ASX Announcements

LCT continues to conserve cash, ending the quarter with a cash balance of $1,568,928 compared to $2,240,007 in the previous quarter.

Net operating cash flow in the quarter was ($671,062) compared to ($188,893) in the previous quarter. Receipts from grants and tax incentives were $84,644, lower than the previous quarter of $186,901.

Operating payments this quarter were higher at $756,767 compared to last quarter of $375,895. This included the research and development amount of $428,649 that included the settlement of NZ$400,000 to the University of Auckland for the Migraine and Obesity projects. (Please refer to our announcement on 29 March 2021).

The Board of Living Cell Technologies Limited has appointed Chair Professor Bernie Tuch as Interim CEO on terms to be finalised. He will assume the additional role following the retirement of Dr Ken Taylor on Friday 16 July 2021.

Dr Taylor’s retirement means he will also retire from the Board of LCT. He joined LCT as CEO in February 2014 and was appointed to the Board in August 2018, after a prestigious international career in both business and academia.

Professor Tuch says Dr Taylor’s scientific rigour and commercial expertise have been invaluable during his seven years with the company.

“The Board is extremely grateful for Ken’s contribution and leadership during his time with the company. LCT has benefited greatly from his experience and international connections,” says Professor Tuch. “Ken taught fellow Board members the importance of ensuring the projects the company supported were both understandable to shareholders and capable of making a contribution to the welfare of patients.”

The company continues to explore opportunities for new projects and partnerships via a range of confidential discussions. It will make further announcements as soon as it is able, in compliance with the ASX listing rules.