Navigation Links
QLT Inc. announces agreement for sale of real estate
Date:5/15/2008

VANCOUVER, May 15 /PRNewswire-FirstCall/ - QLT Inc. (NASDAQ: QLTI; TSX: QLT) announced today that it has signed a sale and purchase agreement to sell the land and building comprising its corporate headquarters and an adjacent undeveloped parcel of land in Vancouver, British Columbia. Concurrent with the closing of the transaction, QLT will enter into a five-year lease of space in the building to continue its operations.

"We are very pleased that our strategic efforts to divest non-core assets have produced a transaction that we believe will enhance shareholder value," said Bob Butchofsky, President and Chief Executive Officer. "Our efforts to maximize shareholder value are our highest priority and we continue to aggressively pursue the divestiture of several other assets and focus our attention on programs that we believe will be sources of significant value for QLT's shareholders."

The sale and purchase agreement has been approved by the QLT board of directors. The transaction is subject to a number of closing conditions including: the completion of satisfactory physical, economic and environmental due diligence on the properties, receipt of title opinions, agreement on the form of lease with respect to QLT's tenancy, and the purchaser having obtained acceptable financing. Provided the closing conditions are removed within the time period provided under the sale and purchase agreement, closing of the transaction is expected to occur by mid-August. Due to the conditional nature of the agreement, there can be no assurance that the transaction will close as contemplated.

About QLT

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 three unique technology platforms, photodynamic therapy, Atrigel(R) and punctal plugs with drugs, to create products such as Visudyne(R) and Eligard(R) and future product opportunities. For more information, visit our web site at http://www.qltinc.com.

QLT Plug Delivery, Inc. is a wholly-owned subsidiary of QLT Inc.

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 that are not historical facts constitute "forward-looking statements" of QLT within the meaning of the Private Securities Litigation Reform Act of 1995 and constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Such statements include, but are not limited to: statements relating to the closing of the transactions contemplated in the sale and purchase agreement and the anticipated timing for this; our intention to lease space in the building concurrent with closing of the transaction; statements relating to maximizing shareholder value; our plans to divest certain QLT USA assets; statements relating to our re-focus on programs that we believe will derive significant value for shareholders; and other statements that are not historical facts. Forward-looking statements are predictions only which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed in such statements. Factors that could cause actual events or results to differ materially include, but are not limited to: the Company's ability to successfully complete the sale of one or more of the assets or operations at an acceptable price and the time period necessary to complete such sales are uncertain; there can be no assurance that the pending sale of real estate and/or the lease back transaction will close in the time frame anticipated or at all; uncertainties associated with fluctuations in the real estate and financial markets; and other factors, including those described in detail in QLT's Annual Report on Form 10-K, quarterly reports on Form 10-Q and other filings with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Forward-looking statements are based on the current expectations of QLT and QLT does not assume any obligation to update such information to reflect later events or developments except as required by law.

CONTACT: QLT Inc.: Vancouver, Canada, Therese Hayes, Telephone: (604) 707-7000 or 1-800-663-5486, Fax: (604) 707-7001; The Trout Group: New York, USA, Brandon Lewis, Telephone: (646) 378-2915 or Marcy Strickler, Telephone: (646) 378-2927


'/>"/>
SOURCE QLT Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Select Medical Corporation Announces Results for First Quarter Ended March 31, 2008
2. SCAI announces 2009 annual scientific sessions in Las Vegas
3. WorldHeart Announces Possible Delisting Action by NASDAQ
4. Mergent, Inc. Announces Changes to the HealthShares(TM) Composite Index, Dermatology and Wound Care Index and Orthopedic Repair Index - Correction
5. Perot Systems Announces the Launch of Xcelys(TM) 5.0 Software
6. Duane Reade Announces Proud Sponsorship of AIDS Walk New York
7. Summit VetPharm Announces Grand Prize and March Winner in its Great Vectra 3D(TM) $125,000 Giveaway
8. The Canary Foundation Announces Its Fourth Annual Early Detection Symposium
9. Sharps Compliance Corp. Announces Results for Third Quarter of Fiscal Year 2008
10. Human Pheromone Sciences Announces First Quarter Results
11. CardioDynamics Announces Significant ICG Study with Nearly Three Times the National Average Blood Pressure Control Rates at the American Society for Hypertension Annual Scientific Meeting
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/19/2017)... (PRWEB) , ... January 19, 2017 , ... ... in a medical capacity this year. Drs. Alexander Paziotopoulos, Andrew Petersen and Trish ... a condensed version of the clinic’s leading recovery program. , “We know ...
(Date:1/19/2017)... ... 19, 2017 , ... Bio-Optronics Inc. is proud to announce ... designed to seamlessly integrate and streamline the way researchers prepare and conduct patient ... usability and improving efficiency significantly for users – a first in the CTMS ...
(Date:1/19/2017)... ... January 19, 2017 , ... ... panel system. , The Tranquility privacy panel system was designed to deliver ... Tranquility panels help reduce noise and provide the visual privacy required to maintain ...
(Date:1/19/2017)... ... January 19, 2017 , ... Rountree ... planning services to communities throughout eastern Georgia, is embarking on a charity effort ... Heart disease kills more Americans every year than anything else, yet risk factors ...
(Date:1/19/2017)... , ... January 19, 2017 , ... Attorney Robert ... fifth consecutive year donated money to the Triumph Over Kid Cancer foundation. Each year, ... one of those children. James saw firsthand the effect of the critical funding gap ...
Breaking Medicine News(10 mins):
(Date:1/18/2017)... and Markets has announced the addition of the "Vital Signs Monitoring ... Industry Forecast, 2014-2022" report to their offering. ... Vital signs monitoring market size was worth $3,694 ... growing at a CAGR of 5.8% from 2016 to 2022. ... in global vital signs monitoring devices industry. The blood pressure monitoring devices ...
(Date:1/18/2017)... SAN JOSE, Calif. , Jan. 18, 2017  Adaptive ... machines, announced today a new partnership with Hyatt Place ... guests by providing ASTI LectroFan sleep therapy machines in ... "Obviously one of the most important parts of having ... Wicks , general manager of Hyatt Place Nashville/Downtown. "We,re ...
(Date:1/18/2017)... LITTLE FALLS, N.J. , Jan. 18, 2017 /PRNewswire/ ... RGIN ), a biotechnology company specializing in the development ... health of damaged tissues and organs, recently reported the ... key milestones for 2017. As the Company ... 2016 has been a year of substantial accomplishments. The ...
Breaking Medicine Technology: