11 January 2006, Melbourne, Australia: Living Cell Technologies (ASX:LCT) announced today that it has confirmed the placement of an initial investment of $3 million through a placement of ordinary shares working with Hunter Capital International to US shareholders at A$0.205 per share.  

This placement represents 14,269,283 million ordinary shares of major new overseas investment, led by US institutions and investors. An additional 500,000 shares were issued to an Australasian investor at A$0.22 per share. The total value of the placement is A$3,039,555. 

“We are very pleased to expand our base of shareholders in the United States,” said LCT CEO, Mr David Collinson. “This is an important step as we move closer towards listing of the company in the US market and puts the company in a strong position”. 

The funds raised will be used as working capital to further progress the company’s NeurotrophinCell (NtCell) product towards phase I/II clinical trials. Living Cell Technologies is currently in discussions with the US Food and Drug Administration (FDA) for its lead product, NtCell – a therapy for people with Huntington’s disease. 

“Following our positive pre-IND meeting in December with members of the National Institutes of Health (NIH) and reviewers from the Centre for Biologics Evaluation and Research (CBER), the placement ensures LCT can move forward as quickly as possible towards clinical trials once we receive the necessary regulatory approvals,” said Mr Collinson. 

Outlook for 2006:

• Submission of Investigational New Drug (IND) application for clinical trials.
• Initiate Huntington’s disease clinical trial study
• Development of an additional pig production facility.
• M&A activity

 

Further information:
Richard Justice Chief Financial Officer Tel: +64 9 276 2690 Mob: +64 272 223 806	David Collinson Chief Executive Officer Tel: +64 9 276 2690	Paris Brooke  General Manager – LCT  Tel: +61 3 9813 5501  Mobile: + 61 407 715 574  pbrooke@lctglobal.com

 

About Living Cell Technologies: www.lctglobal.com

Living Cell Technologies Ltd (ASX: LCT) develop live cell therapy products to treat life threatening human diseases.  The ASX listed, vertically integrated company operates globally through offices in New Zealand, Australia and the United States. LCT focuses on developing treatments where healthy living cells are injected into patients to replace or repair damaged tissue, without requiring the use of toxic drugs to prevent rejection. The company’s product portfolio focuses on treatments for people with Huntington’s disease, insulin-dependent diabetes and haemophilia.