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

ities to work together with Otsuka to develop our product for the treatment of diabetes in Japan and Asia, potentially one of the most significant markets for us globally. Such an arrangement augments the ongoing development progress of LCT's activities around the world.

"This is consistent with our global development and commercialisation strategy for DIABECELL. We will begin planning for a clinical trial in Japan, which will be a natural and exciting extension to our Phase II trial in New Zealand, which is coming to conclusion. To add this new jurisdiction to our clinical trial program will add important new data and significantly enhance our ability to advance DIABECELL to market."

LCT Managing Director and CEO Dr Ross Macdonald added: "The Otsuka name is widely recognised and respected in Japan and around the world for the quality healthcare products it develops and we are very pleased to be partnering with such a strong healthcare group."

Otsuka Managing Director Hiromi Yoshikawa said: "The work that LCT has been conducting into new treatments for diabetes is very significant and we are excited by the opportunities DIABECELL offers for the Asian market. We share a common vision for the treatment of diabetes and related complications. We see DIABECELL as a very significant opportunity to improve treatment options available in Japan and elsewhere in the world."

The Investment will be structured in two placement tranches as follows:

Tranche 1:

$2,280,000 payable for 19,000,000 Shares to be issued as soon as practicable after receipt of the funds, which funds must be received by LCT not later than 22 April 2011; and

Tranche 2:

$720,000, which funds must be also be received by LCT not later than 22 April 2011, for an unsecured Mandatorily Converting Note, the conversion of which is conditional upon shareholder approval to be obtained at an LCT General Meeting to be called as soon as practicable and no later t
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SOURCE LCT
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