- Biotech company Living Cell Technologies (LCT) raises $1.285 million through a private placement to boost its research into Parkinson’s Disease
- The company issued 257 million new fully-paid ordinary shares to professional and sophisticated investors of advisory firm Alignment Capital at 0.5 cents
- LCT will use the money to support its research to fight Parkinson’s disease, with its NTCELL product advancing to a third clinical trial
- Company Executive Chairman Professor Bernie Tuch says the money will provide essential funds and support from biotech investors
- Shares in LCT are up 20 per cent and are trading at 0.6 cents at 2:29 pm AEST
Biotech company Living Cell Technologies (LCT) has raised $1.285 million through a private placement to boost its research into Parkinson’s Disease.
The company issued 257 million new fully-paid ordinary shares to professional and sophisticated investors of advisory firm Alignment Capital at 0.5 cents.
LCT said it would use the money to support its research to fight Parkinson’s disease, with its NTCELL product advancing to a third clinical trial.
The aim of this trial is to determine whether NTCELL provides neuroprotection to pause or delay the natural progression of Parkinson’s.
Living Cell Executive Chairman Professor Bernie Tuch said the placement would provide essential funds and support from biotech investors.
“We are delighted to commence a relationship with Alignment Capital and look forward to its future development,” Professor Tuch stated.
“Alignment Capital has a track record of successful biotech investments and their support will be highly beneficial as we progress towards human trials of NTCELL.”
The placement follows LCT’s move to apply artificial intelligence to its third clinical trial of NTCELL in Parkinson’s under an agreement with OptiCellAI.
LCT in March signed a research agreement with the University of Technology Sydney to allow for the production of NTCELL in Australia.
Shares in Living Cell Technologies were up 20 per cent and were trading at 0.6 cents at 2:29 pm AEST.