SOURCE: Living Cell Technologies

November 27, 2007 09:43 ET

Living Cell Technologies Updates Shareholders on Clinical Trial Progress at Annual General Meeting

MELBOURNE, AUSTRALIA and AUCKLAND, NEW ZEALAND--(Marketwire - November 27, 2007) - Living Cell Technologies Limited (ASX: LCT) (PINKSHEETS: LVCLY) today updated shareholders at its Annual General Meeting on the Company's Russian clinical trial, the status of its New Zealand clinical trial and commercialization plans.

Professor Bob Elliot, Medical Director of LCT, announced that a third patient in the Russian clinical trial was implanted with the first dose of DiabeCell® and is due for a second dose in six months. DiabeCell® is administered to patients without the need for immunosuppressant drugs.

The first patient, implanted with DiabeCell® in June 2007, has maintained a 40% reduction in his insulin requirement at five months follow-up. This patient is due for a second dose of DiabeCell® in December.

The second patient, having received only the first dose of DiabeCell® in September 2007, remains insulin independent at two months follow-up.

Professor Elliott stated, "We are very encouraged by the positive preliminary data from the first two patients in the Russian trial, and look forward to providing more detailed updates on all three patients at the end of the first quarter 2008."

Dr. Paul Tan, CEO of Living Cell Technologies, said, "LCT's most important milestone for 2008 is to complete the Phase I/IIa clinical trial in Russia. Additionally, we look forward to receiving endorsement of our ethics and regulatory approval by the new Health Minister, which will enable the New Zealand clinical trial to commence."

The Company emphasized that while the results to date are preliminary and need to be seen in the context of full clinical trial data, a continuation of the better than expected clinical response is a positive step in the Company's path towards commercialization. Accordingly, other major milestones over the next 12 months include up scaling the production capabilities and expansion of LCT's unique pig herd.

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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 27, 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