ALGORAE PHARMACEUTICALS LIMITED — Director's Dealing 2009

Jan 20, 2009

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity LIVING CELL TECHNOLOGIES LTD ABN 104 028 042

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	MR ROBERT BARTLETT ELLIOTT
Date of last notice	5 DECEMBER 2008

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

	Direct or indirect interest	Direct or indirect interest	DIRECT	DIRECT	DIRECT	DIRECT
	Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.
	Date of change		16 JANUARY 2009
	No. of securities held prior to change		2,550,626 ORDINARY SHARES (HELD BYROBERT BARTLETT ELLIOTT)537,500 OPTIONS – CLASS A EXPIRING30/06/20101,485,800 OPTIONS – CLASS B EXPIRING30/06/2010350,000 OPTIONS - EXERCISABLE AT$0.30 PER SHARE, VESTING ON 9 MARCH2007 AND EXPIRING ON 9 MARCH 2009104,166 ORDINARY SHARES (HELD BYPANCELL LIMITED)
			537,500 OP30/06/20101,485,800 O	TIONSPTIONS	– CLA– CLA	SS A ESS B E
			30/06/2010
			350,000 O$0.30 PER S	TIONSHARE,	- EXVESTIN	ERCISAG ON 9
			2007 AND E104166 O	XPIRINDINAR	ON 9Y SHA	MARCHES (H
			,PANCELL L	IMITED)
	C	lass	ORDINARY	SHARE	S
	Number acquired		16,500

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Number disposed	NIL
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$0.12 EACH SHARE
No. of securities held after change	2,567,126 ORDINARY SHARES (HELD BYROBERT BARTLETT ELLIOTT)537,500 OPTIONS – CLASS A EXPIRING30/06/20101,485,800 OPTIONS – CLASS B EXPIRING30/06/2010350,000 OPTIONS - EXERCISABLE AT$0.30 PER SHARE, VESTING ON 9 MARCH2007 AND EXPIRING ON 9 MARCH 2009104,166 ORDINARY SHARES (HELD BYPANCELL LIMITED)
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	ON MARKET TRADE

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Detail of contract	Detail of contract	Detail of contract	Detail of contract	Detail of contract	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Nature of	interest					N/A
Name of r(if issued	egisteresecuriti	d hoes)	der			N/A
Date of ch						N/A
	ange
No. and c	lass of	secu	iti	hi	h	N/A
			res	o w
interest reNote: Details ato which the in	lated p	ior tuired fo	chan	ect in relati
	re only req		r a contra		on
	t h	hanged
	eres as c
I	i					N/A
nterest a	qured
Interest di	sposed					N/A
Value/ConNote: If considan estimated va	siderati	onnon-cas				N/A
			h, provide		nd
	eration isluation			details a
Interest af	ter cha	nge				N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002