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QLT reduces workforce as first step in its strategic restructure
Date:1/18/2008

VANCOUVER, Jan. 18 /PRNewswire-FirstCall/ - QLT Inc. (NASDAQ: QLTI; TSX: QLT) today announced the Company has implemented a reduction in its overall headcount affecting approximately 115 people (or approximately 45%) at its Vancouver headquarters and its U.S. subsidiaries, including members of its management team.

The reduction in force is the first initiative undertaken by the Company as part of its strategic restructuring plan announced on January 16, 2008 pursuant to which the Company plans to focus its ongoing business primarily on its Visudyne(R) franchise and its clinical development programs related to its punctal plug delivery technology and its photodynamic therapy dermatology technology. Further reductions in force are expected in 2008 as the Company's assets are divested under the restructuring.

As part of this restructuring initiative Alain Curaudeau will be departing from his role at QLT as Senior Vice President, Portfolio & Project Management and Acting Senior Vice President, Research and Development, together with several members of senior management. Coincident with the restructuring Dr. Julia Levy, who co-founded QLT in 1981, has advised the Company she is retiring from her position as Executive Chair, Scientific Advisory Board and all other formal QLT activities.

"It is extremely difficult to see so many dedicated and talented individuals leaving QLT. I want to thank all of these people for their contributions to our successes and perseverance through challenging periods of time. On behalf of the entire company, I also want to thank Julia Levy for her leadership and inspiring presence at QLT over the past twenty-seven years," said Bob Butchofsky, President and Chief Executive Officer.

A restructuring charge of approximately $7.5 million will be recorded in 2008.

For additional information on QLT's strategic restructuring initiatives please refer to the press release issued January 16, 2008 which is availabl
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SOURCE QLT Inc.
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