29 April 2010 – Sydney, Australia, Auckland, New Zealand– Living Cell Technologies Limited (ASX: LCT; OTCQX: LVCLY) announced today the quarterly cash flow report for the quarter ended 31 March 2010. The Appendix 4C is attached. The cash balance at the end of the quarter was $4,090,696 compared to $5,494,841 at 31 December 2009. This decrease reflects the development of the lead product DIABECELL®.
Net operating cash outflows were $1,257,133 compared to $1,676,991 last quarter. Expenditure included $891,261 on research and development ($677,827 last quarter) for the supply of DIABECELL® for the clinical trial in New Zealand. Cash received from Government grants was $124,107 ($0 last quarter), showing the first claims under the NZD4m matching grant to scale up production of DIABECELL® announced on 12 February. Receipts from customers were $222,613 ($163 last quarter) including the first instalments of the Centocor Research & Development Inc. research collaboration and option to licence agreements.
Capital expenditure was $112,639 in the quarter, compared to $25,221 last quarter, reflecting purchase of equipment to reduce risk and scale up production.
During the quarter a further two patients in the New Zealand clinical trial received implants of DIABECELL®, the company’s encapsulated insulin producing cells for type 1 diabetes. On 30 March the New Zealand Data Safety and Monitoring Board approved progressing to the next stage of the Phase II trial with a higher dose. The first patient has dropped his daily insulin dose by 25% while maintaining his usual blood glucose levels and eliminated life-threatening episodes of hypoglycaemic unawareness, a serious complication without warning symptoms which can lead to accidents and coma. The Phase I/IIa clinical trial in Russia has continued to show positive results and confirmed the safety of multiple implants of DIABECELL®.
About Living Cell Technologies - www.lctglobal.com
Living Cell Technologies (LCT) is developing cell-based products to treat life threatening human diseases. LCT’s technology enables healthy living cells to be injected into patients to replace or repair damaged tissue without requiring the use of immunosuppressant 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.
The Company owns a bio-certified pig herd that is a source of cells for treating diabetes and neurological disorders. For patients with type 1 diabetes, the Company implants 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. 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.
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