LCT Chairman and Medical Director Professor Robert Elliott noted: We are looking forward to working together with ASK as partners to research and develop DIABECELL in China. This is consistent with our strategy to seek quality organisations around the world as collaborators in the development and commercialisation of DIABECELL. ASK has a proven track record in developing and marketing innovative products and therefore understands the potential of a therapy like DIABECELL.

ASK Chairman and CEO Dr Qingcai Chen added: We are quite honoured to be granted with such an opportunity to establish a strategic partnership with LCT, a global leader in the treatment of Type 1 diabetes. At the same time we are also very excited by the opportunity to bring DIABECELL into China which would be great news for those patients who are suffering. Like other markets globally, Type 1 diabetes is a major disease in China, which currently has inadequate treatment options. We see DIABECELL as a significant step in offering Chinese diabetics real treatment options and improved lifestyles. More importantly, we are pleased to be working with such an innovative company as LCT.

The transaction is expected to be completed by early March and shares issued soon after receipt of funds and subject to regulatory approval.