Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

LCT announces completion of $3m placement and SPP

LCT announces completion of $3m placement and SPP

8 October 2014 – Sydney, Australia & Auckland, New Zealand – Living Cell Technologies Limited today announced the placement of 49,410,392 fully paid Ordinary shares at $0.0608 to eligible persons resident in New Zealand, raising $3m. The issue price is a 10% discount to the 5 day volume weighted average closing price to 3 October 2014.

The funds will be used for working capital to continue clinical trials of lead product NTCELL® in Parkinson’s disease and further develop it for other indications.

Chief Executive Dr Ken Taylor said, “It is pleasing to receive support for the company’s direction from investors.”

Living Cell Technologies Limited also announced today a Share Purchase Plan (SPP) to give eligible LCT shareholders the opportunity to further participate in the success of the Company. This SPP offer opens on Wednesday 15 October and will remain open until Friday 31 October 2014.

Under the SPP, holders of fully paid ordinary LCT shares on the share register at the Record Date of 7 October 2014 with an address in Australia or New Zealand are invited to purchase up to A$15,000 worth of new fully paid Ordinary shares, in increments of A$1,000, (subject to a minimum application of A$1,000) regardless of the number of LCT shares they currently hold. Custodians will be able to apply on behalf of nominees pursuant to ASIC Class Order (CO 09/425). Participation in the SPP is entirely voluntary.

The issue price for shares offered under the SPP will be a 10% discount to the volume weighted average price of LCT ordinary shares during the five trading days before the SPP announcement date, 8 October, 2014.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

LCT is focused on improving the wellbeing of people with serious diseases worldwide by discovering, developing and commercialising breakthrough treatments that use the regenerative healing properties of naturally occurring cells.

LCT has now successfully implanted the second patient in the Phase I/IIa clinical trial of the regenerative cell therapy NTCELL® for Parkinson’s disease and plans to complete the patient treatment phase of the study this year.

NTCELL 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 is well positioned to bring cell therapies for neurodegenerative diseases to the market ahead of our competition and we believe this offers considerable potential value for our shareholders.

The capital raised in the SPP will be used to conduct clinical trials with NTCELL in Parkinson’s disease, to perform further research and development on NTCELL in other neurodegenerative diseases and for operating expenses.

SPP timetable

Record date 7 October 2014
SPP offer period 15-31 October 2014
SPP pricing period 1-7 October 2014
SPP allotment date On or before 10 November 2014


- Ends -

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.