2 August 2010: Sydney, Australia & Auckland, New Zealand. Living Cell Technologies Limited (ASX: LCT; OTCQX: LVCLY), a global company pioneering the development of a cell implant to treat diabetes, today announced the appointment of Dr Ross Macdonald to the new position of Managing Director. Dr Macdonald will work closely with NZ CEO Dr Paul Tan as the company drives to commercialise its lead product DIABECELL®.
Dr Macdonald has a 22-year career history in the pharmaceuticals industry. Most recently he was Vice President of Business Development for Sinclair Pharmaceuticals Ltd, a UK-based specialty pharmaceuticals company. Prior to that he was Vice President, Corporate Development for Stiefel Laboratories Inc, the largest independent dermatology company in the world and acquired by GlaxoSmithKline in 2009 for £2.25b.
He joined Stiefel following that company’s acquisition of Palo Alto-based Connetics Corporation for US$650m in 2006. At that time Dr Macdonald was Connetics’ Vice President, Business Development, a position he had held for over 5 years. Before joining Connetics he was Vice President of Research & Development with FH Faulding & Co Limited.
Dr David Brookes, LCT Chairman said: “It is a great pleasure to welcome Ross to LCT as it has been part of our strategic plan for some time to expand our management team. The appointment of Ross as Managing Director will further the inspiring work and achievements of founding Medical Director Prof Bob Elliott and NZ CEO Dr Paul Tan. The Board views the current timing as appropriate in the context of the progress the company has made and the rapidly increasing interest in our DIABECELL® trial results.”
“This appointment is a sign of the Board’s confidence in the phase the company has reached. Ross has the commercial biotechnology background and qualities that can enhance the emergence of LCT as a significant company. His appointment continues our determination to have available the skills and personnel needed to support all aspects of LCT’s programmes at this exciting stage for our breakthrough technologies.”
“The commercialisation of our lead product DIABECELL® is an obvious focus for this decision and follows on from the appointment of Ms Susanne Clay to the role of Chief Business Officer earlier this year.”
In July LCT reported further positive results from its New Zealand Phase II clinical trial of DIABECELL®. All eight insulin dependent diabetes patients on the trial have shown the benefit of reduction or elimination of episodes of low blood glucose levels that are often life-threatening. Interim trial results are due in October 2010 and final unblinded results after one year follow up.
DIABECELL® is LCT’s treatment designed to normalise the lives of people with insulin dependent diabetes. DIABECELL® comprises encapsulated porcine insulin-producing cells (islets) that are implanted into the abdomen of patients using a simple laparoscopic procedure, and work by self-regulating and efficiently secreting insulin in the patient’s body. LCT’s breakthrough proprietary encapsulation technology means that patients receiving DIABECELL® treatment do not require immunosuppression after implantation.
For further information: www.lctglobal.com
At the company: Dr Paul Tan Chief Executive Officer Tel:+64 9 276 2690 ptan@lctglobal.com
Prof Bob Elliott Medical Director Tel:+64 9 276 2690 belliott@lctglobal.com
Ms Susanne Clay Chief Business Officer Tel: +64 9 270 7954 sclay@lctglobal.com Media and investor enquiries: NZ and Australia: Buchan Consulting Rebecca Wilson Tel: +61 3 9866 4722 Mob: +61 417 382 391 rwilson@bcg.com.au
Paul Dekkers Tel: +61 2 9237 2800 pdekkers@bcg.com.au
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 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 Parkinson’s disease and other neurological disorders, the company transplants microencapsulated choroid plexus cells that deliver beneficial proteins and neurotrophic factors to the brain. LCT’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. 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.
Philippa Giles Account Manager
Buchan Business Strategy | Communication | Public Policy TEL +61 2 9237 2804 FAX +61 2 9237 2899 www.bcg.com.au
