Living Cell Technologies Limited
Company Announcement
Living Cell Technologies Awarded NZ$4.04 Million New Zealand Government Grant to advance DIABECELL® for type 1 diabetes
LCT to receive NZ$4.04 million over two years The grant supports development costs to upscale production of DIABECELL®
and conduct the NZ clinical trial
12 February 2010: Sydney, Australia, Auckland, New Zealand – Cell implant company Living Cell Technologies Limited (ASX: LCT; OTCQX: LVCLY) today announced that it has been awarded a grant of NZ$4.04 million from the New Zealand government’s Foundation for
Research Science & Technology.
The funds from the grant are to be made available over two years to support the ongoing development of DIABECELL®, LCT’s
lead product for insulin dependent type 1 diabetes.
Dr Paul Tan, Chief Executive Officer LCT said: “Positive clinical data from our early Phase I/IIa trials compels us to
address future market demand and further develop our manufacturing capability as part of the commercialization programme
for DIABECELL®.
“This grant contributes to the investment required to increase production of DIABECELL® to commercial scale and the cost
of the New Zealand clinical trial currently underway with DIABECELL®.
We are pleased that the commercial and scientific peers who reviewed our grant application for the New Zealand
government endorsed LCT’s business and development strategy to commercialize DIABECELL®.”
Dr David Brookes, Chairman LCT Board, said, “This is a very exciting time in the company’s development with the fourth
patient in the New Zealand trial implanted this week. We look forward to progressing our milestones with the funds
raised from our shareholders in 2009 and from this New Zealand government grant.”
The New Zealand government awards grants to assist companies to bridge technology gaps to bring products to market more
rapidly. Specific projects supported by this grant relate to upscaling the bioprocessing of cells, the commercial
manufacture of alginate gel and commercial encapsulation methods. These technologies are essential in the manufacture of
DIABECELL® and are also applicable for encapsulating other cell products in the LCT pipeline. These projects enhance
LCT’s ability to license its cell encapsulation technology to other parties.
DIABECELL® is LCT’s treatment designed to normalise the lives of people with insulin dependent diabetes. DIABECELL® is
implanted into patients and works by self-regulating and efficiently secreting insulin in the patient’s body. LCT's
encapsulation technology means that this procedure does not require the use of immunosuppressant drugs.
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