QLT completes sale of punctal plug technology to Mati Therapeutics

Article

QLT entered into an agreement with Mati in December and closed the deal in April.

Vancouver, British Columbia-QLT Inc. has completed the sale of the Company's punctal plug drug delivery system (PPDS) technology to Mati Therapeutics Inc., a development company founded by Robert Butchofsky, QLT's former president and chief executive officer.

In December 2012, QLT entered into an exclusive agreement with Mati under which QLT granted Mati a 90-day option to acquire assets related to QLT's PPDS technology in exchange for $500,000. On April 3, following Mati's exercise of the option, QLT and Mati entered into an asset purchase agreement and completed the sale of PPDS technology to Mati.

Under the terms of the asset purchase agreement, QLT received an additional payment of $750,000 at closing and is eligible to receive potential payments upon the satisfaction of certain product development and commercialization milestones that could reach $19.5 million-or exceed that amount if more than two products are commercialized-a low single-digit royalty on worldwide net sales of all products using or developed from the PPDS Technology, and a fee on payments received by Mati in respect of the PPDS Technology other than net sales.

Newsletter

Want more insights like this? Subscribe to Optometry Times and get clinical pearls and practice tips delivered straight to your inbox.

Recent Videos
Jessilin Quint, OD, MBA, FAAO, outlines her AOA's Optometry's Meeting 2025 presentation on nutrition and its impact on ocular health.
Carolyn Majcher, OD, FAAO, detailed a talk she gave alongside Mary Beth Yackey, OD, at Optometry's Meeting 2025.
Shelby Brogdon, OD, details opportunities for practices to answer the patient's concerns from the chair before they hit the internet for their contact lens needs.
Christi Closson, OD, FAAO, shares her excitement for the new Acuvue Oasys MAX 1-Day multifocal for astigmatism
Karen R. Hoffman, OD, shares how customizable scleral lenses can transform vision for patients with complex corneas, achieving 20/20 outcomes and enhanced comfort.
Janna Pham, OD, shares key takeaways from a corneal tomography session she presented alongside Travis Pfeifer, OD; and Matthew McGee, OD.
Jacob Lang, OD, FAAO, details early symptom relief demonstrated in as early as day 1 during AOA's Optometry's Meeting 2025.
When Langis Michaud, OD, MSc, FAAO, FSLS, FBCLA, FEAOO, began fitting scleral lenses 20 years ago, there was limited knowledge about conjunctival characteristics, scleral shape, and lens behavior.
Ioussifova details what sets Johnson & Johnson's new lens apart from the rest, which was launched at the American Optometric Association's Optometry's Meeting 2025.
Alongside Rachel Steele, OD, Rafieetary outlines what to look for in blurred disc margins and the importance of acting fast and sending patients to the ED when needed.
© 2025 MJH Life Sciences

All rights reserved.