Living Cell Technologies Ltd. Appoints Investment Banker, Roy Austin, to Board of Directors

Published: Feb 25, 2011

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:

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: Buchan Consulting Rebecca Wilson Tel: +61 3 9866 4722 Mobile: +61 417 382 391

Erik Denison Buchan Consulting Tel: +61 2 9237 28700

About Living Cell Technologies - www. 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.

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 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.

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