Avita Medical’s Board Show Confidence in Company by Taking Payment in Shares
May 22 2017 - 8:53PM
Business Wire
- Directors take up to 100 per cent of
fees in shares
- Follows shareholder approval of
employee share plan in November last year
The board of pioneering regenerative medicine company Avita
Medical Limited (ASX: AVH) (OTCQX: AVMXY), have shown a strong vote
of confidence in the company by taking part or all of their
Director’s fees in the form of shares.
The Board policy of Avita is that individual Directors will
invest an amount equivalent to 100% of their annual remuneration
over a 3-4 year period. This policy follows from the shareholder
approval of the employee share plan in November last year. Today’s
allotment of shares is the first tranche of quarterly investments
to be made.
Avita Medical chairman, Lou Panaccio, said the participation by
directors in the plan was a strong show of confidence in the
potential of the company.
“Avita’s ReCell® technology is proving itself in a variety of
clinical areas including as a treatment for a variety of burns,
plastic, reconstructive and cosmetic procedures and also as a
treatment for vitiligo,” said Mr Panaccio.
“This decision by directors of the company shows that we are
highly aligned with the interests of shareholders and strongly
believe in the commercial potential of ReCell®,” he said.
ABOUT AVITA MEDICAL LIMITED
Avita’s patented and proprietary collection and application
technology provides innovative treatment solutions derived from the
regenerative properties of a patient’s own skin. Our medical
devices work by preparing a Regenerative Epithelial Suspension
(RES™), an autologous suspension comprised of the patients’
own skin cells and wound healing factors that are necessary to
regenerate natural healthy skin. This is then applied to the area
to be treated.
In all countries outside of Europe, our portfolio is marketed
under the ReCell® brand to promote skin healing in a wide
range of applications including burns, chronic wounds and
aesthetics.
ReCell® is TGA‐registered in Australia, and CFDA‐cleared in
China. In the United States, ReCell® is an investigational
device limited by federal law to investigational and compassionate
use.
In Europe, our portfolio of medical device products received
CE-mark approval as three tailored product presentations, with
three individual brand names. ReCell® is designed for the
treatment of burns and plastic reconstructive procedures;
ReGenerCell™ has been formulated for chronic wounds including leg
and foot ulcers; and ReNovaCell™ is tailored for aesthetic
applications including the restoration of pigmentation.
To learn more, visit www.avitamedical.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This letter includes forward-looking statements. These
forward-looking statements generally can be identified by the use
of words such as “anticipate,” “expect,” “intend,” “could,” “may,”
“will,” “believe,” “estimate,” “look forward,” “forecast,” “goal,”
“target,” “project,” “continue,” “outlook,” “guidance,” “future,”
other words of similar meaning and the use of future dates.
Forward-looking statements in this letter include, but are not
limited to, statements concerning, among other things, our ongoing
clinical trials and product development activities, regulatory
approval of our products, the potential for future growth in our
business, and our ability to achieve our key strategic, operational
and financial goal. Forward-looking statements by their nature
address matters that are, to different degrees, uncertain. Each
forward-looking statement contained in this letter is subject to
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statement.
Applicable risks and uncertainties include, among others, the
timing of regulatory approvals of our products; physician
acceptance, endorsement, and use of our products; failure to
achieve the anticipated benefits from approval of our products; the
effect of regulatory actions; product liability claims; risks
associated with international operations and expansion; and other
business effects, including the effects of industry, economic or
political conditions outside of the company’s control. Investors
should not place considerable reliance on the forward-looking
statements contained in this letter. Investors are encouraged to
read our publicly available filings for a discussion of these and
other risks and uncertainties. The forward-looking statements in
this letter speak only as of the date of this release, and we
undertake no obligation to update or revise any of these
statements.
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Avita Medical LtdAdam KelliherChief Executive
OfficerPhone: +44 020 8947 9804akelliher@avitamedical.comorAvita
Medical LtdTim RooneyChief Financial OfficerPhone: + 1 (661)
367-9170trooney@avitamedical.comorAustraliaMonsoon
CommunicationsSarah KemterPhone: +61 (0)3 9620 3333Mobile: +61
(0)407 162 530sarahk@monsoon.com.auorUSAWestwicke
PartnersJamar IsmailPhone +1 (415)
513-1282jamar.ismail@westwicke.com
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