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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>As filed with the Securities and Exchange Commission on November&nbsp;22, 2004</B>



<DIV align="right" style="font-size: 10pt"><B>Registration No.&nbsp;333- </B><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U></DIV>
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<DIV align="center" style="font-size: 14pt"><B>UNITED STATES
SECURITIES AND EXCHANGE COMMISSION</B></DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%"></DIV>


<DIV align="center" style="font-size: 18pt"><B>FORM S-8</B></DIV>

<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></DIV>


<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%"></DIV>


<P align="center" style="font-size: 24pt"><B>QLT INC.</B>

<DIV align="center" style="font-size: 10pt"><B>(Exact Name of Registrant as Specified in Its Charter)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>British Columbia, Canada</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><B>(State or other jurisdiction of</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(I.R.S. Employer</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><B>Incorporation or organization)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Identification Number)</B></TD>
</TR>

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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%">


<DIV align="center" style="font-size: 10pt"><B>887 Great Northern Way<BR>
Vancouver, British Columbia<BR>
Canada V5T 4T5<BR>
(604)&nbsp;707-7000<BR>
(Address, including zip code, and telephone number, including area code,<BR>
of Registrant&#146;s principal executive offices)</B></DIV>


<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%"></DIV>



<P align="center" style="font-size: 10pt"><B>Atrix Laboratories, Inc. 2000 Stock Incentive Plan (as amended and restated)<BR>
Atrix Laboratories, Inc. Non-Qualified Stock Option Plan (as amended)<BR>
Atrix Laboratories, Inc. Amended and Restated Performance Stock Option Plan (as amended)</B>



<P align="center" style="font-size: 10pt"><B>each as assumed by QLT Inc.<BR>
(Full Title of the Plans)</B>


<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%"></DIV>



<P align="center" style="font-size: 10pt">Paul J. Hastings<BR>
President and Chief Executive Officer<BR>
QLT Inc.<BR>
887 Great Northern Way<BR>
Vancouver, British Columbia<BR>
Canada V5T 4T5<BR>
(604)&nbsp;707-7000



<P align="center" style="font-size: 10pt"><B>(Name, Address, Including Zip Code, and Telephone Number,<BR>
Including Area Code for Agent for Service)</B>



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%">



<P align="center" style="font-size: 10pt"><I>Copies to:</I>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top">Ora T. Fisher, Esq.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">R. Hector MacKay-Dunn, QC</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">Nicholas S. O&#146;Keefe, Esq.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trevor R. Scott, Esq.</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">Latham &#038; Watkins LLP
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Farris, Vaughan, Wills &#038; Murphy</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">135 Commonwealth Drive
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">25<SUP>th</SUP> Floor, 700 W. Georgia Street</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">Menlo Park, California 94025
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vancouver, British Columbia</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">(650) 328-4600
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Canada V7Y 1B3</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(604) 684-9151</TD>
</TR>

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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%">


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>to be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Title of Securities to be Registered</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registered (1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Per Share</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Common shares, no par value, and
associated share purchase rights
issuable upon exercise of outstanding
options under the Atrix Laboratories,
Inc. (&#147;Atrix&#148;) 2000 Stock Incentive
Plan (as amended and restated)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,803,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">11.856</TD>
    <TD nowrap><SUP>(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">68,802,609</TD>
    <TD nowrap><SUP></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">8,717.29</TD>
    <TD nowrap><SUP></SUP></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Common shares, no par value, and
associated share purchase rights
issuable upon exercise of outstanding
options under the Atrix Non-Qualified
Stock Option Plan (as amended)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">5.438</TD>
    <TD nowrap><SUP>(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">196,731</TD>
    <TD nowrap><SUP></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">24.93</TD>
    <TD nowrap><SUP></SUP></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Common shares, no par value, and
associated share purchase rights
issuable upon exercise of outstanding
options under the Atrix Amended and
Restated Performance Stock Option
Plan (as amended)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">267,961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">6.550</TD>
    <TD nowrap><SUP>(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">1,755,145</TD>
    <TD nowrap><SUP></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">222.38</TD>
    <TD nowrap><SUP></SUP></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Common shares, no par value, and
associated share purchase rights (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">991,447</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">15.895</TD>
    <TD nowrap><SUP>(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">15,759,050</TD>
    <TD nowrap><SUP></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">1,996.67</TD>
    <TD nowrap><SUP></SUP></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Common shares, no par value, and
associated share purchase rights (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">15.895</TD>
    <TD nowrap><SUP>(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">2,723,863</TD>
    <TD nowrap><SUP></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">345.11</TD>
    <TD nowrap><SUP></SUP></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"></TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap><SUP></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"></TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap><SUP></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"></TD>
    <TD align="right">&nbsp;</TD>
    <TD nowrap><SUP></SUP></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,270,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"></TD>
    <TD align="right">--</TD>
    <TD nowrap><SUP></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">89,237,398</TD>
    <TD nowrap><SUP></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">11,306.38</TD>
    <TD nowrap><SUP></SUP></TD>
</TR>

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</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416(a), this Registration Statement shall also cover any
additional common shares that become issuable by reason of any stock
dividend, stock split, recapitalization or other similar transaction
effected without the receipt of consideration which results in an increase
in the number of outstanding shares of the Registrant&#146;s common shares.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of computing the registration fee of
options granted and outstanding pursuant to Rule 457(h) under the
Securities Act of 1933 (the &#147;Securities Act&#148;).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of computing the registration fee of
options granted and outstanding pursuant to Rule 457(h) under the
Securities Act.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of computing the registration fee of
options granted and outstanding pursuant to Rule 457(h) under the
Securities Act.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consists of 520,700 shares of Atrix common stock that has been converted
into 991,447 common shares of QLT that may become issuable under the Atrix
2000 Stock Incentive Plan, as amended and restated, pursuant to future option grants.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consists of 90,000 shares of Atrix common stock that has been converted
into 171,366 common shares of QLT that may become issuable under the Atrix
Non-Qualified Stock Option Plan, as amended, pursuant to future option
grants.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to Rule 457(c) and (h)&nbsp;under the Securities Act, the
registration fee was computed on the basis of the high and low prices of
the Registrant&#146;s common share on the NASDAQ National Market on November
19, 2004.</TD>
</TR>

</TABLE>


<P>
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<HR size="4" noshade color="#000000" style="margin-top: -10px">






<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000"> EXPLANATORY NOTE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001"> PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002"> Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003"> Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004"> Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005"> Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006"> Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007"> Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008"> Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010"> POWER OF ATTORNEY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011"> Exhibit&nbsp;Index</A></TD></TR>
<TR><TD colspan="9"><A HREF="f03473exv4w1.txt">EXHIBIT 4.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="f03473exv4w2.txt">EXHIBIT 4.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="f03473exv4w3.txt">EXHIBIT 4.3</A></TD></TR>
<TR><TD colspan="9"><A HREF="f03473exv5w1.txt">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="f03473exv23w2.txt">EXHIBIT 23.2</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>





<!-- link1 " EXPLANATORY NOTE" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXPLANATORY NOTE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;19, 2004, QLT Inc. (the &#147;Company&#148; or the &#147;Registrant&#148;)
completed a merger with Atrix Laboratories, Inc. (&#147;Atrix&#148;) on the terms and
conditions set forth in the Agreement and Plan of Merger, dated as of June&nbsp;14,
2004, by and among the Company, Aspen Acquisition Corp. and Atrix (the &#147;Merger
Agreement&#148;). Pursuant to the merger, Atrix became a wholly owned subsidiary of
the Company. Pursuant to the terms of the Merger Agreement, the Company agreed
to assume the outstanding options under Atrix&#146; 2000 Stock Incentive Plan (as
amended and restated), its Non-Qualified Stock Option Plan (as amended), and
its Amended and Restated Performance Stock Option Plan (as amended)
(collectively, the &#147;Plans&#148;) to purchase an aggregate of 3,207,517 shares of
Atrix common stock. At the effective time of the merger, these options were
converted automatically into options to purchase an aggregate of 6,107,327 of
the Company&#146;s common shares (after applying the exchange ratio applicable to
the outstanding options pursuant to the terms of the Merger Agreement).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, at the effective time of the merger, the Company assumed an
aggregate of 610,700 shares of Atrix common stock (that were
automatically converted into 1,162,813 QLT common shares after
applying the exchange ratio applicable pursuant to the terms of the
Merger Agreement) that was previously
authorized for issuance under the 2000 Stock Incentive Plan (as
amended and restated) and the
Non-Qualified Stock Option Plan (as amended) but were still available for grant
at the effective time, for use by the Company for future option grants to Atrix
employees after the merger.

<!-- link1 " PART II" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>


<!-- link2 " Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;3. Incorporation of Documents by Reference.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incorporate by reference the documents listed below:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our Annual Report on Form 10-K for the year ended December&nbsp;31, 2003,
filed with the Securities and Exchange Commission (the &#147;Commission&#148;) on
March&nbsp;12, 2004, as amended April&nbsp;28, 2004.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our Quarterly Reports on Form 10-Q for the quarters ended March&nbsp;31, 2004,
June&nbsp;30, 2004 and September&nbsp;30, 2004, filed with the Commission on May&nbsp;7,
2004, August&nbsp;6, 2004 and November&nbsp;5, 2004, respectively.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our Current Reports on Form 8-K filed with the Commission on January&nbsp;20,
2004, January&nbsp;22, 2004, January&nbsp;29, 2004, March&nbsp;16, 2004, March&nbsp;30, 2004,
April&nbsp;2, 2004, April&nbsp;2, 2004, April&nbsp;22, 2004, April&nbsp;23, 2004, June&nbsp;3,
2004, June&nbsp;14, 2004, July&nbsp;20, 2004, October&nbsp;6, 2004, October&nbsp;14, 2004,
October&nbsp;21, 2004 and October&nbsp;29, 2004.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of our common shares, without par value, contained in our
registration statement on Form 8-A, filed with the Commission on April&nbsp;26,
2002, and the Amended and Restated Shareholder Rights Plan Agreement,
dated as of April&nbsp;8, 2002, between QLT Inc. and Computershare Trust
Company of Canada filed with the Commission as an exhibit to Amendment No.
3 to the Registration Statement on Form F-1 dated November&nbsp;22, 1989.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents filed by us pursuant to Section&nbsp;13(a), 13(c),
14 or 15(d) of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;)
subsequent to the date of this Registration Statement and prior to the filing
of a post-effective amendment which indicates that all securities offered have
been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference into this Registration Statement and to
be a part hereof from the date of filing of such documents. Any statement
contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in
any subsequently filed document which also is incorporated or deemed to be
incorporated by reference herein modifies or supersedes such statement. Any
such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part of this Registration Statement.

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;4. Description of Securities.</B>



<P align="center" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<!-- link2 " Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<!-- link2 " Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;6. Indemnification of Directors and Officers.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The laws of British Columbia and QLT&#146;s articles permit indemnification of
its directors and officers against certain liabilities, which would include
liabilities arising under the Securities Act of 1933.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Business Corporations Act</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <I>Business Corporations Act </I>(British Columbia) (<I>&#147;BCBCA&#148;</I>) provides that a
company may:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>indemnify an eligible party against all eligible penalties, which
include judgments, penalties or fines awarded or imposed in, or amounts
paid in settlement of, an eligible proceeding, to which the eligible
party is or may be liable; and/or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after the final disposition of an eligible proceeding, pay the
expenses (which includes legal fees but excludes judgments, penalties,
fines or amounts paid in settlement of a proceeding) actually and
reasonably incurred by an eligible party in respect of that proceeding.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">However, after the final disposition of an eligible proceeding, a company is
required to pay expenses actually and reasonably incurred by an eligible party
in respect of that proceeding if the eligible party has not been reimbursed for
those expenses, and is wholly successful, on the merits or otherwise, or is
substantially successful on the merits, in the outcome of the proceeding. The
BCBCA also provides that a company may pay the expenses as they are incurred in
advance of the final disposition of an eligible proceeding if the company first
receives from the eligible party a written undertaking that, if it is
ultimately determined that the payment of expenses is prohibited under the
<I>BCBCA, </I>the eligible party will repay the amounts advanced.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of the BCBCA, an &#147;eligible person&#148;, in relation to a
company, means an individual who:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is or was a director or officer of the company;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is or was a director of another corporation at the time when the
corporation is or was an affiliate of the company, or at the request of
the company; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at the request of the company, is or was, or holds or held a
position equivalent to that of, a director or officer of a partnership,
trust, joint venture or other unincorporated entity, and includes, with
some exceptions, the heirs and personal or other legal representatives
of that individual.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">An &#147;eligible proceeding&#148; under the BCBCA is one in which an eligible party or
any of the heirs and personal or other legal representatives of the eligible
party, by reason of the eligible party being or having been a director or
officer of, or holding or having held a position equivalent to that of a
director or officer of, the company or an associated corporation is or may be
joined as a party, or is or may be liable for or in respect of a judgment,
penalty or fine in, or expenses related to, the proceeding. A proceeding
includes any legal proceeding or investigative action, whether current,
threatened, pending or completed.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the BCBCA prohibits indemnifying an
eligible party or paying the expenses of an eligible party:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the indemnity or payment is made under an earlier agreement to
indemnify or pay expenses and, at the time that the agreement was made,
the company was prohibited from giving the indemnity or paying the
expenses by its memorandum or articles;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the indemnity or payment is made otherwise than under an earlier
agreement and, at the time that the indemnity or payment is made, the
company is prohibited from giving the indemnity or paying the expenses
by its memorandum or articles;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if, in relation to the subject matter of the eligible proceeding,
the eligible party did not act honestly and in good faith with a view
to the best interests of the company or the associated corporation; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of an eligible proceeding other than a civil
proceeding, if the eligible party did not have reasonable grounds for
believing that the eligible party&#146;s conduct in respect of which the
proceeding was brought was lawful.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">Additionally, if an eligible proceeding is brought against an eligible party by
or on behalf of the company or an associated corporation, the company must not
indemnify the eligible party or pay the expenses of the eligible party in
respect of the proceeding.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether or not payment of expenses or indemnification has been sought,
authorized or declined under the BCBCA, on the application of a company or an
eligible party, the Supreme Court of British Columbia may do one or more of the
following:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>order a company to indemnify an eligible party against any
liability incurred by the eligible party in respect of an eligible
proceeding;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>order a company to pay some or all of the expenses incurred by an
eligible party in respect of an eligible proceeding;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>order the enforcement of, or any payment under, an agreement of
indemnification entered into by a company;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>order a company to pay some or all of the expenses actually and
reasonably incurred by any person in obtaining an order under this
section; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any other order the court considers appropriate.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The BCBCA provides that a company may purchase and maintain insurance for
the benefit of an eligible party or the heirs and personal or other legal
representatives of the eligible party against any liability that may be
incurred by reason of the eligible party being or having been a director or
officer of, or holding or having held a position equivalent to that of a
director or officer of, the company or an associated corporation.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Articles of QLT</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Part&nbsp;22 of QLT&#146;s articles provides that QLT will indemnify any person and
his or her heirs, executors or personal representatives who were or are a party
or who are threatened to be made a party to any threatened, pending or
completed action or proceeding, whether or not brought by QLT or by a
corporation or other legal entity or enterprise and whether civil, criminal or
administrative, by reason of the fact that he or she is or was a director of
QLT or is or was serving at QLT&#146;s request as a director, officer, employee or
agent of another corporation, a partnership, joint venture, trust or other
enterprise, against all costs, charges and expenses, including legal fees and
any amount paid to settle such action or proceeding or satisfy such judgment,
if he or she acted honestly and in good faith with a view to the best interests
of the corporation or other legal entity or enterprise as aforesaid of which he
or she is or was a director, officer, employee or agent, as the case may be,
and exercised the care, diligence and skill of a reasonably prudent person, and
with respect to any criminal or administrative action or proceeding, he or she
has reasonable grounds for believing that his or her conduct was lawful;
provided that no one will be so indemnified if he or she has failed to carry
out his or her duty to act in accordance with the BCBCA or any rule of law, and
in any event, until court approval has been granted with respect to such
indemnification.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, QLT&#146;s articles indicate that QLT may indemnify any person
other than a director in respect of any loss, damage, costs or expenses
whatsoever incurred by that person while acting as an officer, employee or
agent for QLT to such extent, and on such terms and in such manner as the
directors will, in their absolute discretion, determine. QLT&#146;s articles further
provide that, subject to the BCBCA, no director, officer or employee of


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">QLT will be liable for the acts, receipts, neglects or defaults of any other
director, officer or employee of QLT, or for having participated in actions
resulting in any loss, damage or expense to QLT in any matter, unless such
loss, damage or expense happens by or through his or her own willful act or
default, negligence, breach of trust or breach of duty.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QLT has entered into indemnity agreements with its directors and executive
officers which provide, among other things, that, subject to any requirements
that may exist under the BCBCA or QLT&#146;s articles, QLT will indemnify such
director or officer, under the circumstances and to the extent specified, for
expenses, damages, judgements, fines and settlements he or she may be required
to pay in actions or proceedings to which he or she is or may be made a party
by reason of his or her position as a director or officer of QLT.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QLT maintains directors&#146; and officers&#146; liability insurance coverage
through a policy covering QLT and its subsidiaries, which has an annual
aggregate policy limit of US$50,000,000, subject to a corporate deductible of
US$150,000 per loss for all claims except securities claims for which the
deductible is US$1,000,000. This insurance provides coverage for indemnity
payments made by QLT to its directors and officers as required or permitted by
law for losses, including legal costs, incurred by officers and directors in
their capacity as such. This policy also provides coverage directly to
individual directors and officers if they are not indemnified by QLT. The
insurance coverage for directors and officers has customary exclusions,
including libel and slander, and those acts determined to be uninsurable under
law, or deliberately fraudulent or dishonest or to have resulted in personal
profit or advantage.

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<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;7. Exemption from Registration Claimed.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<!-- link2 " Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;8. Exhibits.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following are the exhibits required by Item&nbsp;601 of Regulation&nbsp;S-K:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atrix Laboratories, Inc. 2000 Stock Incentive Plan (as amended and restated)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atrix Laboratories, Inc. Non-Qualified Stock Option Plan (as amended)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atrix Laboratories, Inc. Amended and Restated Performance Stock Option Plan (as amended)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Farris, Vaughan, Wills and Murphy</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Farris, Vaughan, Wills and Murphy (included in Exhibit&nbsp;5.1)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page of this Registration Statement)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV align="left"><A NAME="008"></A></DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;9. Undertakings.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned Registrant hereby undertakes:


<P align="left" style="margin-left: 5%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(1)&nbsp;To file, during any period in which offers or sales are being made,
a post-effective amendment to this Registration Statement:


<P align="left" style="margin-left: 7%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(i)&nbsp;to include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act;


<P align="left" style="margin-left: 7%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(ii)&nbsp;to reflect in the prospectus any facts or events arising after
the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth
in this Registration Statement;


<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="margin-left: 7%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(iii)&nbsp;to include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement
or any material change to such information in this Registration
Statement;


<P align="left" style="margin-left: 7%; text-indent: 0%; margin-right: 0%; font-size: 10pt">provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if
the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with the
Commission by the Registrant pursuant to Section&nbsp;13 or Section 15(d)
of the Exchange Act that are incorporated by reference in this
Registration Statement.


<P align="left" style="margin-left: 5%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(2)&nbsp;That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein,
and the offering of such securities at the time shall be deemed to be the
initial bona fide offering thereof; and


<P align="left" style="margin-left: 5%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(3)&nbsp;To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the
termination of the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s
annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in this Registration Statement shall be deemed to be
a new registration statement relating to the securities offered therein, and
the offering of such securities at the time shall be deemed to be the initial
bona fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.


<P align="center" style="font-size: 10pt">5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 " SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Vancouver, Province of British Columbia,
Canada, on this November&nbsp;22, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>QLT, Inc.</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Paul J. Hastings</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade width="100%"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Paul J. Hastings</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">President and Chief Executive Officer</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 " POWER OF ATTORNEY" -->
<DIV align="left"><A NAME="010"></A></DIV>
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>


<P align="left" style="font-size: 10pt">We, the undersigned officers and directors of QLT Inc., and each of us, do
hereby constitute and appoint each and any of Paul J. Hastings, Michael J.
Doty and William J. Newell, our true and lawful attorney and agent, with full
power of substitution and resubstitution, to do any and all acts and things in
our name and behalf in any and all capacities and to execute any and all
instruments for us in our names, in connection with this registration statement
or any registration statement for the same offering that is to be effective
upon filing under the Securities Act of 1933, and to file the same, with all
exhibits thereto and other documents in connection therewith, with the
Securities and Exchange Commission, including specifically, but without
limitation, power and authority to sign for us or any of us in our names in the
capacities indicated below, any and all amendments (including post-effective
amendments) hereto; and we hereby ratify and confirm all that said attorney and
agent, or his substitute, shall do or cause to be done by virtue thereof.


<P align="left" style="font-size: 10pt">Pursuant to the requirements of the Securities Act of 1933, this registration
statement has been signed by the following persons in the capacities and as of
the dates indicated.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer,
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;22, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Paul J. Hastings
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR align="center" size="1" noshade width="100%"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paul J. Hastings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer (Principal</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael J. Doty
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial and Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;22, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR align="center" size="1" noshade width="100%"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael J. Doty</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;22, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ E. Duff Scott</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR align="center" size="1" noshade width="100%"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">E. Duff Scott</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;22, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ C. Boyd Clarke</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR align="center" size="1" noshade width="100%"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">C. Boyd Clarke</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;22, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Peter A. Crossgrove</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR align="center" size="1" noshade width="100%"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Peter A. Crossgrove</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;22, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ronal D. Henriksen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR align="center" size="1" noshade width="100%"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ronald D. Henriksen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;22, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Julia G. Levy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR align="center" size="1" noshade width="100%"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Julia G. Levy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;22, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Alan C. Mendelson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR align="center" size="1" noshade width="100%"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Alan C. Mendelson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;22, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ L. Jack Wood</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR align="center" size="1" noshade width="100%"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">L. Jack Wood</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;22, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ George Vuturo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR align="center" size="1" noshade width="100%"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">George Vutoro</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">November&nbsp;22, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard Vietor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR align="center" size="1" noshade width="100%"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard Vietor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 " Exhibit&nbsp;Index" -->
<DIV align="left"><A NAME="011"></A></DIV>

<P align="center" style="font-size: 10pt"><B>Exhibit&nbsp;Index</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atrix Laboratories, Inc. 2000 Stock Incentive Plan (as amended and restated)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atrix Laboratories, Inc. Non-Qualified Stock Option Plan (as amended)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atrix Laboratories, Inc. Amended and Restated Performance Stock Option Plan (as amended)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Farris, Vaughan, Wills and Murphy</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Farris, Vaughan, Wills and Murphy (included in Exhibit&nbsp;5.1)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature page of this Registration Statement)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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sv8
Table of Contents
As filed with the Securities and Exchange Commission on November 22, 2004
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
QLT INC.
(Exact Name of Registrant as Specified in Its Charter)
British Columbia, Canada
Not Applicable
(State or other jurisdiction of
(I.R.S. Employer
Incorporation or organization)
Identification Number)
887 Great Northern Way
Vancouver, British Columbia
Canada V5T 4T5
(604) 707-7000
(Address, including zip code, and telephone number, including area code,
of Registrant's principal executive offices)
Atrix Laboratories, Inc. 2000 Stock Incentive Plan (as amended and restated)
Atrix Laboratories, Inc. Non-Qualified Stock Option Plan (as amended)
Atrix Laboratories, Inc. Amended and Restated Performance Stock Option Plan (as amended)
each as assumed by QLT Inc.
(Full Title of the Plans)
Paul J. Hastings
President and Chief Executive Officer
QLT Inc.
887 Great Northern Way
Vancouver, British Columbia
Canada V5T 4T5
(604) 707-7000
(Name, Address, Including Zip Code, and Telephone Number,
Including Area Code for Agent for Service)
Copies to:
Ora T. Fisher, Esq.
R. Hector MacKay-Dunn, QC
Nicholas S. O'Keefe, Esq.
Trevor R. Scott, Esq.
Latham & Watkins LLP
Farris, Vaughan, Wills & Murphy
135 Commonwealth Drive
25
th
Floor, 700 W. Georgia Street
Menlo Park, California 94025
Vancouver, British Columbia
(650) 328-4600
Canada V7Y 1B3
(604) 684-9151
Table of Contents
CALCULATION OF REGISTRATION FEE
Proposed
Maximum
Amount
Maximum
Amount of
Amount of
to be
Offering Price
Aggregate
Registration
Title of Securities to be Registered
Registered (1)
Per Share
Offering Price
Fee
Common shares, no par value, and
associated share purchase rights
issuable upon exercise of outstanding
options under the Atrix Laboratories,
Inc. ("Atrix") 2000 Stock Incentive
Plan (as amended and restated)
5,803,189
$
11.856
(2)
$
68,802,609
$
8,717.29
Common shares, no par value, and
associated share purchase rights
issuable upon exercise of outstanding
options under the Atrix Non-Qualified
Stock Option Plan (as amended)
36,177
$
5.438
(3)
$
196,731
$
24.93
Common shares, no par value, and
associated share purchase rights
issuable upon exercise of outstanding
options under the Atrix Amended and
Restated Performance Stock Option
Plan (as amended)
267,961
$
6.550
(4)
$
1,755,145
$
222.38
Common shares, no par value, and
associated share purchase rights (5)
991,447
$
15.895
(7)
$
15,759,050
$
1,996.67
Common shares, no par value, and
associated share purchase rights (6)
171,366
$
15.895
(7)
$
2,723,863
$
345.11
Total
7,270,140
--
$
89,237,398
$
11,306.38
(1)
Pursuant to Rule 416(a), this Registration Statement shall also cover any
additional common shares that become issuable by reason of any stock
dividend, stock split, recapitalization or other similar transaction
effected without the receipt of consideration which results in an increase
in the number of outstanding shares of the Registrant's common shares.
(2)
Estimated solely for the purpose of computing the registration fee of
options granted and outstanding pursuant to Rule 457(h) under the
Securities Act of 1933 (the "Securities Act").
(3)
Estimated solely for the purpose of computing the registration fee of
options granted and outstanding pursuant to Rule 457(h) under the
Securities Act.
(4)
Estimated solely for the purpose of computing the registration fee of
options granted and outstanding pursuant to Rule 457(h) under the
Securities Act.
(5)
Consists of 520,700 shares of Atrix common stock that has been converted
into 991,447 common shares of QLT that may become issuable under the Atrix
2000 Stock Incentive Plan, as amended and restated, pursuant to future option grants.
(6)
Consists of 90,000 shares of Atrix common stock that has been converted
into 171,366 common shares of QLT that may become issuable under the Atrix
Non-Qualified Stock Option Plan, as amended, pursuant to future option
grants.
(7)
Pursuant to Rule 457(c) and (h) under the Securities Act, the
registration fee was computed on the basis of the high and low prices of
the Registrant's common share on the NASDAQ National Market on November
19, 2004.
TABLE OF CONTENTS
EXPLANATORY NOTE
PART II
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
POWER OF ATTORNEY
Exhibit Index
EXHIBIT 4.1
EXHIBIT 4.2
EXHIBIT 4.3
EXHIBIT 5.1
EXHIBIT 23.2
Table of Contents
EXPLANATORY NOTE
On November 19, 2004, QLT Inc. (the "Company" or the "Registrant")
completed a merger with Atrix Laboratories, Inc. ("Atrix") on the terms and
conditions set forth in the Agreement and Plan of Merger, dated as of June 14,
2004, by and among the Company, Aspen Acquisition Corp. and Atrix (the "Merger
Agreement"). Pursuant to the merger, Atrix became a wholly owned subsidiary of
the Company. Pursuant to the terms of the Merger Agreement, the Company agreed
to assume the outstanding options under Atrix' 2000 Stock Incentive Plan (as
amended and restated), its Non-Qualified Stock Option Plan (as amended), and
its Amended and Restated Performance Stock Option Plan (as amended)
(collectively, the "Plans") to purchase an aggregate of 3,207,517 shares of
Atrix common stock. At the effective time of the merger, these options were
converted automatically into options to purchase an aggregate of 6,107,327 of
the Company's common shares (after applying the exchange ratio applicable to
the outstanding options pursuant to the terms of the Merger Agreement).
In addition, at the effective time of the merger, the Company assumed an
aggregate of 610,700 shares of Atrix common stock (that were
automatically converted into 1,162,813 QLT common shares after
applying the exchange ratio applicable pursuant to the terms of the
Merger Agreement) that was previously
authorized for issuance under the 2000 Stock Incentive Plan (as
amended and restated) and the
Non-Qualified Stock Option Plan (as amended) but were still available for grant
at the effective time, for use by the Company for future option grants to Atrix
employees after the merger.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
We incorporate by reference the documents listed below:
(a)
Our Annual Report on Form 10-K for the year ended December 31, 2003,
filed with the Securities and Exchange Commission (the "Commission") on
March 12, 2004, as amended April 28, 2004.
(b)
Our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2004,
June 30, 2004 and September 30, 2004, filed with the Commission on May 7,
2004, August 6, 2004 and November 5, 2004, respectively.
(c)
Our Current Reports on Form 8-K filed with the Commission on January 20,
2004, January 22, 2004, January 29, 2004, March 16, 2004, March 30, 2004,
April 2, 2004, April 2, 2004, April 22, 2004, April 23, 2004, June 3,
2004, June 14, 2004, July 20, 2004, October 6, 2004, October 14, 2004,
October 21, 2004 and October 29, 2004.
(d)
The description of our common shares, without par value, contained in our
registration statement on Form 8-A, filed with the Commission on April 26,
2002, and the Amended and Restated Shareholder Rights Plan Agreement,
dated as of April 8, 2002, between QLT Inc. and Computershare Trust
Company of Canada filed with the Commission as an exhibit to Amendment No.
3 to the Registration Statement on Form F-1 dated November 22, 1989.
In addition, all documents filed by us pursuant to Section 13(a), 13(c),
14 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act")
subsequent to the date of this Registration Statement and prior to the filing
of a post-effective amendment which indicates that all securities offered have
been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference into this Registration Statement and to
be a part hereof from the date of filing of such documents. Any statement
contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in
any subsequently filed document which also is incorporated or deemed to be
incorporated by reference herein modifies or supersedes such statement. Any
such statement so modified or superseded shall not be deemed, except as so
modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
1
Table of Contents
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
The laws of British Columbia and QLT's articles permit indemnification of
its directors and officers against certain liabilities, which would include
liabilities arising under the Securities Act of 1933.
Business Corporations Act
The
Business Corporations Act
(British Columbia) (
"BCBCA"
) provides that a
company may:
•
indemnify an eligible party against all eligible penalties, which
include judgments, penalties or fines awarded or imposed in, or amounts
paid in settlement of, an eligible proceeding, to which the eligible
party is or may be liable; and/or
•
after the final disposition of an eligible proceeding, pay the
expenses (which includes legal fees but excludes judgments, penalties,
fines or amounts paid in settlement of a proceeding) actually and
reasonably incurred by an eligible party in respect of that proceeding.
However, after the final disposition of an eligible proceeding, a company is
required to pay expenses actually and reasonably incurred by an eligible party
in respect of that proceeding if the eligible party has not been reimbursed for
those expenses, and is wholly successful, on the merits or otherwise, or is
substantially successful on the merits, in the outcome of the proceeding. The
BCBCA also provides that a company may pay the expenses as they are incurred in
advance of the final disposition of an eligible proceeding if the company first
receives from the eligible party a written undertaking that, if it is
ultimately determined that the payment of expenses is prohibited under the
BCBCA,
the eligible party will repay the amounts advanced.
For the purpose of the BCBCA, an "eligible person", in relation to a
company, means an individual who:
•
is or was a director or officer of the company;
•
is or was a director of another corporation at the time when the
corporation is or was an affiliate of the company, or at the request of
the company; or
•
at the request of the company, is or was, or holds or held a
position equivalent to that of, a director or officer of a partnership,
trust, joint venture or other unincorporated entity, and includes, with
some exceptions, the heirs and personal or other legal representatives
of that individual.
An "eligible proceeding" under the BCBCA is one in which an eligible party or
any of the heirs and personal or other legal representatives of the eligible
party, by reason of the eligible party being or having been a director or
officer of, or holding or having held a position equivalent to that of a
director or officer of, the company or an associated corporation is or may be
joined as a party, or is or may be liable for or in respect of a judgment,
penalty or fine in, or expenses related to, the proceeding. A proceeding
includes any legal proceeding or investigative action, whether current,
threatened, pending or completed.
Notwithstanding the foregoing, the BCBCA prohibits indemnifying an
eligible party or paying the expenses of an eligible party:
•
if the indemnity or payment is made under an earlier agreement to
indemnify or pay expenses and, at the time that the agreement was made,
the company was prohibited from giving the indemnity or paying the
expenses by its memorandum or articles;
2
Table of Contents
•
if the indemnity or payment is made otherwise than under an earlier
agreement and, at the time that the indemnity or payment is made, the
company is prohibited from giving the indemnity or paying the expenses
by its memorandum or articles;
•
if, in relation to the subject matter of the eligible proceeding,
the eligible party did not act honestly and in good faith with a view
to the best interests of the company or the associated corporation; or
•
in the case of an eligible proceeding other than a civil
proceeding, if the eligible party did not have reasonable grounds for
believing that the eligible party's conduct in respect of which the
proceeding was brought was lawful.
Additionally, if an eligible proceeding is brought against an eligible party by
or on behalf of the company or an associated corporation, the company must not
indemnify the eligible party or pay the expenses of the eligible party in
respect of the proceeding.
Whether or not payment of expenses or indemnification has been sought,
authorized or declined under the BCBCA, on the application of a company or an
eligible party, the Supreme Court of British Columbia may do one or more of the
following:
•
order a company to indemnify an eligible party against any
liability incurred by the eligible party in respect of an eligible
proceeding;
•
order a company to pay some or all of the expenses incurred by an
eligible party in respect of an eligible proceeding;
•
order the enforcement of, or any payment under, an agreement of
indemnification entered into by a company;
•
order a company to pay some or all of the expenses actually and
reasonably incurred by any person in obtaining an order under this
section; or
•
make any other order the court considers appropriate.
The BCBCA provides that a company may purchase and maintain insurance for
the benefit of an eligible party or the heirs and personal or other legal
representatives of the eligible party against any liability that may be
incurred by reason of the eligible party being or having been a director or
officer of, or holding or having held a position equivalent to that of a
director or officer of, the company or an associated corporation.
Articles of QLT
Part 22 of QLT's articles provides that QLT will indemnify any person and
his or her heirs, executors or personal representatives who were or are a party
or who are threatened to be made a party to any threatened, pending or
completed action or proceeding, whether or not brought by QLT or by a
corporation or other legal entity or enterprise and whether civil, criminal or
administrative, by reason of the fact that he or she is or was a director of
QLT or is or was serving at QLT's request as a director, officer, employee or
agent of another corporation, a partnership, joint venture, trust or other
enterprise, against all costs, charges and expenses, including legal fees and
any amount paid to settle such action or proceeding or satisfy such judgment,
if he or she acted honestly and in good faith with a view to the best interests
of the corporation or other legal entity or enterprise as aforesaid of which he
or she is or was a director, officer, employee or agent, as the case may be,
and exercised the care, diligence and skill of a reasonably prudent person, and
with respect to any criminal or administrative action or proceeding, he or she
has reasonable grounds for believing that his or her conduct was lawful;
provided that no one will be so indemnified if he or she has failed to carry
out his or her duty to act in accordance with the BCBCA or any rule of law, and
in any event, until court approval has been granted with respect to such
indemnification.
In addition, QLT's articles indicate that QLT may indemnify any person
other than a director in respect of any loss, damage, costs or expenses
whatsoever incurred by that person while acting as an officer, employee or
agent for QLT to such extent, and on such terms and in such manner as the
directors will, in their absolute discretion, determine. QLT's articles further
provide that, subject to the BCBCA, no director, officer or employee of
3
Table of Contents
QLT will be liable for the acts, receipts, neglects or defaults of any other
director, officer or employee of QLT, or for having participated in actions
resulting in any loss, damage or expense to QLT in any matter, unless such
loss, damage or expense happens by or through his or her own willful act or
default, negligence, breach of trust or breach of duty.
QLT has entered into indemnity agreements with its directors and executive
officers which provide, among other things, that, subject to any requirements
that may exist under the BCBCA or QLT's articles, QLT will indemnify such
director or officer, under the circumstances and to the extent specified, for
expenses, damages, judgements, fines and settlements he or she may be required
to pay in actions or proceedings to which he or she is or may be made a party
by reason of his or her position as a director or officer of QLT.
QLT maintains directors' and officers' liability insurance coverage
through a policy covering QLT and its subsidiaries, which has an annual
aggregate policy limit of US$50,000,000, subject to a corporate deductible of
US$150,000 per loss for all claims except securities claims for which the
deductible is US$1,000,000. This insurance provides coverage for indemnity
payments made by QLT to its directors and officers as required or permitted by
law for losses, including legal costs, incurred by officers and directors in
their capacity as such. This policy also provides coverage directly to
individual directors and officers if they are not indemnified by QLT. The
insurance coverage for directors and officers has customary exclusions,
including libel and slander, and those acts determined to be uninsurable under
law, or deliberately fraudulent or dishonest or to have resulted in personal
profit or advantage.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
The following are the exhibits required by Item 601 of Regulation S-K:
Exhibit
Number
4.1
Atrix Laboratories, Inc. 2000 Stock Incentive Plan (as amended and restated)
4.2
Atrix Laboratories, Inc. Non-Qualified Stock Option Plan (as amended)
4.3
Atrix Laboratories, Inc. Amended and Restated Performance Stock Option Plan (as amended)
5.1
Opinion of Farris, Vaughan, Wills and Murphy
23.1
Consent of Farris, Vaughan, Wills and Murphy (included in Exhibit 5.1)
23.2
Consent of Deloitte & Touche LLP
24.1
Power of Attorney (included on signature page of this Registration Statement)
Item 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made,
a post-effective amendment to this Registration Statement:
(i) to include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii) to reflect in the prospectus any facts or events arising after
the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth
in this Registration Statement;
4
Table of Contents
(iii) to include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement
or any material change to such information in this Registration
Statement;
provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if
the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with the
Commission by the Registrant pursuant to Section 13 or Section 15(d)
of the Exchange Act that are incorporated by reference in this
Registration Statement.
(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein,
and the offering of such securities at the time shall be deemed to be the
initial bona fide offering thereof; and
(3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the
termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in this Registration Statement shall be deemed to be
a new registration statement relating to the securities offered therein, and
the offering of such securities at the time shall be deemed to be the initial
bona fide offering thereof.
(h) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
5
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Vancouver, Province of British Columbia,
Canada, on this November 22, 2004.
QLT, Inc.
By:      /s/ Paul J. Hastings
Paul J. Hastings
President and Chief Executive Officer
6
Table of Contents
POWER OF ATTORNEY
We, the undersigned officers and directors of QLT Inc., and each of us, do
hereby constitute and appoint each and any of Paul J. Hastings, Michael J.
Doty and William J. Newell, our true and lawful attorney and agent, with full
power of substitution and resubstitution, to do any and all acts and things in
our name and behalf in any and all capacities and to execute any and all
instruments for us in our names, in connection with this registration statement
or any registration statement for the same offering that is to be effective
upon filing under the Securities Act of 1933, and to file the same, with all
exhibits thereto and other documents in connection therewith, with the
Securities and Exchange Commission, including specifically, but without
limitation, power and authority to sign for us or any of us in our names in the
capacities indicated below, any and all amendments (including post-effective
amendments) hereto; and we hereby ratify and confirm all that said attorney and
agent, or his substitute, shall do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities Act of 1933, this registration
statement has been signed by the following persons in the capacities and as of
the dates indicated.
Signature
Title
Date
President and Chief Executive Officer,
November 22, 2004
/s/ Paul J. Hastings
Director
Paul J. Hastings
Chief Financial Officer (Principal
/s/ Michael J. Doty
Financial and Accounting Officer)
November 22, 2004
Michael J. Doty
Director
November 22, 2004
/s/ E. Duff Scott
E. Duff Scott
Director
November 22, 2004
/s/ C. Boyd Clarke
C. Boyd Clarke
Director
November 22, 2004
/s/ Peter A. Crossgrove
Peter A. Crossgrove
Director
November 22, 2004
/s/ Ronal D. Henriksen
Ronald D. Henriksen
Director
November 22, 2004
/s/ Julia G. Levy
Julia G. Levy
Director
November 22, 2004
/s/ Alan C. Mendelson
Alan C. Mendelson
Director
November 22, 2004
/s/ L. Jack Wood
L. Jack Wood
Director
November 22, 2004
/s/ George Vuturo
George Vutoro
Director
November 22, 2004
/s/ Richard Vietor
Richard Vietor
7
Table of Contents
Exhibit Index
Exhibit
Number
4.1
Atrix Laboratories, Inc. 2000 Stock Incentive Plan (as amended and restated)
4.2
Atrix Laboratories, Inc. Non-Qualified Stock Option Plan (as amended)
4.3
Atrix Laboratories, Inc. Amended and Restated Performance Stock Option Plan (as amended)
5.1
Opinion of Farris, Vaughan, Wills and Murphy
23.1
Consent of Farris, Vaughan, Wills and Murphy (included in Exhibit 5.1)
23.2
Consent of Deloitte & Touche LLP
24.1
Power of Attorney (included on signature page of this Registration Statement)