LCT gains ground in ASX float

Living Cell Technologies (ASX: LCT) gained 25 per cent on its issue price to close at AUD$0.25 yesterday on its first day of trading on the ASX.

The Adelaide-based company finally made the move across from the Newcastle Stock Exchange after a number of delays postponed the listing, which was preceded by a capital raising of $6.36 million.

COO Roger Coats said the reception from the market was very positive, and would allow the management team to focus on growing the company.

"The most immediate focus for LCT is to develop and commercialise our cell therapies for Huntington's disease, haemophilia and diabetes. Our business plan is supported by an extensive international infrastructure and we are looking forward to now concentrating our efforts and finances on progressing the pre-clinical trials that we already have underway," he said.

LCT is developing platform technologies to allow the implantation of living cells into patients to restore the function of damaged or diseased organs. An alginate gel is used to protect the cells, which can come from either animal or human sources, from the host immune system, while allowing secreted factors such as insulin or blood clotting factor VIII to be released into the host.

The company's DiabeCell diabetes treatment, based on the transplantation of porcine pancreatic islets, is undergoing preclinical animal trials in primates, and preclinical development programs for Huntington's disease and haemophilia are also underway.