ALGORAE PHARMACEUTICALS LIMITED — AGM Information 2007

Nov 26, 2007

Living Cell Technologies Ltd

==> picture [116 x 54] intentionally omitted <==

COMPANY ANNOUNCEMENT

Living Cell Technologies Updates Shareholders on Clinical Trial Progress at Annual General Meeting

November 27, 2007 – Melbourne, Australia and Auckland, New Zealand - Living Cell Technologies Limited (ASX:LCT; OTC: LVCLY.PK) today updated shareholders at its Annual General Meeting on the Company’s Russian clinical trial, the status of its New Zealand clinical trial and commercialisation plans.

Professor Bob Elliot ,Medical Director of LCT, announced that a third patient in the Russian Clinical Trial was implanted with the first dose of DiabeCell[®] and is due for a second dose in six months. DiabeCell[® ] is administered to patients without the need for immunosuppressant drugs.

The first patient implanted with DiabeCell[® ] in June 2007 has maintained a 40% reduction in his insulin requirement at five months follow-up. This patient is due for a second dose of DiabeCell[® ] in December.

The second patient having received only the first dose of DiabeCell[® ] in September 2007 remains insulin independent at two months follow up.

Professor Elliott stated ‘ We are very encouraged by the positive preliminary data from the first two patients in the Russian trial and look forward to providing more detailed updates on all three patients by the end of first quarter 2008’.

Dr Paul Tan, CEO of Living Cell Technologies said ‘ LCT’s most important milestone for 2008 is to complete the Phase I/IIa clinical trial in Russia. Additionally we look forward to receiving endorsement of our ethics and regulatory approval by the new Health Minister which will enable the New Zealand clinical trial to commence’

The Company emphasized that while the results to date are preliminary and need to be seen in the context of full clinical trial data, a continuation of the better than expected clinical response is a positive step in the Company’s path towards commercialisation. Accordingly other major milestones over the next 12 months include upscaling the production capabilities and expansion of LCT’s unique pig herd.

For further information: www.lctglobal.com

Paul Tan Richard Justice Media Relations CEO Tel:+64 9 276 2690 Daniella Goldberg Mob: 0402 716 984 (AUS) Mob: +64 21 223 4741 Buchan Consulting 021 608 784 (NZ) rjustice@lctglobal.com P:(612) 9237 2803 Tel: +64 9 270 7941 M:+ 61 0416 211 067 ptan@lctglobal.com dgoldberg@bcg.com.au

About Living Cell Technologies: www.lctglobal.com

Living Cell is developing cell-based products to treat life threatening human diseases. The Company owns a biocertified pig herd that it uses as a source of cells for treating diabetes and neurological disorders. For patients with Type 1 diabetes, the Company transplants

microencapsulated islet cells so that near-normal blood glucose levels may be achieved without the need for administration of insulin or at significantly reduced levels. The company entered clinical trials for its diabetes product in 2007. For the treatment of Huntington’s disease and other neurological disorders, the company transplants microencapsulated choroid plexus cells that deliver beneficial proteins and neurotrophic factors to the brain. Living Cell’s technology enables healthy living cells to be injected into patients to replace or repair damaged tissue without requiring the use of immunosuppressive drugs to prevent rejection. Living Cell also offers medical-grade porcine-derived products for the repair and replacement of damaged tissues, as well as for research and other purposes.

LCT disclaimer

This document contains certain forward-looking statements, relating to LCT’s business, which can be identified by the use of forward-looking terminology, or by express or implied discussions regarding potential filings or marketing approvals, or potential future sales of product candidates. Such forwardlooking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management’s expectations regarding the approval and commercialization of product candidates could be affected by, among other things, unexpected clinical trial results; unexpected regulatory actions or delays, or government regulation generally; our ability to obtain or maintain patent or other proprietary intellectual property protection; competition in general; government, industry, and general public pricing pressures; and additional factors that involve significant risks and uncertainties about our products, product candidates, financial results and business prospects.