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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 JYhCSjqjA+y6MYdo07MUp1f/41mECy/oiMkbB39/NlKu7WNX8wd1n6SmYNm+hKp1
 ZhP6+LQyoe4IoRp+UzuU5g==

<SEC-DOCUMENT>0000919574-10-006102.txt : 20101102
<SEC-HEADER>0000919574-10-006102.hdr.sgml : 20101102
<ACCEPTANCE-DATETIME>20101102170425
ACCESSION NUMBER:		0000919574-10-006102
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101029
FILED AS OF DATE:		20101102
DATE AS OF CHANGE:		20101102

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ASSOULINE, ELIAV
		CENTRAL INDEX KEY:			0001483841

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17082
		FILM NUMBER:		101158919

	MAIL ADDRESS:	
		STREET 1:		101 PARK AVENUE
		STREET 2:		47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10178

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ANDERSEN MARC
		CENTRAL INDEX KEY:			0001483848

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17082
		FILM NUMBER:		101158920

	MAIL ADDRESS:	
		STREET 1:		101 PARK AVENUE
		STREET 2:		47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10178

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QLT INC/BC
		CENTRAL INDEX KEY:			0000827809
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		887 GREAT NORTHERN WAY
		STREET 2:		-
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V5T 4T5
		BUSINESS PHONE:		6047077000

	MAIL ADDRESS:	
		STREET 1:		887 GREAT NORTHERN WAY
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V5T 4T5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	QLT PHOTO THERAPEUTICS INC
		DATE OF NAME CHANGE:	19960618

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	QUADRA LOGIC TECHNOLOGIES INC
		DATE OF NAME CHANGE:	19941201

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			AXIAL CAPITAL MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0001351143

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17082
		FILM NUMBER:		101158921

	BUSINESS ADDRESS:	
		STREET 1:		101 PARK AVENUE
		STREET 2:		47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10178
		BUSINESS PHONE:		212-984-2100

	MAIL ADDRESS:	
		STREET 1:		101 PARK AVENUE
		STREET 2:		47TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10178
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>p1143844.xml
<DESCRIPTION>AXIAL CAPITAL/QLT INC.
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-10-29</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000827809</issuerCik>
        <issuerName>QLT INC/BC</issuerName>
        <issuerTradingSymbol>QLTI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001351143</rptOwnerCik>
            <rptOwnerName>AXIAL CAPITAL MANAGEMENT, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>101 PARK AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>48TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10178</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001483848</rptOwnerCik>
            <rptOwnerName>ANDERSEN MARC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>101 PARK AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>48TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10178</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001483841</rptOwnerCik>
            <rptOwnerName>ASSOULINE, ELIAV</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>101 PARK AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>48TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10178</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-10-29</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>65000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>5.62</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6680036</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-11-01</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>65000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>5.70</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6745036</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-11-02</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>41000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>5.78</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6786036</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The reported securities are directly owned by certain private investment vehicles managed by Axial Capital Management LLC and may be deemed beneficially owned by Axial Capital Management LLC as the investment manager of such private investment vehicles. The reported securities also may be deemed beneficially owned by Marc Andersen and Eliav Assouline as the Managing Members of Axial Capital Management LLC. Each such Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Axial Capital Management LLC, By: /s/ Eliav Assouline, Managing Member</signatureName>
        <signatureDate>2010-11-02</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Marc Andersen</signatureName>
        <signatureDate>2010-11-02</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Eliav Assouline</signatureName>
        <signatureDate>2010-11-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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