Friday 25th February 2011: Sydney, Australia, Auckland, New Zealand. Living Cell Technologies Limited (ASX: LCT; OTCQX: LVCLY), a global company pioneering the development of cell implants to treat diabetes, announced today the appointment of Roy Austin to the Board of Directors.
Mr Austin is a Partner at investment banking firm Northington Partners in New Zealand. He brings considerable commercial depth to the LCT Board with 25 years' investment transaction experience across multiple sectors including healthcare and biotechnology.
His experience includes capital raisings, mergers and acquisitions, IP commercialisation, venture capital and international business development.
In addition, he is Chairman of New Zealand-based Cure Kids, a child health research charity and its commercial biotech venture capital fund, Cure Kids Ventures. He has previously given corporate advice and assistance to LCT and therefore understands the business well.
Mr Austin holds a number of other directorships, is a qualified Chartered Accountant, and a member of both the New Zealand Institute of Directors and the New Zealand Institute of Chartered Accountants.
Professor Robert Elliott, LCT's Founder and Chairman said: "We are very pleased to welcome Roy Austin to the Board of LCT at a time where his expertise will be highly valuable as we continue towards the commercialization of DIABECELL for the treatment of Type 1 Diabetes and NTCELL for degenerative diseases of the brain. He has a strong track record of probity and innovative solutions to commercial problems."
For further information: www.lctglobal.com
At the Company:
Dr Ross Macdonald
Chief Executive Officer, Living Cell Technologies Ltd.
Tel: +64 9 2762690
Mobile: +61 (0) 412119343
Media and investor enquiries:
NZ and Australia:
Tel: +61 3 9866 4722
Mobile: +61 417 382 391
Tel: +61 2 9237 28700
About Living Cell Technologies - www. lctglobal.com
Living Cell Technologies (LCT) 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
implants lead product DIABECELL, 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 Parkinson's disease and other neurological disorders,
the company transplants microencapsulated choroid plexus cells, NTCELL,
which delivers beneficial proteins and neurotrophic factors to the
brain. LCT's breakthrough microencapsulation technology, IMMUPEL,
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. LCT also offers medical-grade
porcine-derived products for the repair and replacement of damaged
tissues, as well as for research and other purposes.
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 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.