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QLT announces new expiration date of tender offer
Date:1/15/2009

VANCOUVER, Jan. 15 /PRNewswire-FirstCall/ - QLT Inc. ("QLT") (NASDAQ: QLTI; TSX: QLT) announced that it will extend the term of its modified "Dutch Auction" tender offer (the "Offer") for up to US$50 million of its common shares (the "Shares") commenced on December 5, 2008. The Offer, which was to expire at 5:00 p.m. (Eastern time) today has been extended until 5:00 p.m. (Eastern time) on January 26, 2009, unless further extended or withdrawn by QLT. As previously announced in a press release dated January 12, 2009, QLT is extending the Offer given the decision of the appellate court to affirm the judgment previously rendered by the district court in the litigation with Massachusetts Eye and Ear Infirmary ("MEEI").

QLT will mail a notice of change and variation (the "Notice") to its shareholders today, setting out the new expiration date of the Offer and describing the outcome of the litigation with MEEI and other recent developments with respect to the Offer and QLT since December 5, 2008, the date of the original Offer. The Notice is being filed concurrently with the securities regulatory authorities in the United States and Canada.

Under the terms of the Offer, shareholders have the opportunity to tender all or a portion of their Shares at an individually selected price that is not less than US$2.20 and not more than US$2.50 per Share. Shareholders who have already deposited their Shares pursuant to the Offer and have not withdrawn such Shares need not take any further action. QLT will select the lowest price per Share within the price range of the Offer that will allow it to purchase up to US$50 million of its outstanding Shares at the completion of the Offer. For further details on the terms and conditions of the Offer, please consult the offer to purchase and issuer bid circular of QLT filed with the securities regulatory authorities in the Un
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SOURCE QLT Inc.
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