LCT appoints two new directors, new chair

Living Cell Technologies Limited

COMPANY ANNOUNCEMENT

Living Cell Technologies appoints two new directors and a new chairman

23 September 2009: Sydney, Australia, Auckland, New Zealand– Living Cell Technologies Limited (ASX: LCT; OTCQX: LVCLY) today announced the appointment of Mr Bob Finder and Mr David McAuliffe as independent directors and the election of Dr David Brookes as chairman.

Mr Finder has over 35 years experience in the international biotech/pharmaceutical and chemical industries. He is Chairman of the Board of the ASX listed LabTech System (LBT) and a Director on the Board of National Pharmacies. Bob was Managing Director and Chief Executive Officer of GroPep, and subsequently CEO of Novozymes GroPep Limited, the Australian subsidiary of Novozymes, a global biotechnology company. Prior to joining GroPep in 2002, he was President and Chief Operating Officer of Mayne Pharma responsible for the commercial activities for the Americas and Asia Pacific region as well as for global research and Faulding Pharmaceuticals – Asia Pacific. He is a Member of the Australian Institute of Company Directors and of the American Institute of Chemical Engineers and has a Bachelor of Science Chemical Engineering from the University of Detroit.

Mr McAuliffe has over 14 years experience in the international Life Science sector. During this time he has been involved in numerous capital raisings and technology in-licensing exercises. He is the founder of ASX listed NeuroDiscovery Limited and has been a Director since establishment. He founded several biotechnology companies in Australia, France and the United Kingdom, many of which have become public companies. David has an Honours Degree in Law and a Bachelor of Pharmacy degree and is President of the Dyslexia – Speld Foundation WA (Inc).

Simon O’Loughlin has decided to stand down as chairman due to other commitments. Dr David Brookes has been elected the new chairman. He has been an independent director since August 2007. Dr Brookes says, “We thank Simon for his contribution to LCT as chairman and are pleased that he remains on the board. The company looks forward to an exciting new phase with the excellent early clinical data from our DIABECELL® trial and the addition of considerable industry experience from our new directors.”

ENDS

For further information: www.lctglobal.com

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.

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 commercialisation 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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