ALGORAE PHARMACEUTICALS LIMITED — Capital/Financing Update 2007

Nov 29, 2007

Living Cell Technologies Ltd

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COMPANY ANNOUNCEMENT

Living Cell Technologies Receives A$6.0M in Capital Placement

November 30, 2007 – Melbourne, Australia and Auckland, New Zealand - Living Cell Technologies Limited (ASX:LCT; OTC: LVCLY.PK) today announced that it has received A$6.0 million in funds for the capital placement announced on October 30. Shareholders have subscribed for the issue of 20,000, 000 ordinary shares at A$0.30 per share. This Taylor Collison Limited placement of A$6.0 million follows the closing of a placement of US$2 million by U.S.-based NaviGroup Management Ltd on November 6, 2007.

NaviGroup Management maintains an option to subscribe for up to an additional US$6 million of the Company’s ordinary shares at a price equal to 80% of the 30 day average closing bid price per ordinary share of the Company. This option expires on January 24, 2008.

The combined funds received during November of approximately A$8.2 million place the Company in a strong financial position to progress the phase I/IIa clinical trials both in Russia and New Zealand. The New Zealand clinical trial approval is currently awaiting endorsement from the New Zealand Health Minister.

Mr. Richard Justice, CFO of Living Cell Technologies, said, “These funds allow the Company to focus on the ongoing and planned clinical trials as well as selectively expand manufacturing and production capabilities.”

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.