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.
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 intend next to instruct Australian Law Firm Watson Mangioni Lawyers, who are specialists in complex corporate transactional and commercial matters to draft a requisition of a shareholder resolution for the AGM for the appointment of one to three new directors.
Please contact us at [email protected] if you are a shareholder and wish to have input in this action.
This report is dated 29th July 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.
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.
Disclaimer
IMPORTANT:You must read the following notices before reading or making any use of thisreport or any information contained in this report. By continuing to read, useor otherwise act on this report, you agree to be bound by the followingterms and conditions, including any modifications to them, and make or give theacknowledgements, representations or warranties (as applicable).
PacificChannel is a shareholder of Living Cell Technologies Limited (LCT) and NZenoLimited through a related entity.
Thisreport is dated 29th July 2019 and was produced to capture PacificChannel’s current internal assessment of LCT, which on this occasion it haschosen to publish. Pacific Channel has not received any remuneration or promiseof remuneration by any party in consideration for producing and releasing thisreport.
Thisreport is not a prospectus or product disclosure statement or disclosuredocument for the purposes of the Corporations Act 2001 (Cth) (Corporations Act)and has not been lodged with the Australian Securities and InvestmentsCommission or the ASX.
Thisreport is not and should not be considered, and does not contain or purport tocontain, an offer, invitation, solicitation or recommendation with respect tothe purchase or sale of any securities in the LCT (Securities) nor does itconstitute financial product or investment advice nor take into account yourinvestment objectives, taxation situation, financial situation or needs. Thisreport does not constitute an advertisement for an offer or proposed offer ofSecurities. Neither this report nor is intended to induce or solicit any personto engage in, or refrain from engaging in, any transaction relating to LCT. Aninvestor must not act on the basis of any matter contained in this report butmust make its own assessment of LCT and conduct its own investigation andanalysis.
Effectof rounding
Anumber of figures, amounts, percentages, estimates, and calculations of valuein this report are subject to the effect of rounding. Accordingly, the actualcalculation of these figures may differ from the figures set out in thisreport.
Noliability
Thisreport does not, and does not attempt to, contain all material or relevantinformation about LCT or any of its subsidiaries or businesses.
PacificChannel has prepared this report based on information available to it at thetime of preparation, from sources believed to be reliable and subject to thequalifications in this report but has not independently verified all ofthe information given in this report. To the maximum extent permitted by law,each of Pacific Channel, its officers, directors, employees, and advisers (eacha Limited Party and together, the Limited Parties) accept no responsibility orliability for the contents of this report and make no recommendation orwarranties. No representation or warranty, express or implied, is made as tothe fairness, accuracy, adequacy, validity, correctness or completeness of theinformation, opinions, and conclusions contained in this report. To the maximumextent permitted by law, none of the Limited Parties accept any responsibilityor liability including, without limitation, any liability arising from fault ornegligence on the part of any person, for any loss whatsoever arising from theuse of the information in this report or its contents or otherwise arising inconnection with it.
Tothe maximum extent permitted by law, you agree to release and indemnify eachLimited Party from and against all claims, actions, damages, remedies or othermatters, whether in tort, contract or under law or otherwise, arising fromor which may arise from or in connection with the provision of, or anypurported reliance on, this report and you covenant that no claim orallegations will be made against any of the Limited Parties in relation to thisreport.
PacificChannel has no obligation to notify you of opinion changes or if it becomesaware of any inaccuracy in or omission from this report. All opinions andprojections expressed in this report are given as of the date of thisreport and are subject to change without notice.
Thisdocument is for informational purposes only and should not be construed asinvestment, legal, tax or other advice. Investors should not rely solely onthis information. There can be no assurance that LCT’s objectives will bemet or that losses will not be incurred. Past performance is no guarantee offuture results.
