- Living Cell Technologies (LCT) launches a $2.5 million capital raise with Alignment Capital to develop its NTCELL project
- LCT plans to raise the funds through a $1.2 million share placement, a $750,000 entitlement offer, and an over-allotment offer for $562,500
- Alongside its NTCELL development, the company says it will use the funds to explore complementary projects to grow its pipeline
- LCT has completed two clinical trials of its LCT product as a treatment for Parkinson’s disease
- Living Cell Technologies shares are down 5.26. per cent to 0.9 cents at 11:35 am AEDT
Biotech company Living Cell Technologies (LCT) has launched a $2.5 million capital raise with Alignment Capital to develop its NTCELL project
Three distinct funding initiatives are part of the raise: a placement for $750,000, a non-renounceable rights issue entitlement offer and a shortfall offer by way of prospectus for $1.2 million, and a post-rights issue over-allotment offer to raise an additional $562,500.
New shares to be issued under the capital raise will each be priced at 0.75 cents — a 25 per cent discount to LCT’s last closing price of a cent.
Participants in the placement, rights issue, and over-allotment will receive on new option for every two shares subscribed for, exercisable at 1.2 cents on March 31, 2026.
LCT plans to use the funds to further develop its NTCELL project and conduct a third clinical trial for Parkinson’s disease, to fund assessments of corporate development opportunities regarding additional projects, and to provide for general working capital.
Living Cell Technologies shares were down 5.26. per cent to 0.9 cents at 11:35 am AEDT.