Contact Information: For further information: Dr. Paul Tan CEO P: +64 9 270 7941 M : 0402 716 984 (Aust) M : 021 608 784 (NZ) ptan@lctglobal.com Richard Justice CFO P: +64 9 276 2690 M: +64 21 223 4741 rjustice@lctglobal.com Rebecca Wilson Leonie Beach Investor & Media Relations Buchan Consulting P: +61 2 9237 2800 M: +61 417 382 391 rwilson@bcg.com.au Leslie Wolf Creutzfeldt Investor & Media Relations (U.S.) Grayling Global P: +1 646 284 9472 M: +1 917 854 4726 lwolf-creutzfeldt@hfgcg.com
Living Cell Technologies Lists on International OTCQX
| Source: Living Cell Technologies
MELBOURNE, AUSTRALIA and AUCKLAND, NEW ZEALAND--(Marketwire - June 2, 2008) - Living Cell
Technologies Limited (ASX : LCT ) (PINKSHEETS : LVCLY ) today announced that it
has listed its American Depositary Receipts ("ADRs") on the International
OTCQX and began trading Monday, June 2nd in the United States. LCT's
ordinary shares are listed on the Australian Securities Exchange ("ASX"),
which is one of the qualifying foreign exchanges for an OTCQX listing. LCT
is the first New Zealand-based company to list on the International OTCQX
trading platform in the United States.
The International OTCQX provides non-U.S. publicly listed companies with a
gateway to the U.S. securities markets as a vehicle to trade shares in the
U.S. with accompanying ongoing disclosure to U.S investors. Such non-U.S.
companies must have substantial operating businesses and provide credible
disclosure to be eligible for inclusion on the International OTCQX.
Successful listing distinguishes reputable international issuers from the
approximately 8,000 over the counter ("OTC") securities traded in the U.S.
Chief Financial Officer of LCT, Richard Justice, said: "Joining the
International OTCQX is a significant milestone for LCT. We look forward to
increased liquidity for LCT's shares through this entry point to the U.S.
securities market."
"LCT's ADRs are now able to be traded electronically with quotes provided
by OTC market makers. This provides U.S. investors with easier access to
LCT's ASX-domiciled shares," added Mr. Justice. The Bank of New York
Mellon serves as LCT's Principal American Liaison ("PAL") on the
International OTCQX. LCT's ADRs trade in the U.S. on the International
OTCQX under the ticker symbol "LVCLY" where each ADR represents ten
ordinary shares of LCT's stock.
LCT has an operating presence in the U.S. principally through Robert J.
Beckman, Allan R. Goldberg, Ph.D., and Philip N. Sussman, who are Members
of the Board of Directors of LCT BioPharma Inc., the U.S. subsidiary of
LCT. Mr. Beckman, Dr. Goldberg, and Mr. Sussman are Managing Partners of
New York-based The Channel Group, LLC. The Managing Partners of The
Channel Group serve as the U.S. management team for LCT.
Chairman and CEO of Pink OTC Markets Inc., the organizers of the
International OTCQX, Cromwell Coulson said: "As an International
OTCQX-listed company, Living Cell Technologies distinguishes itself as one
of the most prestigious companies trading over-the-counter in the U.S., and
becomes part of a visible market tier via which it can increase U.S.
investor awareness and participation."
Coincident with the OTCQX listing, LCT's financial information including
share price, volume, dividends, shares outstanding, company financial
position, and earnings have become available via Standard & Poor's Market
Access Program for users of Standard & Poor's Advisor Insight.
Standard & Poor's Advisor Insight is an Internet-based research engine used
by more than 100,000 investment advisors that enables subscribing publicly
traded companies to have their financial company information disseminated
to its users.
LCT has sought this reporting through Standard & Poor's as part of the
process in arranging the OTCX listing of LCT's ADRs in the United States.
Inclusion in the Standard & Poor's Corporation Records or Mergent Manuals
for Blue Sky compliance is a requirement for listing on the International
OTCQX.
Information about companies in Standard & Poor's Market Access Program is
available via S&P's Stock Guide database, which is distributed
electronically to virtually all major quote vendors. As part of the
program, a full description of Living Cell Technologies has been published
in the Daily News section of Standard Corporation Records, a recognized
securities manual for secondary trading in approximately 38 states under
the Blue Sky Laws.
About Living Cell Technologies Ltd.
Living Cell Technologies is developing cell-based products to treat life
threatening human diseases. The company owns a bio-certified pig herd that
it uses as a source of cells for treating diabetes and potentially for
treatment of neurological disorders. For patients having type 1 diabetes,
the company implants microencapsulated islet cells so that near-normal
blood glucose levels might be achieved without the need for administration
of insulin or at significantly reduced insulin levels. The company entered
clinical trials for its diabetes product in 2007. LCT also is developing
treatments for Huntington's disease and other neurological disorders that
will involve implantation of micro-encapsulated choroids plexus cells to
deliver beneficial proteins and neurotrophic factors to the brain. The
company's technology has the potential for allowing healthy living cells to
be injected into patients to replace or repair damaged tissue without
requiring the use of immunosuppressive drugs to prevent rejection. For
further information please visit www.lctglobal.com.
About International OTCQX
International OTCQX provides a gateway to U.S. securities markets for
international companies that are listed on a qualified international
exchange and provide ongoing disclosure in English to U.S. investors. More
importantly, International OTCQX distinguishes the reputable international
issuers from the 8,000 over-the-counter (OTC) securities traded in the U.S.
Only leading companies that have substantial operating businesses and
provide credible disclosure to the public are eligible for inclusion on the
premium-tier International OTCQX, which commenced trading on March 5, 2007.
For more about International OTCQX, visit www.otcqx.com.
About Pink OTC Markets Inc.
Pink OTC Markets Inc. provides the leading inter-dealer electronic
quotation and trading system in the over-the-counter (OTC) securities
market. Pink OTC Markets operates the third largest U.S. equity trading
venue which includes both the elite OTCQX market tiers for strong
OTC-traded companies that can satisfy financial and disclosure listing
standards and Pink Sheets for all other OTC quoted securities.
Over 230 financial service firms, including the ten largest U.S. investment
banks, actively make markets in OTCQX and Pink Sheets quoted securities and
in 2007 these firms traded over $160 billion of OTCQX and Pink Sheets
securities. Pink OTC Markets offers widespread access to all U.S.
broker-dealers, enabling investors to seamlessly trade these securities
through their institutional, online, or full service brokers. Pink OTC
Markets is headquartered in New York City.
About Standard & Poor's Advisor Insight
Standard & Poor's Advisor Insight is an Internet-based research engine used
by more than 100,000 investment advisors that enables subscribing publicly
traded companies to have their financial company information disseminated
to its users. A public version of the site is available at
www.advisorinsight.com.
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
developing," "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 commercialization 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 as of June 2, 2008, 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.