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Mati Therapeutics buys punctal plug delivery system technology from QLT

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QLT has completed the sale of its punctal plug technology to Mati Therapeutics, according to a company news release.

Mati, a development company founded by QLT’s former president and CEO, Robert Butchofsky, paid $500,000 in December 2012 for a 90-day option to acquire the technology. It then paid $750,000 this week to finalize the purchase.

If the technology reaches additional development and commercialization milestones, QLT is eligible for further payments that may total $19.5 million if two or fewer products are commercialized. If more than two products are commercialized, payments could be higher.

QLT also is to receive a royalty on global net sales of products based on the punctal plug delivery system technology, as well as a fee on payments Mati receives other than net sales, according to the release.