QLT Inc.
QLTI announced today that the
Company has entered into an exclusive option agreement with Mati Therapeutics
Inc. ("Mati"), a development company associated with Robert Butchofsky, QLT's
former President & CEO, under which QLT has granted Mati a 90-day option to
acquire assets related to QLT's punctal plug drug delivery system ("PPDS")
technology (the "Technology") in exchange for $500,000. The option may be
extended by Mati for up to three successive 30-day periods upon payment of an
additional $100,000 for each extension. Should Mati exercise the option, QLT
and Mati will enter into an asset purchase agreement and QLT will be entitled
to a closing payment of $750,000, certain milestone payments and a low single
digit royalty on world-wide net sales of all products using or developed from
the Technology.
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