QLT Terminates $20 Million Private Placement
May 02 2016 - 7:00AM
QLT Inc. (NASDAQ:QLTI) (TSX:QLT) (“QLT” or the
“Company”) today announced that it has terminated the
previously announced US$20 million private placement in QLT.
The Company’s Board of Directors (the “Board”) has determined
that it would not be in the best interests of QLT to dilute its
existing shareholders.
The private placement was entered into with
certain investors on June 8, 2015, concurrent with QLT’s
announcement of its then planned acquisition of InSite Vision
Incorporated which, as previously announced, was subsequently
terminated after InSite Vision received a takeover offer
for an approximate 100% premium over QLT's original negotiated
price. When the private placement was announced on June 8,
2015, QLT disclosed that the private placement would be completed
no later than April 30, 2016, following the closing of the
InSite Vision transaction and QLT’s recently completed purchase and
distribution of shares in Aralez Pharmaceuticals Inc.
Given the termination of QLT’s acquisition
of InSite Vision, the Board has determined
that additional cash resources are not necessary at this time.
As a result, the Board has determined that the Company’s cash
requirements at this time do not justify the dilution that would be
caused by the private placement.
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’s head office is based in Vancouver, Canada
and the Company is publicly traded on NASDAQ Stock Market (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.
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 statements concerning our
expectations concerning our current cash requirements; 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 following risks,
uncertainties and other factors: the effect that QLT’s
announcements and actions will have on the market price of our
securities; QLT’s development plans, timing and results of the
clinical development of our synthetic retinoid program are
uncertain; the risk that it may take longer and cost more than
anticipated to complete data analyses, complete preparatory work,
meet with regulators and commence trials (including a pivotal
trial) for numerous reasons both within and outside of our control;
assumptions related to the associated costs of our synthetic
retinoid program may prove incorrect; the risk that outcomes for
our clinical trials may not be favorable or may be less favorable
than interim/preliminary results disclosed and/or previous trials;
the possibility that interpretations of data produced by one or
more of our clinical trials will vary, including by the regulatory
authorities; 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.
QLT Inc. Contacts:
Investor Relations
Andrea Rabney or David Pitts
Argot Partners
212-600-1902
andrea@argotpartners.com
david@argotpartners.com
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