Living Cell Technologies Limited has completed the placement of 54,607,546 shares at $0.05063 to wholesale investors resident in New Zealand, raising $2,764,621. The issue price is a 10% discount to the 5 day volume weighted average price to 12 February 2016.

The funds will be used as working capital to carry out the Phase IIb clinical trial of lead product NTCELL® in Parkinson’s disease and to apply for provisional consent to treat paying patients in New Zealand in 2017.

Chief Executive Dr Ken Taylor says that all investors who took part in the previous private placement in October 2014 also participated in this placement, alongside a number of new investors.

Living Cell Technologies Limited is also announcing a Share Purchase Plan (SPP) to give eligible LCT shareholders the opportunity to further participate in the success of the company. This SPP offer opens on Wednesday 24 February and will remain open until Friday 11 March.

Under the SPP, holders of fully paid ordinary LCT shares on the share register at the Record Date of 16 February 2016 with an address in Australia or New Zealand are invited to purchase up to A$15,000 worth of new shares, in increments of A$1,000, (subject to a minimum application of A$1,000) regardless of the number of LCT shares they currently hold. Custodians will be able to apply on behalf of nominees pursuant to ASIC Class Order (CO 09/425). Participation in the SPP is entirely voluntary.

The issue price for shares offered under the SPP will be a 10% discount to the volume weighted average price of LCT ordinary shares during the five trading days before the SPP announcement date of 17 February 2016.

LCT has now successfully completed the Phase I/IIa clinical trial of the regenerative cell therapy NTCELL® for Parkinson’s disease, in which it proved safe and reversed the progression of Parkinson’s disease at one year post-implant. The company plans to initiate a Phase IIb trial later this month.

NTCELL has the potential to be used in a number of other central nervous system indications such as Huntington’s, Alzheimer’s and motor neurone diseases.

“LCT is well positioned to bring cell therapies for neurodegenerative diseases to the market ahead of our competition, and we believe this offers considerable potential value for our shareholders,” says Dr Taylor.

 

SPP timetable

   

Record date

16 February 2016

SPP offer period

24 February – 11 March 2016

SPP pricing period

11 – 17 February 2016

SPP allotment date

On or before 23 March 2016

 

At the company:Ken Taylor, +64 9 276 2690Chief ExecutiveMobile: +64 21 796000ktaylor@lctglobal.comorJohn Cowan, +64 9 276 2690Corporate Services ManagerMobile: +64 21 469000jcowan@lctglobal.comorMark Licciardo, +61 3 8689 9997Company Secretarymarkl@mertons.com.auorMedia enquires:Botica Butler Raudon PartnersRachael Joel, +64 9 303 3862Mobile: +64 21 403 504rachaelj@botica.co.nz

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