ALGORAE PHARMACEUTICALS LIMITED — Capital/Financing Update 2015

Mar 4, 2015

==> picture [94 x 55] intentionally omitted <==

Living Cell Technologies Limited

ACN: 104 028 042 ASX: LCT OTCQX: LVCLY

ASX ANNOUNCEMENT

LCT JV adopts new strategy for DIABECELL

5 March 2015 – Sydney, Australia & Auckland, New Zealand – Living Cell Technologies Limited today announced that its 50% owned joint venture Diatranz Otsuka Limited (DOL) has adopted a new development strategy for DIABECELL[®] . DOL will partner with its other 50% shareholder, Otsuka Pharmaceutical Factory, Inc. (OPF) to support the development and launch of DIABECELL in United States of America. DOL retains a royalty-free right to commercialise DIABECELL outside USA and Japan.

DOL’s funding requirements have reduced as a result of the new development strategy and the OPF loan facility has been amended to provide funding of up to NZD28m.

The new strategy will mean that DOL and OPF will focus on developing a DIABECELL product that will meet FDA regulatory requirements. Approval by the FDA will facilitate approval for the product across the rest of the world.

– Ends –

For further information: www.lctglobal.com

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

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 as an advanced therapy for the treatment of Parkinson’s disease. Results of this clinical trial will be presented in June, 2015 at the International Congress of Movement Disorders and Parkinson’s disease, San Diego, USA.

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’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.

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.