SOURCE: Living Cell Technologies

November 30, 2007 09:47 ET

Living Cell Technologies Receives A$6.0M in Capital Placement

MELBOURNE, AUSTRALIA and AUCKLAND, NEW ZEALAND--(Marketwire - November 30, 2007) - Living Cell Technologies Limited (ASX: LCT) (PINKSHEETS: LVCLY) today announced that it has received A$6.0 million in funds for the capital placement announced on October 30. Shareholders have subscribed for the issue of 20,000, 000 ordinary shares at A$0.30 per share. This Taylor Collison Limited placement of A$6.0 million follows the closing of a placement of US$2 million by U.S.-based NaviGroup Management Ltd on November 6, 2007.

NaviGroup Management maintains an option to subscribe for up to an additional US$6 million of the Company's ordinary shares at a price equal to 80% of the 30 day average closing bid price per ordinary share of the Company. This option expires on January 24, 2008.

The combined funds received during November of approximately A$8.2 million place the Company in a strong financial position to progress the phase I/IIa clinical trials both in Russia and New Zealand. The New Zealand clinical trial approval is currently awaiting endorsement from the New Zealand Health Minister.

Mr. Richard Justice, CFO of Living Cell Technologies, said, "These funds allow the Company to focus on the ongoing and planned clinical trials as well as selectively expand manufacturing and production capabilities."

For further information:

About Living Cell Technologies:

Living Cell is developing cell-based products to treat life threatening human diseases. The Company owns a biocertified pig herd that it uses as a source of cells for treating diabetes and neurological disorders. For patients with Type 1 diabetes, the Company transplants microencapsulated islet cells so that near-normal blood glucose levels may be achieved without the need for administration of insulin or at significantly reduced levels. The company entered clinical trials for its diabetes product in 2007. For the treatment of Huntington's disease and other neurological disorders, the company transplants microencapsulated choroid plexus cells that deliver beneficial proteins and neurotrophic factors to the brain. Living Cell's technology enables healthy living cells to be injected into patients to replace or repair damaged tissue without requiring the use of immunosuppressive drugs to prevent rejection. Living Cell also offers medical-grade porcine-derived products for the repair and replacement of damaged tissues, as well as for research and other purposes.

LCT Disclaimer

This document contains certain forward-looking statements, relating to LCT's business, which can be identified by the use of forward-looking terminology such as "promising," "plans," "anticipated," "will", "project", "believe", "forecast", "expected", "estimated", "targeting", "aiming", "set to," "potential," "seeking to," "goal," "could provide," "intends," "is being developed," "could be," "on track," or similar expressions, or by express or implied discussions regarding potential filings or marketing approvals, or potential future sales of product candidates. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no assurance that any existing or future regulatory filings will satisfy the FDA's and other health authorities' requirements regarding any one or more product candidates nor can there be any assurance that such product candidates will be approved by any health authorities for sale in any market or that they will reach any particular level of sales. In particular, management's expectations regarding the approval and commercialization of the product candidates could be affected by, among other things, unexpected clinical trial results, including additional analysis of existing clinical data, and new clinical data; unexpected regulatory actions or delays, or government regulation generally; our ability to obtain or maintain patent or other proprietary intellectual property protection; competition in general; government, industry, and general public pricing pressures; and additional factors that involve significant risks and uncertainties about our products, product candidates, financial results and business prospects. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. LCT is providing this information as of November 30, 2007 and does not assume any obligation to update any forward-looking statements contained in this document as a result of new information, future events or developments or otherwise.

Contact Information

  • Contacts:
    Richard Justice
    Chief Financial Officer
    Tel: +64-9-276-2690 (x. 739)
    Mobile: +64-21-223-4741

    Dr. Paul Tan
    Chief Executive Officer
    Tel: +64-9-270-7941
    Mobile: +61-402-716-984

    Leslie Wolf Creutzfeldt
    Investor and Media Relations
    Tel: +1-646-284-9472