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LCT and Otsuka of Japan Share Common DIABECELL(R) Vision
Date:4/12/2011

SYDNEY and AUCKLAND, New Zealand, April 12, 2011 /PRNewswire/ -- Living Cell Technologies Limited (ASX: LCT; OTCQX: LVCLY), a global company pioneering the development of a cell implant therapy to treat diabetes, today announced that it has entered into an agreement to raise A$3 million through a placement of shares to Otsuka Pharmaceutical Factory, Inc. ("Otsuka"), the research and manufacturing arm of the Otsuka group of companies. For the placement, Otsuka will be issued 25 million shares in two tranches at A$0.12 per share, for a total investment of AUD $3 million.

LCT will use the proceeds from the investment to fund its ongoing development and clinical trials of its breakthrough lead product DIABECELL, for the treatment of diabetes.

In addition to the share investment, the parties have commenced negotiations for a Collaborative Research and License agreement for the research, development and commercialisation of DIABECELL in Japan and certain other Asian countries, excluding China where LCT has an existing relationship with Jiangsu Aosaikang Pharmaceutical Co. Under the terms of the pending agreement with Otsuka, LCT and Otsuka agree to collaborate on the research, development and commercialisation for DIABECELL for the treatment of diabetes and its related complications in Japan and other Asian countries. The agreement is also proposed to include a provision for LCT to grant Otsuka the exclusive license to become the sole agency for DIABECELL Designated Centres of Excellence (DDCE) to treat patients with DIABECELL once the product is registered in Japan and other Asian countries covered by the agreement. The parties expect to conclude negotiations in respect of the agreement within the next six months.

LCT Chairman and Medical Director Professor Robert Elliott said: "We are very pleased to welcome Otsuka as a significant shareholder of the Company and as our partner to expand our presence in Asia. We are very excited about the opportun
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