VANCOUVER – A company associated with former QLT chief executive Robert Butchofsky has acquired an exclusive right to negotiate the purchase of a business line from the eye drug developer (TSX:QLT).

Under the deal announced Monday, Mati Therapeutics has paid $500,000 for a 90-day exclusive option to buy the assets of QLT’s punctal plug system, which is used to deliver a variety of drugs to the eye.