Living Cell Technologies Ltd. Receives US $6 Million in Share Capital
MELBOURNE, AUSTRALIA and AUCKLAND, NEW ZEALAND -- Mar 18, 2008 -- Living Cell Technologies Limited (ASX:LCT.AX - News) (Other OTC:LVCLY.PK - News) today announced that it has received funds of US $6 million, in relation to the placement of 24,150,408 ordinary shares, at a price of A$0.29 per share, as approved by shareholders at a General Meeting held on March 7, 2008. This resulted from the exercise of an option attached to the US $2 million investment in the Company made by NaviGroup Management Ltd, as announced on January 8, 2008.
These funds, together with the private placement of A$6 million announced on November 30, 2007, and the previous investment in LCT by NaviGroup, bring the total of recent capital raised by LCT to an amount in excess of A$15 million. These capital placements emphasize the global support that Living Cell Technologies has attracted, and extends the international shareholder base significantly.
Dr. Paul Tan, Chief Executive Officer of LCT, said, "This recent series of fund raising gives us the funds to progress our current clinical trials, commence new trials, as well as upgrade and extend our production and manufacturing facilities. The Company intends to fully focus on bringing DiabeCellÂ® to the global market place."
About Living Cell Technologies: www.lctglobal.com
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.
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 March 18, 2008, 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.