QLT Inc. (QLTI) Announces Board Will Propose $75-$100M Dutch Auction Tender Offer

Article Stock Quotes (1) Comments (0)

QLT Inc. (Nasdaq: QLTI) reported today that in light of the ongoing dissident shareholder activity, the management team and the Board of Directors want to clearly communicate their action plan to enhance shareholder value for the Company. The items below highlight the four key initiatives proposed by the Board, assuming that the Board is re-elected at the upcoming Annual General Meeting:

• The key priority for the Company will be the development of QLT091001 for inherited retinal diseases caused by RPE65 and LRAT genetic mutations. The Company is in advanced stages of regulatory interaction that could lead to the initiation of a pivotal trial for Leber Congenital Amaurosis prior to year-end and the subsequent initiation of a pivotal trial in Retinitis Pigmentosa in 2013.
  
• Development of the punctal plug drug delivery platform will occur with staged investment and well-defined near-term milestones. Investments beyond Phase II will not occur unless each program is partnered in order to significantly offset the expenses of the pivotal trial program.
  
• The Company will seek to maximize the value and profitability of Visudyne®. The Company plans to submit by mid-year a Premarket Approval for a new Visudyne laser with the goal to ensure that the device is readily available for the U.S. retina community in 2013.
  
• Management and the Board will continue to evaluate the Company's allocation of capital. As background, since the initiation of development efforts for QLT091001 in 2006, the Company has returned capital to shareholders totaling approximately $210 million through share repurchases while investing an aggregate of $236 million in all research and development programs. In light of the focused efforts on development of QLT091001, if re-elected, the Board of Directors proposes a return of capital via a modified Dutch auction tender offer of $75 million to $100 million in the third quarter of 2012.

The Board of Directors believes these initiatives are in line with our fiscally disciplined approach to enhancing shareholder value.

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• UPDATE: Google (GOOG) Improves Maps for Mobile
• Mylan (MYL) Launches Generic Tricor Tabs (ABBV)
• Wi-LAN (WILN) Enters License Agreement with Telrad Networks

Create E-mail Alert Related Categories

Corporate News

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?