Living Cell Technologies Ltd. Receives US $6 Million in Share Capital
3/19/2008
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 DiabeCell® 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.
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