Living Cell Tech Receives A$6.0M Capital Placement
Living Cell Technologies Receives A$6.0M in Capital Placement
November 30, 2007 – Melbourne, Australia and Auckland, New Zealand - Living Cell Technologies Limited (ASX:LCT; OTC: LVCLY.PK) today announced that it has received A$6.0 million in funds for the capital placement announced on October 30. Shareholders have subscribed for the issue of 20,000, 000 ordinary shares at A$0.30 per share. This Taylor Collison Limited placement of A$6.0 million follows the closing of a placement of US$2 million by U.S.-based NaviGroup Management Ltd on November 6, 2007.
NaviGroup Management maintains an option to subscribe for up to an additional US$6 million of the Company’s ordinary shares at a price equal to 80% of the 30 day average closing bid price per ordinary share of the Company. This option expires on January 24, 2008.
The combined funds received during November of approximately A$8.2 million place the Company in a strong financial position to progress the phase I/IIa clinical trials both in Russia and New Zealand. The New Zealand clinical trial approval is currently awaiting endorsement from the New Zealand Health Minister.
Mr. Richard Justice, CFO of Living Cell Technologies, said, “These funds allow the Company to focus on the ongoing and planned clinical trials as well as selectively expand manufacturing and production capabilities.”