QLT reviews highlights from annual general meeting

Jack Wood appointed as new Director



Apr 25, 2001, 01:00 ET from QLT Inc.

    VANCOUVER, April 25 /PRNewswire/ - QLT Inc. (NASDAQ:  QLTI; TSE:QLT) held
 its Annual General Meeting in Vancouver this morning at 10:00 a.m. Proceedings
 included the election of a new Director, and a presentation by President and
 Chief Executive Officer, Dr. Julia Levy which highlighted the company's
 accomplishments over the past year and outlined management's goals for 2001.
     Shareholders reappointed six of the current directors as well as a new
 director, Mr. Jack Wood, to replace Dr. Bob Feeney, who retired from the Board
 of Directors effective today. Dr. Feeney joined QLT's Board in 1990 after a 37-
 year career with Pfizer.
     "Bob provided a tremendous service to our shareholders during his 11
 years as a Board member. Our management team benefited from his experience,
 wisdom and advice as QLT grew from a young entrepreneurial company to a
 leading biotechnology company," said Dr. Levy.
     Dr. Levy added, "We are pleased to be able to add Mr. Wood to our Board
 and believe that his experience in various aspects of the global
 pharmaceutical business will benefit the Company during the future stages of
 our growth."
     Mr. Wood is presently Executive Vice President with CSL Limited, an
 Australian healthcare company listed on the Australian Stock Exchange. Mr.
 Wood has responsibility for special projects and mergers and acquisitions in
 Europe and North America. Mr. Wood spent much of his career with Baxter
 Healthcare Corporation, Cutter Laboratories and BioResponse Corporation.
 
     During the meeting, Dr. Levy highlighted the accomplishments of the past
 year, including:
     -    Launch of Visudyne(TM) in more than 35 countries by Novartis
          Ophthalmics
     -    Best first year sales performance of any eyecare pharmaceutical
          product
     -    Achievement of profitability for fiscal 2000
     -    Opening of the new research and headquarters facility in Vancouver
 
     "The accomplishments of the past year would not have been possible
 without the dedicated work of our employees and the cooperation of our
 strategic partners and suppliers," said Dr. Levy.
 
     Dr. Levy continued by outlining for shareholders the four key goals for
 management in 2001:
     -    Work with Novartis to continue the ongoing successful launch of
          Visudyne and achieve Visudyne sales for 2001 of between US$225
          million and US$250 million with 25% of sales flowing back to QLT.
     -    Expand the market for Visudyne by seeking approvals in additional
          countries, continuing to study the long-term benefits of Visudyne
          and conducting additional studies to broaden the approved
          indications.
     -    Broaden the product pipeline through a combination of internal
          research, in-licensing, research collaborations or acquisitions.
     -    Manage operations and the cost structure appropriately to deliver
          continued near-term earnings for our shareholders while investing in
          new products for long-term sustainable earnings growth.
 
     Dr. Levy concluded the meeting by thanking shareholders for their
 continued support during "this unprecedented time of volatility in global
 equity markets" and assured shareholders that management and employees are
 focused on continuing to build on the company's record of clinical and
 financial success.
 
     QLT Inc. is a world leader in photodynamic therapy, a field of medicine
 utilizing light-activated drugs in the treatment of disease. QLT's innovative
 science has led to the development and commercialization of breakthrough
 treatments utilizing this technology for applications in ophthalmology and
 oncology and is exploring the potential in immune disorders. For more
 information, you are invited to visit QLT's web site at www.qltinc.com.
     QLT Inc. will hold an analyst and institutional investor conference call
 to discuss first quarter results on Wednesday, April 25, at 4:30 p.m. EST
 (1:30 p.m. PST). The call will be broadcast live via the Internet at
 www.qltinc.com. A replay of the call will be available via the Internet and
 also via telephone at (416) 626-4100, access code 18478353.
 
     Visudyne(TM) is a trademark of Novartis AG
 
     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 constitute "forward-looking
 statements" of QLT within the meaning of the Private Securities Litigation
 Reform Act of 1995, which involve known and unknown risks, uncertainties and
 other factors that may cause our actual results to be materially different
 from any future results, performance or achievements expressed or implied by
 such statements. Forward-looking statements include, but are not limited to,
 those with respect to anticipated levels of sales of Visudyne(TM), estimates
 of our share of Visudyne net profits and net income, opportunities to expand
 the market for Visudyne, opportunities for growth beyond QLT's core product,
 ability to manage operations and cost structures appropriately. These
 statements are only predictions and actual events or results may differ
 materially. Factors that could cause such actual events or results expressed
 or implied by such forward-looking statements to differ materially from any
 future results express or implied by such statements include, but are not
 limited to: the risk that future sales of Visudyne may be less than expected,
 our future operating results are uncertain and likely to fluctuate, currency
 fluctuations in our primary markets may impact our financial results, the
 outcome of the pending patent and securities litigation against us is
 uncertain and may be unfavorable, we are dependent on third-parties to
 commercialize Visudyne, uncertainty of and timing of pricing and reimbursement
 may limit the future sales of Visudyne and other factors described in detail
 in QLT's Annual Information Form on Form 10-K, forthcoming quarterly reports
 on Form 10-Q and other filings with the U.S. Securities and Exchange
 Commission. Forward-looking statements are based on our current expectations
 and QLT is not obligated to update such information to reflect later events or
 developments.
 
 

SOURCE QLT Inc.
    VANCOUVER, April 25 /PRNewswire/ - QLT Inc. (NASDAQ:  QLTI; TSE:QLT) held
 its Annual General Meeting in Vancouver this morning at 10:00 a.m. Proceedings
 included the election of a new Director, and a presentation by President and
 Chief Executive Officer, Dr. Julia Levy which highlighted the company's
 accomplishments over the past year and outlined management's goals for 2001.
     Shareholders reappointed six of the current directors as well as a new
 director, Mr. Jack Wood, to replace Dr. Bob Feeney, who retired from the Board
 of Directors effective today. Dr. Feeney joined QLT's Board in 1990 after a 37-
 year career with Pfizer.
     "Bob provided a tremendous service to our shareholders during his 11
 years as a Board member. Our management team benefited from his experience,
 wisdom and advice as QLT grew from a young entrepreneurial company to a
 leading biotechnology company," said Dr. Levy.
     Dr. Levy added, "We are pleased to be able to add Mr. Wood to our Board
 and believe that his experience in various aspects of the global
 pharmaceutical business will benefit the Company during the future stages of
 our growth."
     Mr. Wood is presently Executive Vice President with CSL Limited, an
 Australian healthcare company listed on the Australian Stock Exchange. Mr.
 Wood has responsibility for special projects and mergers and acquisitions in
 Europe and North America. Mr. Wood spent much of his career with Baxter
 Healthcare Corporation, Cutter Laboratories and BioResponse Corporation.
 
     During the meeting, Dr. Levy highlighted the accomplishments of the past
 year, including:
     -    Launch of Visudyne(TM) in more than 35 countries by Novartis
          Ophthalmics
     -    Best first year sales performance of any eyecare pharmaceutical
          product
     -    Achievement of profitability for fiscal 2000
     -    Opening of the new research and headquarters facility in Vancouver
 
     "The accomplishments of the past year would not have been possible
 without the dedicated work of our employees and the cooperation of our
 strategic partners and suppliers," said Dr. Levy.
 
     Dr. Levy continued by outlining for shareholders the four key goals for
 management in 2001:
     -    Work with Novartis to continue the ongoing successful launch of
          Visudyne and achieve Visudyne sales for 2001 of between US$225
          million and US$250 million with 25% of sales flowing back to QLT.
     -    Expand the market for Visudyne by seeking approvals in additional
          countries, continuing to study the long-term benefits of Visudyne
          and conducting additional studies to broaden the approved
          indications.
     -    Broaden the product pipeline through a combination of internal
          research, in-licensing, research collaborations or acquisitions.
     -    Manage operations and the cost structure appropriately to deliver
          continued near-term earnings for our shareholders while investing in
          new products for long-term sustainable earnings growth.
 
     Dr. Levy concluded the meeting by thanking shareholders for their
 continued support during "this unprecedented time of volatility in global
 equity markets" and assured shareholders that management and employees are
 focused on continuing to build on the company's record of clinical and
 financial success.
 
     QLT Inc. is a world leader in photodynamic therapy, a field of medicine
 utilizing light-activated drugs in the treatment of disease. QLT's innovative
 science has led to the development and commercialization of breakthrough
 treatments utilizing this technology for applications in ophthalmology and
 oncology and is exploring the potential in immune disorders. For more
 information, you are invited to visit QLT's web site at www.qltinc.com.
     QLT Inc. will hold an analyst and institutional investor conference call
 to discuss first quarter results on Wednesday, April 25, at 4:30 p.m. EST
 (1:30 p.m. PST). The call will be broadcast live via the Internet at
 www.qltinc.com. A replay of the call will be available via the Internet and
 also via telephone at (416) 626-4100, access code 18478353.
 
     Visudyne(TM) is a trademark of Novartis AG
 
     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 constitute "forward-looking
 statements" of QLT within the meaning of the Private Securities Litigation
 Reform Act of 1995, which involve known and unknown risks, uncertainties and
 other factors that may cause our actual results to be materially different
 from any future results, performance or achievements expressed or implied by
 such statements. Forward-looking statements include, but are not limited to,
 those with respect to anticipated levels of sales of Visudyne(TM), estimates
 of our share of Visudyne net profits and net income, opportunities to expand
 the market for Visudyne, opportunities for growth beyond QLT's core product,
 ability to manage operations and cost structures appropriately. These
 statements are only predictions and actual events or results may differ
 materially. Factors that could cause such actual events or results expressed
 or implied by such forward-looking statements to differ materially from any
 future results express or implied by such statements include, but are not
 limited to: the risk that future sales of Visudyne may be less than expected,
 our future operating results are uncertain and likely to fluctuate, currency
 fluctuations in our primary markets may impact our financial results, the
 outcome of the pending patent and securities litigation against us is
 uncertain and may be unfavorable, we are dependent on third-parties to
 commercialize Visudyne, uncertainty of and timing of pricing and reimbursement
 may limit the future sales of Visudyne and other factors described in detail
 in QLT's Annual Information Form on Form 10-K, forthcoming quarterly reports
 on Form 10-Q and other filings with the U.S. Securities and Exchange
 Commission. Forward-looking statements are based on our current expectations
 and QLT is not obligated to update such information to reflect later events or
 developments.
 
 SOURCE QLT Inc.