QLT hikes size of share buyback

The board of QLT approved an increase in the number of common shares the company (TSX:QLT; NASDAQ:QLTI) may purchase under its normal course issuer bid to 4,700,060, or 10% of the public float, from  2,731,534, or 5% of the outstanding stock on Oct. 28, 2009.

The 12-month buyback program ends on Nov. 2, 2010.  The increase represents up to an additional 1,968,526 common shares available for purchase under the bid.

“This increase reflects our continued confidence in our future cash flows and ocular pipeline,” CEO Bob Butchofsky said in a statement.