Pacific Channel releases internal analysis of Living Cell Technologies

December 12, 2019

Pacific Channel has released its updated internal analysis of Living Cell Technologies (ASX:LCT).

LCT is an Australasian biotechnology company that is focused on developing a cell-based therapy for Parkinson’s Disease. The company announced on 23 July 2019 the outcome of its analysis work of the 2-year data, which showed a successful outcome of the Phase IIb trial. On 9 September LCT provided a newsletter to shareholders which noted that MedSafe has not accepted LCT’s filing for conditional approval which means LCT will be required to complete a Phase III trial in the normal way prior to commercialisation.

It is Pacific Channel’s view that NTCELL trial data has not been adequately communicated to LCT shareholders. Pacific Channel is also concerned that LCT has not produced a clear plan to scale up production and commercialise NTCELL. Additionally, LCT has not communicated a clear plan to seek further funding to pay for subsequent trials, nor a vision to drive growth and ultimately increase shareholder value.

Pacific Channel has released this report to provide the market with its views on the current status and potential of LCT and outline upcoming challenges that have not in our view been fully addressed by LCT’s board.

Pacific Channel is working as part of a group of interested LCT shareholders to recommend the need to appoint at least one new director with experience in biotechnology commercialisation, including capital markets and investor relations experience, who would be well regarded by specialist industry investors and investment banks.

To help inform existing LCT shareholders of the need for such an appointment, especially shareholders for who we are not currently in communication, we have released this report.

In consultation with other shareholders, we have asked LCT’s board to put resolutions to the AGM to remove 3 existing directors and appoint 2 news directors at its AGM on 7 November.

The form of the Statement to Members requisitioning these resolutions be put to the AGM can be found by accessing the following link. Section 249P Statement to Members

Please contact us at if you are a shareholder and wish to have input in this action.

This report is dated 12th December 2019 and was produced to capture Pacific Channel’s current internal assessment of LCT, which on this occasion it has chosen to publish and can be found by accessing the following link. LCT Updated White Paper- 12-12

Pacific Channel has not received any remuneration or promise of remuneration by any party in consideration for producing and releasing this report. This document is not available to those in the US. By accessing the document, you acknowledge and confirm that you are not accessing this from the US


IMPORTANT: You must read the following notices before reading or making any use of this report or any information contained in this report. By continuing to read, use or otherwise act on this report, you agree to be bound by the following terms and conditions, including any modifications to them, and make or give the acknowledgements, representations or warranties (as applicable).

Pacific Channel is a shareholder of Living Cell Technologies Limited (LCT) and NZeno Limited through a related entity.

This report is dated 12th Septemeber 2019 and was produced to capture Pacific Channel’s current internal assessment of LCT, which on this occasion it has chosen to publish. Pacific Channel has not received any remuneration or promise of remuneration by any party in consideration for producing and releasing this report.

This report is not a prospectus or product disclosure statement or disclosure document for the purposes of the Corporations Act 2001 (Cth) (Corporations Act) and has not been lodged with the Australian Securities and Investments Commission or the ASX.

This report is not and should not be considered, and does not contain or purport to contain, an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any securities in the LCT (Securities) nor does it constitute financial product or investment advice nor take into account your investment objectives, taxation situation, financial situation or needs. This report does not constitute an advertisement for an offer or proposed offer of Securities. Neither this report nor is intended to induce or solicit any person to engage in, or refrain from engaging in, any transaction relating to LCT. An investor must not act on the basis of any matter contained in this report but must make its own assessment of LCT and conduct its own investigation and analysis.

Effect of rounding

A number of figures, amounts, percentages, estimates, and calculations of value in this report are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this report.

No liability

This report does not, and does not attempt to, contain all material or relevant information about LCT or any of its subsidiaries or businesses.

Pacific Channel has prepared this report based on information available to it at the time of preparation, from sources believed to be reliable and subject to the qualifications in this report but has not independently verified all of the information given in this report. To the maximum extent permitted by law, each of Pacific Channel, its officers, directors, employees, and advisers (each a Limited Party and together, the Limited Parties) accept no responsibility or liability for the contents of this report and make no recommendation or warranties. No representation or warranty, express or implied, is made as to the fairness, accuracy, adequacy, validity, correctness or completeness of the information, opinions, and conclusions contained in this report. To the maximum extent permitted by law, none of the Limited Parties accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss whatsoever arising from the use of the information in this report or its contents or otherwise arising in connection with it.

To the maximum extent permitted by law, you agree to release and indemnify each Limited Party from and against all claims, actions, damages, remedies or other matters, whether in tort, contract or under law or otherwise, arising from or which may arise from or in connection with the provision of, or any purported reliance on, this report and you covenant that no claim or allegations will be made against any of the Limited Parties in relation to this report.

Pacific Channel has no obligation to notify you of opinion changes or if it becomes aware of any inaccuracy in or omission from this report. All opinions and projections expressed in this report are given as of the date of this report and are subject to change without notice.

This document is for informational purposes only and should not be construed as investment, legal, tax or other advice. Investors should not rely solely on this information. There can be no assurance that LCT’s objectives will be met or that losses will not be incurred. Past performance is no guarantee of future results.