LCT CEO Dr Andrea Grant appointed Managing Director
16 November 2012 - 9:48AM
OTC Markets
Living Cell Technologies Limited
Company Announcement
LCT CEO Dr Andrea Grant appointed Managing Director
16 November 2012: Sydney, Australia and Auckland, New Zealand
–
Roy Austin, Chairman of Living Cell Technologies Limited (ASX: LCT;
OTCQX: LVCLY), is pleased to announce the appointment of Dr Andrea
Grant to the board as Managing Director.
Dr Grant joined LCT as Chief Executive on 28 December
2011. She has
extensive international experience in a variety of roles in the
biotechnology and pharmaceutical fields, most recently at Roche
Products New Zealand Limited. She holds PhD in molecular
neurobiology and a BA (Hons) in biochemistry from Cambridge
University.
Under Dr Grant’s leadership LCT has achieved a number of
significant milestones. These include completing
pre-clinical studies of NTCELL® for Parkinson’s disease,
raising AUD1m through a share purchase plan, completing implants in
the Argentine Phase I/IIa DIABECELL® clinical trial,
announcing the main findings of the New Zealand Phase I/IIa
DIABECELL clinical trial and gaining Medsafe authorisation to
conduct Phase I clinical trials of NTCELL for Parkinson’s
disease.
Mr Austin said, “We are delighted to have Andrea join the board.
Since she was appointed Chief Executive ten months ago LCT has
benefited from her commitment to refining LCT’s strategy, lifting
its performance, and implementing her vision for taking our
products to the international market. Appointing Andrea as Managing
Director is a natural step towards tighter integration of our
vision, leadership and execution.”
“I am pleased to be able to make a greater contribution to the
company in terms of strategic direction and governance,” said Dr
Grant.
This brings LCT’s number of board members to six and, as Dr Grant
is an executive director, there will be no increase in board
remuneration.
– Ends –
For further information: www.lctglobal.com
At the company:
Dr Andrea Grant, Chief Executive
Tel: +64 9 270 7941
Mobile: +64 21 078 5421
agrant@lctglobal.com
Roy Austin, Chairman
Tel: +64 9 913 4605
Mobile: +64 21 656 400
raustin@lctglobal.com
|
Media enquiries:
Sally Raudon
Botica Butler Raudon Partners
Tel: +64 9 303 3862
Mobile: +64 21 402 502 sallyr@botica.co.nz
|
About Living Cell Technologies
Living Cell Technologies (LCT) leads the world in developing
cell-based therapeutics to treat diseases with high unmet clinical
need. Its proprietary
cell encapsulation technology IMMUPEL™ allows for cell
transplantation without the need for immunosuppressant
drugs.
LCT’s lead therapeutic candidate DIABECELL® is indicated
for the treatment of patients with type 1 diabetes, especially
those suffering from life threatening episodes of unaware
hypoglycaemia (low blood sugar), a dangerous and potentially fatal
diabetes complication.
DIABECELL is currently in Phase II clinical trials in both New
Zealand and Argentina.
In 2011, LCT formed a partnership with Otsuka Pharmaceutical
Factory Inc (OPF) in which the joint venture Diatranz Otsuka
Limited (NZ) was established. Valued at A$50m on formation, LCT
vested the DIABECELL product and associated IP into the JV, while
OPF vested A$25m to fund the final phase of development of
DIABECELL through to market approval. Both LCT and OPF are 50:50
shareholders in the current and future value generated by DIABECELL
and the associated IP.
LCT has also developed NTCELL®, a choroid plexus cell
product, to treat neurodegenerative diseases such as Parkinson's
disease and stroke. NTCELL’s trial results indicate potential for
protecting, repairing and possibly regenerating brain tissue which
would otherwise die.
LCT is incorporated in Australia. Research and development,
operations and manufacturing facilities are based in New
Zealand.
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
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 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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