QLT Announces Toronto Stock Exchange Approval Of Share Repurchase Program

VANCOUVER, British Columbia, Dec. 10, 2010 (GLOBE NEWSWIRE) -- QLT Inc. (Nasdaq:QLTI) (TSX:QLT) ("QLT" or the "Company") announced today that the Toronto Stock Exchange ("TSX") has accepted the 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 was originally announced on December 8, 2010.

The notice provides that QLT may, during the period commencing December 16, 2010 and ending December 15, 2011, purchase for cancellation up to 3,622,495 of its issued and outstanding common shares, being 10% of its public float as of December 9, 2010. The actual number of common shares that may be purchased and the timing of any such purchases will be determined by QLT. The purchases will be made by QLT in accordance with TSX rules and policies and Rule 10b-18 of the U.S. Securities Exchange Act of 1934, as amended. In accordance with TSX rules, daily purchases made by QLT on the TSX will not exceed 3,604 common shares, or 25% of QLT's average daily trading volume of 14,414 common shares on the TSX for the most recently completed six calendar months, subject to certain prescribed exemptions. Rule 10b-18 contains similar restrictions on daily purchases that may be made by QLT on the NASDAQ based on 25% of the average daily trading volume of QLT's common shares on NASDAQ for the most recently completed four calendar weeks on a rolling basis, subject to certain exemptions for block purchases. The price that QLT will pay for any such shares will be the market price of such shares on the TSX or the NASDAQ, as the case may be, at the time of acquisition. The board of directors of QLT believes that the share repurchase is in the best interests of QLT and that such purchases constitute an appropriate use of QLT's funds.