QLT Provides Merger Update With InSite Vision Inc.

QLT Inc. (NASDAQ: QLTI) (TSX:QLT) ("QLT" or the "Company") announces that it has been advised by InSite Vision Incorporated ("InSite Vision") that InSite Vision has received an unsolicited offer from a multi-national pharmaceutical company to acquire all of the issued and outstanding shares of InSite Vision (the "Proposal"). InSite Vision has further advised QLT that the board of directors of InSite Vision is reviewing the Proposal, and has not changed its recommendation with respect to the proposed merger with QLT pursuant to the Agreement and Plan of Merger (the "Merger Agreement") among QLT, InSite Vision, and Isotope Acquisition Corp., dated June 8, 2015. The Merger Agreement continues in full force and effect. QLT's board of directors reaffirms its support for the merger with InSite Vision pursuant to the Merger Agreement and believes that such a transaction continues to be in the best interests of QLT.