OpREGEN CLINICAL DATA CONTINUES TO DEMONSTRATE IMPROVEMENTS IN PATIENTS WITH DRY AMD WITH GEOGRAPHIC ATROPHY Eighty-Three Percent of All Cohort 4 Patients Exhibited Stable or Improved BCVA Visual Acuity Declined in the M

CLINICAL DATA CONTINUES TO DEMONSTRATE

IMPROVEMENTS IN PATIENTS WITH DRY AMD WITH GEOGRAPHIC ATROPHY

CA- May 3, 2021 - Lineage Cell Therapeutics, Inc. (NYSE American and TASE: LCTX), a clinical-stage biotechnology

company developing novel cell therapies for unmet medical needs, announced today that updated interim results from its ongoing,

24-patient Phase 1/2a clinical study of its lead product candidate, OpRegen, were reported at the 2021 Association for

Research in Vision and Ophthalmology Annual Meeting (ARVO 2021). OpRegen is an investigational cell therapy consisting of

allogeneic retinal pigment epithelium (RPE) cells administered to the subretinal space for the treatment of dry age-related macular

degeneration (AMD) with geographic atrophy (GA). At ARVO 2021, additional data were presented on 24 patients enrolled in the study,

including all 12 patients treated in Cohort 4, which have better baseline vision and smaller areas of GA than earlier cohorts.

continue to be very excited about this work and the clinical data generated to date with OpRegen, especially in the better vision

Cohort 4 patients," stated Principal Investigator Christopher D. Riemann, M.D., Vitreoretinal Surgeon and Fellowship Director,

Cincinnati Eye Institute and University of Cincinnati School of Medicine. "There seems to be a significant visual acuity

signal in Cohort 4 patients, with most treated eyes having stable or improved vision over time when compared to the contralateral

eyes having stable or worsening vision over time. When looking at reading speed progression, treated eyes also seemed to improve

while untreated eyes declined. Notably, some individual responders had impressive visual acuity improvements and reductions in

GA progression compared to their contralateral eyes. Most importantly, we believe that earlier intervention in less severely affected

patients along with a more central placement of transplanted OpRegen cells may increase the likelihood of a clinically beneficial

effect. Overall, these results are encouraging and are of a magnitude that could be clinically very important if confirmed in

further clinical studies."

new data continue to indicate to us that treatment with OpRegen can generate clinically meaningful outcomes in dry AMD patients

with GA, particularly in those with earlier-stage disease," stated Brian M. Culley, Lineage CEO. "It also appears

that earlier intervention in less severely affected patients and more central placement of the transplanted cells may increase

the likelihood of observing a benefit. Additionally, among the newly reported data, it was notable that Cohort 4 patients reported

improvements in a majority of the vision parameters measured by a validated quality of life questionnaire. The magnitude of these

improvements was higher overall in Cohort 4 than in Cohorts 1 through 3, which is consistent with the larger clinical benefit

observed among those patients. As this data set matures, our efforts turn next to evaluating the six most recently treated Cohort

4 patients for indications of retinal restoration and reductions in the size and growth of the areas of GA. Our overall objective

is to position OpRegen RPE transplants as the clear leader in the race to address the large unmet need in dry AMD with GA and

establish Lineage as the pre-eminent allogeneic cell therapy company."

results presented at ARVO 2021 included a minimum of 4.5 months of follow-up in all 24 patients treated with OpRegen. Nine of

twenty-four patients were treated with the "thaw and inject" formulation of OpRegen, two via a standard pars plana

vitrectomy (PPV) and seven utilizing the Orbit Subretinal Delivery System (Orbit SDS).

10/12 (83%) of the Cohort 4 patients' treated eyes were at or above baseline visual acuity at their last assessment, based

on per protocol scheduled visits ranging from 4.5 months to approximately 3 years post-transplant. Improvements in best corrected

visual acuity (BCVA) for Cohort 4 patients reached up to +19 letters on the Early Treatment Diabetic Retinopathy Study (ETDRS)

chart. In contrast, 10/12 (83%) of the patients' untreated eyes were below pre-treatment baseline values at the same time

points. Among the newly reported data, three (50%) of the more recently treated Cohort 4 patients exhibited marked improvements

in BCVA ranging from +7 to +16 letters at their last scheduled assessments of at least 4.5 months. Two additional Cohort 4 patients

experienced a gain of 2 letters from their baseline values. One Cohort 4 patient measured 7 letters below baseline. Previously

reported structural improvements in the retina, decreases in drusen density, and a trend toward slower GA progression in treated

compared to untreated eyes continued. Overall, OpRegen has been well tolerated with no unexpected adverse events or serious adverse

events, and evidence of durable engraftment of OpRegen RPE cells have extended to more than 5 years in earliest treated patients,

supporting the potential for OpRegen to be a one-time treatment.

Cohort 4 patient with evidence of retinal restoration and confirmed history of GA growth, which was first reported 9 months following

treatment, continues to demonstrate areas of retinal restoration as of their last assessment, approximately 3 years after treatment.

ARVO Presentation OpRegen Data Highlights (As of April 16, 2021):

part of an ongoing effort to administer the minimally effective dose and duration of immunosuppressive therapy, immunosuppression

was utilized only during the perioperative period of approximately 3 months in Cohort 4 patients. One patient received a modified

immunosuppressive regimen at baseline, which included no tacrolimus and only mycophenolate mofetil. One patient was diagnosed

with COVID-19 shortly after treatment for whom all immunosuppression was halted and reinstated once the patient was asymptomatic.

Both patients showed no signs of acute or delayed inflammation or rejection of OpRegen cells with 4.5 months of post-transplant

follow up. Other than the reduced regimens described above, immunosuppressants have been discontinued as scheduled, typically

within 90 days post-operatively, and no cases of acute or delayed rejection or inflammation due to OpRegen have been reported

in any patients treated with OpRegen.

presentation, "Phase I/IIa Clinical Trial of Transplanted Allogeneic Retinal Pigmented Epithelium (RPE, OpRegen) Cells

in Advanced Dry Age-Related Macular Degeneration (AMD): Interim Results" is being featured as part of the Stem Cells/Gene

Therapy/Transplantation Session, on May 6, 2021 between 5:15 pm and 6:45 pm EDT by Christopher D. Riemann, M.D.(abstract

is currently being evaluated in a Phase 1/2a open-label, dose escalation safety and efficacy study of a single injection of human

retinal pigment epithelium cells derived from an established pluripotent cell line and transplanted subretinally in patients with

advanced dry AMD with GA. The study enrolled 24 patients into 4 cohorts. The first 3 cohorts enrolled only legally blind patients

with BCVA of 20/200 or worse. The fourth cohort enrolled 12 better vision patients (vision from 20/65 to 20/250 with smaller areas

of GA). Cohort 4 also included patients treated with a new "thaw-and-inject" formulation of OpRegen, which can be

shipped directly to sites and used immediately upon thawing, removing the complications and logistics of having to use a dose

preparation facility. The primary objective of the study is to evaluate the safety and tolerability of OpRegen as assessed by

the incidence and frequency of treatment emergent adverse events. Secondary objectives are to evaluate the preliminary efficacy

of OpRegen treatment by assessing the changes in ophthalmological parameters measured by various methods of primary clinical relevance.

Additional objectives include the evaluation of the safety of delivery of OpRegen using the Orbit SDS. OpRegen is a registered

trademark of Cell Cure Neurosciences Ltd., a majority-owned subsidiary of Lineage Cell Therapeutics, Inc. The Orbit subretinal

delivery system is used under agreement with Gyroscope Therapeutics Limited. Orbit and Orbit SDS are trademarks of Gyroscope Therapeutics

age-related macular degeneration (AMD) is a leading cause of adult blindness in the developed world. There are two forms of AMD:

wet AMD and dry AMD. Dry AMD is the more common of the two types, accounting for approximately 85-90% of cases. Wet AMD is the

less common of the two types, accounting for approximately 10-15% of cases. Global sales of the two leading wet AMD therapies

were in excess of $10 billion in 2019. Nearly all cases of wet AMD begin as dry AMD. Dry AMD typically affects both eyes. There

are currently no U.S. Food and Drug Administration or European Medicines Agency approved treatment options available for patients

Lineage Cell Therapeutics, Inc.

Cell Therapeutics is a clinical-stage biotechnology company developing novel cell therapies for unmet medical needs. Lineage's

programs are based on its robust proprietary cell-based therapy platform and associated in-house development and manufacturing

capabilities. With this platform Lineage develops and manufactures specialized, terminally differentiated human cells from its

pluripotent and progenitor cell starting materials. These differentiated cells are developed to either replace or support cells

that are dysfunctional or absent due to degenerative disease or traumatic injury or administered as a means of helping the body

mount an effective immune response to cancer. Lineage's clinical programs are in markets with billion dollar opportunities

and include three allogeneic ("off-the-shelf") product candidates: (i) OpRegen , a retinal pigment

epithelium transplant therapy in Phase 1/2a development for the treatment of dry age-related macular degeneration, a leading cause

of blindness in the developed world; (ii) OPC1, an oligodendrocyte progenitor cell therapy in Phase 1/2a development for the treatment

of acute spinal cord injuries; and (iii) VAC, an allogeneic dendritic cell therapy platform for immuno-oncology and infectious

disease, currently in clinical development for the treatment of non-small cell lung cancer. For more information, please visit

www.lineagecell.com or follow the Company on Twitter @LineageCell.

cautions you that all statements, other than statements of historical facts, contained in this press release, are forward-looking

statements. Forward-looking statements, in some cases, can be identified by terms such as "believe," "may,"

"will," "estimate," "continue," "anticipate," "design," "intend,"

"expect," "could," "plan," "potential," "predict," "seek,"

"should," "would," "contemplate," project," "target," "tend to,"

or the negative version of these words and similar expressions. Such statements include, but are not limited to, statements relating

to the expected clinical outcomes of treatment with OpRegen in dry AMD patients with GA. Forward-looking statements involve known