Scoop has an Ethical Paywall
LCT Options Expiring 30th June 2010 Underwritten
LCT Options Expiring 30th June 2010 to be
Underwritten
• $2.0 million working
capital secured
22 June 2010: Sydney, Australia & Auckland, New Zealand. Living Cell Technologies Limited (ASX: LCT; OTCQX: LVCLY), a global company pioneering the development of cell implants to treat diabetes, today announced the underwriting of 9.5m unlisted options which will add a minimum of $2.0 million to the Company’s cash reserves.
A total of 10,568,655 options held by long time supporters of LCT, including staff and directors, are exercisable at 21 cents each on or before 30th June 2010. 9,523,810 of these expiring options are being underwritten by Taylor Collison Limited, who may also place any of the remaining unexercised options under the same terms.
The funds will be used to advance the Company’s platform technologies, principally the Phase II human clinical trial program for DIABECELL® - LCT’s lead product for insulin dependent Type 1 diabetes.
LCT Chairman Dr David Brookes said: “The Company will benefit from these additional funds to continue its breakthrough programmes that are progressing development of treatments for life-threatening diseases.”
ENDS
Auckland Zoo: Emergency Mahi Underway For Endemic Skink On The Brink
University of Auckland: AI Has Multiple Uses In Surgery, Research Finds
Tourism Industry Aotearoa: TRENZ Bids Goodbye To The Capital, And Hello To Rotorua
Impression Real Estate: Property Manager Launches New Training Standard As Govt Abandons Regulation
University of Canterbury: What Makes People Tick Environmentally?
Gallagher Security: Release Of New Command Centre Unlocks New Era Of Security Tech
