30 July 2009: Sydney, Australia, Auckland, New Zealand – Living Cell Technologies Limited (ASX: LCT; OTCQX: LVCLY) announced that it has closed a private placement of share capital raising A$4.2m. The placement provides for the issue of up to 25.5m ordinary shares at A$0.165 with a 2 for 5 option attached (10.2m options), exercisable at any time until 31 December 2010 at A$0.24 per share. The $0.165 issue price is a 14.37% discount for the 5 day volume weighted average price to 27 July 2009.
The above securities will be issued within the 15% limit provided in ASX Listing Rule 7.1 and as such do not require shareholder approval.
The funds will be used as working capital for the New Zealand clinical trial of DIABECELL® and to complete the dose finding trial in Russia and for operations supporting these trials.
CEO Dr Paul Tan said “It is pleasing to receive investor support for the company to fund the trial in New Zealand, following the promising results from the trial in Russia”.
DIABECELL® is LCT’s lead product designed to normalize blood glucose levels in type 1 diabetes sufferers. DIABECELL® comprises encapsulated porcine insulin-producing cells which can be administered without the need to use immunosuppressive drugs.
For further information: www.lctglobal.com
Dr. Paul Tan
Chief Executive Officer
Mob: 021 608 784 (NZ)
Tel:+64 9 276 2690
ptan@lctglobal.com
Mr John Cowan
Finance & Administration Manager
Tel: +64 9 276 2690
jcowan@lctglobal.com
Prof. Bob Elliott
Medical Director
Mob: +64 27 292 4177
Tel:+64 9 276 2690
belliott@lctglobal.com
Paul Dekkers
Investor and Media Relations
Tel: +612 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.
