Living Cell Technologies Limited's share price has surged to A26 cents per share in the wake of its recent share offer of A16.5 cents per share.

The successful A$4.2 million capital raising involved the placement of 25.5 million ordinary LCT shares at A16.5 cents per share with options attached to purchase two shares attached to every five shares unit.

Pacific Channel managed the New Zealand side of the trans-Tasman capital raising for LCT (ASX:LCT), a New Zealand global leader in cell-based therapy that is listed on the Australian Stock Exchange ("ASX").

On the International OTCQX tier of the Over-The-Counter (OTC) market in the United States, LCT is trading at around 94 percent of the volume that it is trading on the ASX.

LCT's OTCQX listing was arranged by The Channel Group, LLC, a New York-based life sciences venture development and management firm.

Phillip Sussman, Managing Partner of The Channel Group, Pacific Channel's affiliate in the United States, said LCT's high trading volumes are very encouraging after only one year of being listed on the OTCQX.

LCT will use the A$4.2 million raised in July of this year to conduct clinical trials of a new treatment for type 1 diabetes, DIABECELL®, in both New Zealand and Russia.