9 March 2011
LCT Receives Funds from Pharmaceutical Investor
9 March 2011: Sydney, Australia & Auckland, New Zealand. Living Cell Technologies Limited (ASX: LCT; OTCQX: LVCLY), a global company pioneering the
development of a cell implant therapy to treat diabetes, confirmed today the receipt of A$1.7 million from Jiangsu
Aosaikang Pharmaceutical Co., Ltd (ASK) in return for 14,334,080 shares which is 4.7% of the company's shares.
ASK is a private research-based pharmaceutical company, based in Nanjing, China. Established in 2005, ASK develops,
produces and markets pharmaceuticals and healthcare products, and has over sixty pharmaceutical products in the market
place. The Placement was announced on 31 January 2011.
LCT CEO Dr Ross Macdonald said: "We are very pleased to welcome Jiangsu Aosaikang Pharmaceutical as a strategic investor
in LCT. The funding will allow us to progress development and clinical trials of our breakthrough lead product
DIABECELL(r), for the treatment of Type 1 diabetes."
As announced in January, in addition to ASK's investment the companies have also agreed to negotiate a collaborative
research agreement, the terms of which are proposed to include LCT granting ASK a right of first refusal to negotiate a
licence to commercialise the use of DIABECELL in China and become the sole agency to implant and treat patients with
DIABECELL once the product is registered in China.
ENDS