applicable Canadian Securities legislation. You can identify these forward-looking statements and information by QLT's use of words such as "expects," "plans," "estimates," "projects," "intends," "believes," and similar expressions that do not relate to historical matters. Such forward-looking statements and information include statements with respect to QLT's intention to purchase its common shares. Forward-looking statements and forward-looking information are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated, due to a number of factors, which include, but are not limited to, our intention to purchase our common shares and the extent to which QLT repurchases its shares under the normal course issuer bid may be impacted by market factors and our operating results, and other risk factors discussed in documents filed by QLT with the Securities and Exchange Commission from time to time including QLT's Annual Report on Form 10-K and QLT's Quarterly Reports on Form 10-Q or filed with the Canadian Securities Regulatory authorities. All forward-looking statements and information in this press release are made as of today and based upon information known to management as of the date hereof. QLT assumes no obligation to update or revise any of its forward-looking statements and information even if experience or future changes show that indicated results or events will not be realized.
CONTACT: QLT Inc.: Vancouver, Canada, Therese Hayes, Tamara Hicks, Telephone: (604) 707-7000 or 1-800-663-5486, Fax: (604) 707-7001
QLT Inc.CONTACT: QLT Inc.: Vancouver, Canada, Therese Hayes, Tamara Hicks,Telephone: (604) 707-7000 or 1-800-663-5486, Fax: (604) 707-7001
