9 February 2010: Sydney, Australia, Auckland, New Zealand - Cell implant company Living Cell Technologies Limited (ASX: LCT; OTCQX: LVCLY) today announced that it has received 10% ownership of CytoSolv Inc. in exchange for restricted supply of choroid plexus cell clusters from its designated pathogen free pig herd and granting CytoSolv a non-exclusive, non-transferable licence to use its broad choroid plexus patents solely for the purpose of wound healing.
CytoSolv is a newly formed Rhode Island biomedical company developing proprietary technology to address wound healing, initially targeting diabetic ulcers. Its technology involves the delivery of a mixture of wound-healing factors derived from porcine choroid plexus (CP) cells cultured using proprietary techniques. These cells normally secrete a variety of factors into the cerebrospinal fluid that are responsible for growth, differentiation, nurturing and maintenance of the brain. CytoSolv has demonstrated that a topical gel based on a cocktail of these factors accelerates and improves the quality of healing of open skin wounds, and has recently been awarded USD500,000 from the Slater Technology Fund to pursue more advanced pre-clinical development in the year ahead.
Dr Paul Tan, Chief Executive Officer LCT said: "Although this collaboration is outside LCT's core business of live cell implants, the topical use of secreted products from porcine CP cells offers a potential revenue stream from supply of cells and investment return. The experienced team at CytoSolv has produced very promising preliminary data, and we look forward to continuing this exciting collaboration."
For further information: www.lctglobal.com
|Dr. Paul Tan
Chief Executive Officer
Mob: +6421 608 784 (NZ)
Tel:+64 9 276 2690
|Mr John Cowan
Finance & Administration Manager
Tel: +64 9 276 2690
|Prof. Bob Elliott
Mob: +64 27 292 4177
Tel:+64 9 276 2690
Investor and Media Relations
Tel: +612 9237 2800
About Living Cell Technologies: www.lctglobal.com
Living Cell Technologies (LCT) is developing cell-based products to treat life threatening human diseases. The Company owns a biocertified pig herd that it uses as a source of cells for treating diabetes and neurological disorders. For patients with Type 1 diabetes, the Company transplants microencapsulated islet cells so that near-normal blood glucose levels may be achieved without the need for administration of insulin or at significantly reduced levels. The Company entered clinical trials for its diabetes product in 2007. For the treatment of Parkinson's disease and other neurological disorders, the company transplants microencapsulated choroid plexus cells that deliver beneficial proteins and neurotrophic factors to the brain. LCT's technology enables healthy living cells to be injected into patients to replace or repair damaged tissue without requiring the use of immunosuppressive drugs to prevent rejection. LCT also offers medical-grade porcine-derived products for the repair and replacement of damaged tissues, as well as for research and other purposes.
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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