Bottom-line boost for LCT
Tuesday, 09 August, 2005
A week after revealing spectacular preclinical results from its novel NeurotropinCell therapy for Huntington's disease, Auckland-based cell-therapy specialist Living Cell Technologies (ASX:LCT) has announced a therapeutic injection in its bottom line, after a successful capital raising pumped AUD$2.3 million into its coffers.
The new funds will provide working capital to accelerate its diabetes and Huntington's therapies towards clinical trials -- both lead products exploit LCT's patented technology for encapsulating pig cells selected to secrete hormones or cell-growth factors in biocompatible alginate capsules for implantation into the body or brain.
Australasian institutional and US investors were the main supporters of the capital raising, and the company said clients of stockbrokers Taylor Collison, and Shaw Stockbroking continued to keep the faith. The placement, at 22c a share, represents 10,454,545 million shares.
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