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QLT restructures Visudyne(R) agreement
Date:10/19/2009

" and on The Toronto Stock Exchange under the trading symbol "QLT."

Certain statements in this press release 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. Forward looking statements include, but are not limited to: our expectation that the restructured agreement will increase our revenue from Visudyne; and statements which contain language such as: "assuming," "prospects," "future," "projects," "believes," "expects" and "outlook." 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. Many such risks, uncertainties and other factors are taken into account as part of our assumptions underlying these forward-looking statements and include, among others, the following: the Company's future operating results are uncertain and likely to fluctuate; the risk that future sales of Visudyne may be less than expected; the ability of the parties to successfully transition Novartis' responsibilities in the U.S. to QLT; QLT's ability to successfully market and sell Visudyne in the U.S.; uncertainties relating to the timing and results of Visudyne combination therapy; the timing, expense and uncertainty associated with the regulatory approval process for products; uncertainties regarding the impact of competitive products and pricing; risks and uncertainties associated with the safety and effectiveness of products; risks and uncertainties related to the scope, validity, and enforceability of intellectual property rights related to our products and technology and the impact of patents and other intellectual property of third parties; general economic conditions and other factors described in detail in QLT's Annual Report on Form 10-K,
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