ALGORAE PHARMACEUTICALS LIMITED — Capital/Financing Update 2014

Oct 7, 2014

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Living Cell Technologies Limited

ACN: 104 028 042 ASX: LCT OTCQX: LVCLY

ASX ANNOUNCEMENT

LCT announces completion of $3m placement and SPP

8 October 2014 – Sydney, Australia & Auckland, New Zealand – Living Cell Technologies Limited today announced the placement of 49,410,392 fully paid Ordinary shares at $0.0608 to eligible persons resident in New Zealand, raising $3m. The issue price is a 10% discount to the 5 day volume weighted average closing price to 3 October 2014.

The funds will be used for working capital to continue clinical trials of lead product NTCELL[® ] in Parkinson’s disease and further develop it for other indications.

Chief Executive Dr Ken Taylor said, “It is pleasing to receive support for the company’s direction from investors.”

Living Cell Technologies Limited also announced today a Share Purchase Plan (SPP) to give eligible LCT shareholders the opportunity to further participate in the success of the Company. This SPP offer opens on Wednesday 15 October and will remain open until Friday 31 October 2014.

Under the SPP, holders of fully paid ordinary LCT shares on the share register at the Record Date of 7 October 2014 with an address in Australia or New Zealand are invited to purchase up to A$15,000 worth of new fully paid Ordinary shares, in increments of A$1,000, (subject to a minimum application of A$1,000) regardless of the number of LCT shares they currently hold. Custodians will be able to apply on behalf of nominees pursuant to ASIC Class Order (CO 09/425). Participation in the SPP is entirely voluntary.

The issue price for shares offered under the SPP will be a 10% discount to the volume weighted average price of LCT ordinary shares during the five trading days before the SPP announcement date, 8 October, 2014.

LCT is focused on improving the wellbeing of people with serious diseases worldwide by discovering, developing and commercialising breakthrough treatments that use the regenerative healing properties of naturally occurring cells.

LCT has now successfully implanted the second patient in the Phase I/IIa clinical trial of the regenerative cell therapy NTCELL[®] for Parkinson’s disease and plans to complete the patient treatment phase of the study this year.

NTCELL has the potential to be used in a number of other central nervous system indications such as Huntington’s, Alzheimer’s and motor neurone diseases.

LCT is well positioned to bring cell therapies for neurodegenerative diseases to the market ahead of our competition and we believe this offers considerable potential value for our shareholders.

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The capital raised in the SPP will be used to conduct clinical trials with NTCELL in Parkinson’s disease, to perform further research and development on NTCELL in other neurodegenerative diseases and for operating expenses.

SPP timetable

Record date 7 October 2014 SPP offer period 15-31 October 2014 SPP pricing period 1-7 October 2014 SPP allotment date On or before 10 November 2014

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At the company: Media enquires: Ken Taylor Rachael Joel Chief Executive Botica Butler Raudon Partners Tel: +64 9 276 2690 Tel: +64 9 303 3862 Mobile: +64 21 796000 Mobile: +64 21 403 504 ktaylor@lctglobal.com rachaelj@botica.co.nz Roy Austin, Chairman Tel:+64 9 9134605 Mobile: +64 21 656400 raustin@lctglobal.com John Cowan, Head of Finance & Administration Tel: +64 9 276 2690 Mobile: +64 21 469000 jcowan@lctglobal.com Nick Geddes, Company Secretary Tel: +61 2 92390277 ngeddes@austcosec.com.au

About Living Cell Technologies

Living Cell Technologies (LCT) is an Australasian biotechnology company researching and developing cell therapies to treat diseases with high unmet clinical need.LCT’s lead product NTCELL[®] is an alginate coated capsule containing clusters of neonatal porcine choroid plexus cells. After transplantation NTCELL functions as a biological factory producing factors to promote new central nervous system growth and repair disease induced nerve degeneration.

NTCELL is in Phase I/IIa clinical trial in New Zealand for the treatment of Parkinson’s disease. It has the potential to be used in a number of other central nervous system indications such as Huntington’s, Alzheimer’s and motor neurone diseases.

LCT’s proprietary encapsulation technology, IMMUPEL™, allows cell therapies to be used without the need for co-treatment with drugs that suppress the immune system.

LCT holds a 50% interest in Diatranz Otsuka Limited which is developing a cell therapy for type 1 diabetes.

LCT is listed on the Australian (ASX: LCT) and US (OTCQX: LVCLY) stock exchanges. The company is incorporated in Australia, with its operations based in New Zealand.

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For more information visit www.lctglobal.com or follow @lctglobal on Twitter

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 such as “promising,” “plans,” “anticipated,” “will,” “project,” “believe,” “forecast,” “expected,” “estimated,” “targeting,” “aiming,” “set to,” “potential”, “seeking to,” “goal,” “could “provide,” “intends,” “is being developed,” “could be,” “on track,” or similar expressions, or by express or implied discussions regarding potential filings or marketing approvals, or potential future sales of product candidates. Such forward-looking 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. There can be no assurance that any existing or future regulatory filings will satisfy the FDA’s and other health authorities’ requirements regarding any one or more product candidates nor can there be any assurance that such product candidates will be approved by any health authorities for sale in any market or that they will reach any particular level of sales. In particular, management’s expectations regarding the approval and commercialization of the product candidates could be affected by, among other things, unexpected clinical trial results, including additional analysis of existing clinical data, and new clinical data; 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. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. LCT is providing this information and does not assume any obligation to update any forward-looking statements contained in this document as a result of new information, future events or developments or otherwise.

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