QLT Proposes US$200 Million Special Cash Distribution to Shareholders

QLT Proposes US$200 Million Special Cash Distribution to Shareholders

  *Cash Distribution Free of Canadian Withholding Taxes
    
  *Follows the US$27 Million Already Returned to Shareholders via QLT's NCIB
    Share Repurchase Program
    
  *QLT Board Will Continue to Evaluatea Potential Further Return of Capital
    to Shareholders via Various Methods

VANCOUVER, British Columbia, April 15, 2013 (GLOBE NEWSWIRE) -- QLT Inc.
(Nasdaq:QLTI) (TSX:QLT) ("QLT" or the "Company") announced today that its
board of directors (the "Board") has approved a special cash distribution to
QLT's shareholders in the amount of US$200 million, by way of a reduction of
the paid-up capital of the Company's shares, resulting in the return of
approximately US$3.95 per share (the "Cash Distribution") based upon the
current number of issued and outstanding shares of the Company. The Company
will be able to make the Cash Distribution to shareholders without Canadian
withholding taxes of up to 25% being payable, pursuant to an Advance Tax
Ruling received from Canadian tax authorities.

The Cash Distribution is subject to shareholder approval by way of a special
resolution to be sought at the Company's annual and special meeting of
shareholders scheduled to be held on June 14, 2013 (the "Meeting"). The final
amount of the Cash Distribution per share will be determined based upon the
number of issued and outstanding shares on the record date for the
distribution, which is expected to be on or about June 24, 2013 (the "Record
Date"). If the Cash Distribution is approved by shareholders at the Meeting,
it is expected that the Cash Distribution will be paid to shareholders of
record on the Record Date on or about June 25, 2013, subject to applicable
stock exchange rules.

When the Board commenced its review of the most tax efficient and effective
means to return capital to the Company's shareholders, it initially authorized
a return of $100 million in capital. Since then, the Company has already
returned to its shareholders an aggregate of approximately $27 million, the
maximum allowable under the Toronto Stock Exchange normal course issuer bid
rules, pursuant to the Company's recently concluded open market share
repurchase program.If the proposed Cash Distribution is approved by
shareholders, it will result in a total return of capital to QLT's
shareholders in less than 12 months of an aggregate of approximately $227
million.

"We are extremely pleased with the outcome of our persistent and resourceful
efforts to return to shareholders more than twice as much capital as we had
originally proposed.Your Board concluded that a special cash distribution by
way of a reduction of paid-up capital represents the best risk/reward-based
option to most tax-efficiently maximize shareholder value.During our ten
months of service to our constituents, your Board has: sold Visudyne^® for up
to $132.5 million, reduced our headcount by 83%, sold our PPDS program,
refocused the Company's efforts on our orphan drug synthetic retinoid program,
and is now returning approximately 50% of QLT's market capitalization to its
shareholders.Following the proposed Cash Distribution, the Company believes
that it will continue to have sufficient existing cash and contingent
financial resources available to it for the development of its synthetic
retinoid program.In addition, we will monitor our cash resources and continue
to explore opportunities to enhance shareholder value which, depending on the
strategic options available to the Company and its cash needs, may include a
further return of capital.

Lastly,QLT's Board of Directors would like to express its appreciation for
the patienceof our shareholders, whomwe believehavebeen very well rewarded
with this better than expected, ideal outcome," said Mr. Jason M. Aryeh,
Chairman of the Board.

About QLT

QLT is a biotechnology company dedicated to the development and
commercialization of innovative ocular products that address the unmet medical
needs of patients and clinicians worldwide. We are focused on developing our
synthetic retinoid program for the treatment of certain inherited retinal
diseases.

QLT is based in Vancouver, Canada and the Company is publicly traded on NASDAQ
(symbol: QLTI) and the Toronto Stock Exchange (symbol: QLT). For more
information about the Company's products and developments, please visit our
web site at www.qltinc.com.

Visudyne^® is a registered trademark of Novartis AG

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: statements concerning the proposed cash
distribution, its timing and receipt of the necessary shareholder approval;
our beliefs concerning the amount of retained funds necessary to develop our
synthetic retinoid program; statements concerning any further potential return
of capital to shareholders; and statements which contain language such as:
"assuming," "prospects," "goal," "future," "projects," "potential," "could,"
"believes," "expects"; "hopes" 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 risks, uncertainties
and other factors following: the effect that QLT's announcements and actions
will have on the market price of our securities; uncertainties regarding the
proposed special cash distribution to shareholders, by way of a reduction in
paid-up capital of approximately $3.95 per share, the Company's plans to hold
an annual and special meeting to seek shareholder approval by way of a special
resolution on June 14, 2013 and the Company's expectations to pay the special
cash distribution to shareholders on or about June 25, 2013 if the special
cash distribution is approved by shareholders; the Company's intentions to
continue to explore opportunities to enhance shareholder value, including any
resulting further return of capital and the timing and amount of any such
return; our development plans, timing and results of the clinical development
of our synthetic retinoid program; assumptions related to continued enrollment
trends, efforts and success, and the associated costs of our synthetic
retinoid program; outcomes for our clinical trials may not be favorable or may
be less favorable than interim/preliminary results and/or previous trials;
varying interpretations of data produced by one or more of our clinical
trials; the timing, expense and uncertainty associated with the regulatory
approval process for products to advance through development stages; risks and
uncertainties associated with the safety and effectiveness of our synthetic
retinoid program; risks and uncertainties related to the scope, validity, and
enforceability of our intellectual property rights and the impact of patents
and other intellectual property of third parties; the Company's future
operating results, which are uncertain and likely to fluctuate; currency
fluctuations; and general economic conditions and other factors described in
detail in QLT's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
other filings with the U.S. Securities and Exchange Commission and Canadian
securities regulatory authorities.Forward-looking statements are based on the
current expectations of QLT and QLT does not assume any obligation to update
such information to reflect later events or developments except as required by
law.

CONTACT: QLT Inc. Contacts:
        
         Investor & Media Relations
         Andrea Rabney or David Pitts
         Argot Partners
         212-600-1902
         andrea@argotpartners.com
         david@argotpartners.com

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