QLT Inc. decided to independently develop QLT091001 after review QLT Inc. issued a letter to its shareholders outlining the company's recent progress and its 2013 objectives. QLT said expects its recently augmented Synthetic Oral Retinoid leadership team to meet with the FDA by the end of Q1 2013 to discuss the most prudent development path to advance QLT091001. Until the aforementioned FDA meeting is concluded, QLT does not expect to provide timelines for potential pivotal trial initiation. The company added that after evaluating the strategic options available to enhance shareholder value with respect to its Synthetic Oral Retinoid program, the board has determined at this time that independently developing QLT091001 is the most value enhancing path forward for QLT shareholders. Also, QLT reiterated its commitment to return both a significant and appropriate amount of capital to shareholders in the near term. The company's board said it hopes to be able to complete all or a significant portion of its return of capital program in the first half of 2013.