This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

QLT Board Issues Letter To Shareholders Announcing Corporate Progress And 2013 Objectives

Stocks in this article: QLT QLTI

VANCOUVER, British Columbia, Jan. 28, 2013 (GLOBE NEWSWIRE) -- QLT Inc. (Nasdaq:QLTI) (TSX:QLT) today issued the following letter to its shareholders outlining the Company's recent progress and its 2013 objectives:

Dear QLT Inc. Shareholders,

On behalf of QLT's Board of Directors, I am pleased to take this opportunity to update you on our progress and QLT's 2013 corporate objectives. On July 9, 2012, after 35 days on the job, your Board made the following commitments to its shareholders:

1) The Board promised to determine whether the Company should retain or explore opportunities to partner or sell its Visudyne ® business: 

  • On September 24, 2012, Visudyne was sold to Valeant Pharmaceuticals International, Inc. for a total of $112.5 million upfront, contingent payments potentially totaling $20 million, and a royalty on net sales of new indications for Visudyne, if any should be approved.

2) The Board committed to explore the sale or spin-out of QLT's punctal plug drug delivery system: 

  • On December 24, 2012, the Company entered into an exclusive option agreement with Mati Therapeutics Inc. ("Mati") under which QLT has granted Mati a 90-day option to acquire assets related to QLT's punctal plug drug delivery system technology (the "Technology") in exchange for $500,000. 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.

3) The Board promised to preserve QLT's significant financial resources:

  • On July 9 and December 6, 2012, in connection with the strategic restructuring of the Company, QLT's Board of Directors made the difficult decisions to reduce the Company's personnel by 83%. These restructurings have significantly reduced the Company's current expenses and will even more dramatically diminish its future cost structure.

4) The Board committed to explore the most efficient and effective ways to return capital to QLT's shareholders:

  • On July 9, 2012, the Board announced its intention to return $100 million of capital to QLT shareholders, and on September 27, 2012 the Company announced an open market share repurchase program of up to 3,438,683 common shares of QLT over the next 12 months. The Board continues to evaluate a variety of additional options to most tax-efficiently and expeditiously return even more capital to its owners.

5) The Board promised to position QLT to more acutely focus on the development of its high-potential Synthetic Oral Retinoid program, QLT091001:

  • On October 24, 2012 and then on January 7, 2013, the Board announced that it made changes and additions to strengthen the development and regulatory leadership of QLT091001. The Board first hired Dr. Sushanta Mallick to provide developmental expertise and leadership, and subsequently engaged two senior regulatory consultants, Gary D. Novack, Ph.D. and Angela C. Kothe, O.D., Ph.D., to provide strategic and operational regulatory advice and assistance to QLT in connection with its synthetic retinoid program.

As we begin the new year, still only seven months on the job, we would like to provide the following updates regarding QLT's 2013 corporate objectives:

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs