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AVITA Medical Limited Proposed Redomiciliation to the United States of America – Satisfaction of FIRB Condition
VALENCIA, Calif. & MELBOURNE, Australia--(BUSINESS WIRE)-- AVITA Medical Limited ACN 058 466 523 (Company) is pleased to announce that it has received
About this update from Avita Medical, Inc.
[{"type":"text","content":" VALENCIA, Calif. & MELBOURNE, Australia--(BUSINESS WIRE)--\nAVITA Medical Limited ACN 058 466 523 (Company) is pleased to announce that it has received confirmation from the Foreign Investment Review Board (FIRB) that the Commonwealth has no objection in relation to AVITA Therapeutics, Inc. (Avita US) acquiring all of the issued shares of the Company under the proposed scheme of arrangement to effect a redomiciliation of the Company and its subsidiaries from Australia to the United States of America.\n\n\nThis satisfies the condition precedent for FIRB approval under clause 4.1(d)(i) of the Scheme Implementation Agreement between the Company and Avita US. A copy of the Scheme Implementation Agreement is enclosed in the Company’s ASX announcement of 20 April 2020 and in Appendix B of the Scheme Booklet (enclosed in the Company’s ASX announcement of 12 May 2020).\n\n\nAuthorised for release by the Chief Financial Officer of AVITA Medical Limited.\n\n\nABOUT AVITA MEDICAL LIMITED\n\n\nAVITA Medical is a regenerative medicine company with a technology platform positioned to address unmet medical needs in burns, chronic wounds, and aesthetics indications. AVITA Medical’s patented and proprietary collection and application technology provides innovative treatment solutions derived from the regenerative properties of a patient’s own skin. The medical devices work by preparing a RES® REGENERATIVE EPIDERMAL SUSPENSION, an autologous suspension comprised of the patient’s skin cells necessary to regenerate natural healthy epidermis. This autologous suspension is then sprayed onto the areas of the patient requiring treatment.\n\n\nAVITA Medical’s first U.S. product, the RECELL® System, was approved by the U.S. Food and Drug Administration (FDA) in September 2018. The RECELL System is indicated for use in the treatment of acute thermal burns in patients 18 years and older. The RECELL System is used to prepare Spray-On Skin™ Cells using a small amount of a patient’s own skin, providing a new way to treat severe burns, while significantly reducing the amount of donor skin required. The RECELL System is designed to be used at the point of care alone or in combination with autografts depending on the depth of the burn injury. Compelling data from randomized, controlled clinical trials conducted at major U.S. burn centers and real-world use in m...