Living Cell Technologies Limited
| CAN: | 104 028 042 |
| ASX: | LCT |
| OTCQX: | LVCLY |
ASX ANNOUNCEMENT
15 August 2014 - Sydney, Australia & Auckland, New Zealand - Living Cell Technologies Limited today announced the Preliminary Final Report (Appendix 4E) on the results for the year ended 30 June 2014. In accordance with Listing Rule 4.3A, the report is attached.
This financial year has been another of exciting progress for LCT. The first patient in the Phase I/IIa clinical Trial of regenerative cell therapy NTCELL® for Parkinson's disease was successfully implanted in September 2013. In November the independent data safety monitoring board reviewed the safety data from the initial patient in the Trial and advised that implants of the other three patients in the Trial may proceed. In May 2014 Otsuka Pharmaceutical Factory, Inc. decided not to exercise its option to acquire the right to develop NTCELL leaving LCT with ownership of all the NTCELL intellectual property. LCT is currently enrolling the remaining three patients in the Trial and intends to further investigate the potential of NTCELL as a treatment for other neurodegenerative disorders.
Financial Results
The net loss for the financial year to 30 June 2014 was $6,778,896 compared to a loss of $2,978,709 in the prior year. The increased loss was due to the prior year including a $3m option fee from Otsuka Pharmaceutical Factory, Inc. and an increase in the share of the joint venture loss.
The end of year cash balance was $4,554,399 compared to $4,504,083 last year.
For further information: www.lctglobal.com
| At the company: | Media enquires: |
| Ken Taylor | Rachael Joel |
| Chief Executive | Botica Butler Raudon Partners |
| Tel: +64 9 276 2690 | Tel: +64 9 303 3862 |
| Mobile: +64 21 796000 | Mobile: +64 21 403 504 |
| ktaylor@lctglobal.com | rachaelj@botica.co.nz |
About Living Cell Technologies
Living Cell Technologies (LCT) is an Australasian biotechnology company researching and developing cell therapies to treat diseases with high unmet clinical need. LCT's lead product NTCELL® is an alginate coated capsule containing clusters of neonatal porcine choroid plexus cells. After transplantation NTCELL functions as a biological factory producing nerve growth factors to promote new central nervous system growth and repair disease induced nerve degeneration.
NTCELL is in Phase I/IIa clinical trial in New Zealand for the treatment of Parkinson's disease. It 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's proprietary encapsulation technology, IMMUPEL™, allows cell therapies to be used without the need for co-treatment with drugs that suppress the immune system.
LCT holds a 50% interest in Diatranz Otsuka Limited which is developing a cell therapy for type 1 diabetes.
LCT is listed on the Australian (ASX: LCT) and US (OTCQX: LVCLY) stock exchanges. The company is incorporated in Australia, with its operations based in New Zealand.
For more information visit www.lctglobal.com or follow @lctglobal on Twitter
LCT disclaimer
This document contains certain forward-looking statements, relating to LCT's business, which can be identified by the use of forward-looking terminology such as "promising," "plans," "anticipated," "will," "project," "believe," "forecast," "expected," "estimated," "targeting," "aiming," "set to," "potential", "seeking to," "goal," "could "provide," "intends," "is being developed," "could be," "on track," or similar expressions, or by express or implied discussions regarding potential filings or marketing approvals, or potential future sales of product candidates. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no assurance that any existing or future regulatory filings will satisfy the FDA's and other health authorities' requirements regarding any one or more product candidates nor can there be any assurance that such product candidates will be approved by any health authorities for sale in any market or that they will reach any particular level of sales. In particular, management's expectations regarding the approval and commercialization of the product candidates could be affected by, among other things, unexpected clinical trial results, including additional analysis of existing clinical data, and new clinical data; unexpected regulatory actions or delays, or government regulation generally; our ability to obtain or maintain patent or other proprietary intellectual property protection; competition in general; government, industry, and general public pricing pressures; and additional factors that involve significant risks and uncertainties about our products, product candidates, financial results and business prospects. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. LCT is providing this information and does not assume any obligation to update any forward-looking statements contained in this document as a result of new information, future events or developments or otherwise.
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