Pacific Channel has released its updated internal analysis of Living Cell Technologies (ASX:LCT).
LCT is an Australasian biotechnology company that is focused on developing a cell-based therapy for Parkinson’s Disease.
Parkinson’s disease is caused by the gradual breakdown and death of neurons (nerve cells in the brain). The loss of neurons causes abnormal brain activity, which leads tremors, slowed movement, rigid muscles, impaired posture and balance, loss of automatic movements, speech changes and writing changes. End-stage Parkinson’s is extremely debilitating and sufferers will require full-time care.
It is Pacific Channel’s view that NTCELL trial data has not been adequately communicated to LCT shareholders. Pacific Channel has released this report to provide the market with its views on the current status and potential of LCT and outline upcoming challenges that have not in our view been fully addressed by LCT’s board.
Pacific Channel is working as part of a group of interested LCT shareholders to recommend the need to appoint a new director(s) with experience in biotechnology commercialisation, including capital markets and investor relations experience, who would be well regarded by specialist industry investors and investment banks.
The company has today provided an interim announcement regarding the Phase IIb data and advised that it is seeking further advice from both its statistician and advisory panel to help interpret the data. We expect the clarification will be released this month. Given the market response to the interim report, it should be released with great urgency. It is our view that the LCT board poorly communicates such results to the markets and that the appointment of a commercial director as we recommend needs to be made as soon as possible. Further, the company has advised that it expects guidance on its regulatory pathway in June, which in our view means the company will require input from such a director to navigate this process.
To help inform existing LCT shareholders of the need for such an appointment, especially large shareholders for who we are not currently in communication, we have released this report.
This report is dated 13 th May 2019 and was produced to capture Pacific Channel’s internal assessment of LCT, which on this occasion it has chosen to publish and can be found by accessing the following link.
Pacific Channel has not received any remuneration or promise of remuneration by any party in consideration for producing and releasing this report. This document is not available to those in the US. By accessing the document you acknowledge and confirm that you are not accessing this from the US.
IMPORTANT: You must read the following notices before reading or making any use of this report or any information contained in this report. By continuing to read, use or otherwise act on this report, you agree to be bound by the following terms and conditions, including any modifications to them, and make or give the acknowledgements, representations or warranties (as applicable).
Pacific Channel is a shareholder of Living Cell Technologies Limited (LCT) and NZeno Limited through a related entity.
This report is dated 13 th May 2019 and was produced to capture Pacific Channel’s internal assessment of LCT, which on this occasion it has chosen to publish. Pacific Channel has not received any remuneration or promise of remuneration by any party in consideration for producing and releasing this report.
This report is not a prospectus or product disclosure statement or disclosure document for the purposes of the Corporations Act 2001 (Cth) (Corporations Act) and has not been lodged with the Australian Securities and Investments Commission or the ASX.
This report is not and should not be considered, and does not contain or purport to contain, an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any securities in the LCT (Securities) nor does it constitute financial product or investment advice nor take into account your investment objectives, taxation situation, financial situation or needs. This report does not constitute an advertisement for an offer or proposed offer of Securities. Neither this report nor is intended to induce or solicit any person to engage in, or refrain from engaging in, any transaction relating to LCT. An investor must not act on the basis of any matter contained in this report but must make its own assessment of LCT and conduct its own investigation and analysis.
Effect of rounding
A number of figures, amounts, percentages, estimates, and calculations of value in this report are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this report.
This report does not, and does not attempt to, contain all material or relevant information about LCT or any of its subsidiaries or businesses.
Pacific Channel has prepared this report based on information available to it at the time of preparation, from sources believed to be reliable and subject to the qualifications in this report but has not independently verified all of the information given in this report. To the maximum extent permitted by law, each of Pacific Channel, its officers, directors, employees, and advisers (each a Limited Party and together, the Limited Parties) accept no responsibility or liability for the contents of this report and make no recommendation or warranties. No representation or warranty, express or implied, is made as to the fairness, accuracy, adequacy, validity, correctness or completeness of the information, opinions, and conclusions contained in this report. To the maximum extent permitted by law, none of the Limited Parties accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss whatsoever arising from the use of the information in this report or its contents or otherwise arising in connection with it.
To the maximum extent permitted by law, you agree to release and indemnify each Limited Party from and against all claims, actions, damages, remedies or other matters, whether in tort, contract or under law or otherwise, arising from or which may arise from or in connection with the provision of, or any purported reliance on, this report and you covenant that no claim or allegations will be made against any of the Limited Parties in relation to this report.
Pacific Channel has no obligation to notify you of opinion changes or if it becomes aware of any inaccuracy in or omission from this report. All opinions and projections expressed in this report are given as of the date of this report and are subject to change without notice.
This document is for informational purposes only and should not be construed as investment, legal, tax or other advice. Investors should not rely solely on this information. There can be no assurance that LCT’s objectives will be met or that losses will not be incurred. Past performance is no guarantee of future results.