ORTHOCELL LIMITED — Capital/Financing Update 2019

Dec 10, 2019

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Placement Completion

Perth, Australia; 11 December 2019 : Regenerative medicine company Orthocell Limited (ASX:OCC, “Orthocell”, or the “Company”) is pleased to announce that it has today issued 26,000,000 shares at $0.50 per share in the placement (“Placement”) announced on 4 December 2019.

Orthocell issued the shares under the Placement utilising its existing placement capacities under Listing Rule 7.1 (in relation to 10,528,891 shares) and 7.1A (in relation to 15,471,109 shares). The Placement raised $13,000,000 (before costs).

As 15,471,109 shares were issued using Orthocell’s placement capacity under Listing Rule 7.1A, Orthocell provides the following information[1] :

1. 15,471,109 shares in the Placement were issued pursuant to Orthocell’s Listing Rule 7.1A capacity (“7.1A Placement”). These shares represent approximately 8.55% of the post-Placement capital in the Company. Pre-Placement shareholders’ overall interests will therefore be diluted by approximately 8.55% following the 7.1A Placement.

2. Orthocell issued the 7.1A Placement shares for cash consideration and Orthocell carried out the issue as one component of the capital raising announced on 4 December 2019 (the other components being the balance of the Placement plus a Share Purchase Plan (“SPP”) offer to eligible shareholders). Orthocell conducted the Placement rather than a pro-rata issue or other type of issue in which existing security holders would have been eligible to participate as it was considered to be the quickest, most efficient and most certain method of raising funds in the circumstances. The SPP enables shareholders to participate in the capital raising at the Placement price.

3. The Placement was not underwritten. The Company will pay a 5% capital raising fee on the funds raised under the Placement to the lead manager to the Placement, Bell Potter. Orthocell has also incurred expenses including legal, listing and other expenses in connection with the Placement and SPP.

Funds raised from the Placement and SPP will be used primarily to accelerate regulatory approvals and commercialisation of CelGro® for bone, tendon and nerve regeneration following recent successful clinical results and growing demand from industry leading clinicians and potential partners for superior regenerative medicine medical devices. In addition, funds raised will be utilised to advance the development and commercialization of Ortho-ATI®, support continued business development and marketing initiatives and for general working capital purposes as set out in the announcement made on 4 December 2019.

1 This information is included for the purposes of Listing Rule 3.10.5A (as required prior to the Listing Rule revisions which came into effect on 1 December 2019), given a pre-1 December 2019 Appendix 3B is being used.

Ph: +61 8 9360 2888 Fax: +61 8 9360 2899 www.orthocell.com.au

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An Appendix 3B applying for quotation of the shares issued under the Placement, together with a cleansing notice in respect of those shares under section 708A(5)(e) of the Corporations Act 2001 (Cth), has today been lodged with ASX.

Paul Anderson, Managing Director Orthocell Ltd

For more information, please contact:

General & Investor enquiries

Media enquiries

Paul Anderson Haley Chartres Orthocell Limited Hales2Consultancy Managing Director P: +61 8 9360 2888 P: +61 423 139 163 E: paulanderson@orthocell.com.au E: haley@h-squared.com.au

About Orthocell Limited

Orthocell is a regenerative medicine company focused on regenerating mobility for patients by developing products for the repair of a variety of soft tissue injuries. Orthocell’s portfolio of products include CelGro®, a collagen medical device which facilitates tissue repair and healing in a variety of orthopaedic, reconstructive and surgical applications. Orthocell recently received European regulatory approval (CE Mark) for CelGro®. The collagen medical device can now be marketed and sold within the European Union for a range of dental bone and soft tissue regeneration procedures and is being readied for first approval in the US and AUS. The Company’s other major products are the TGA-licensed cell therapies Autologous Tenocyte Implantation (Ortho-ATI®) and Autologous Chondrocyte Implantation (Ortho-ACI®), which aim to regenerate damaged tendon and cartilage tissue. Orthocell is moving forward with clinical studies designed to assist in the US (FDA) approval process and has completed its pre-IND meetings with the FDA.

For more information on Orthocell, please visit www.orthocell.com.au or follow us on Twitter @Orthocellltd and LinkedIn www.linkedin.com/company/orthocell-ltd

Forward Looking Statements

Any statements in this press release about future expectations, plans and prospects for the Company, the Company’s strategy, future operations, and other statements containing the words “anticipate,” “believe,” “estimate, ”expect,” “intend,” “may,” “plan,” “predict,” “project,” “target, ”potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the Company’s ability to successfully develop its product candidates and timely complete its planned clinical programs and the Company’s ability to obtain marketing approvals for is product

Ph: +61 8 9360 2888 Fax: +61 8 9360 2899 www.orthocell.com.au

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candidates. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forwardlooking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof.

Ph: +61 8 9360 2888 Fax: +61 8 9360 2899 www.orthocell.com.au