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 ptan@lctglobal.com |
Mr John Cowan Finance & Administration Manager Tel: +64 9 276 2690 jcowan@lctglobal.com |
| Prof. Bob Elliott Medical Director Mob: +64 27 292 4177 Tel:+64 9 276 2690 belliott@lctglobal.com |
Paul Dekkers Investor and Media Relations Tel: +612 9237 2800 pdekkers@bcg.com.au |
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.
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