AVITA Medical, Inc. Announces Proposed Public Offering of Common Stock
February 24 2021 - 4:01PM
AVITA Medical, Inc. (Nasdaq: RCEL; ASX: AVH) (“AVITA Medical”), a
regenerative medicine company that is developing and
commercializing a technology platform that enables point-of-care
autologous skin restoration for multiple unmet needs, today
announced that it has commenced an underwritten registered public
offering of its common stock. In addition, AVITA Medical is
expected to grant the underwriters a 30-day option to purchase up
to an additional 15% of the shares of its common stock sold in the
offering on the same terms and conditions. All of the shares of
common stock to be sold in the proposed offering will be offered by
AVITA Medical. The proposed offering is subject to market and other
conditions, and there can be no assurance as to whether or when the
offering may be completed, or as to the actual size or terms of the
offering.
AVITA Medical intends to use the net proceeds
from this proposed offering to fund its current product development
pipeline, to pursue approvals of its products for additional
indications and for general corporate purposes, which may include
licensing arrangements.
Piper Sandler & Co. and Cowen and Company,
LLC are acting as joint book-running managers for the proposed
offering.
The proposed offering is being made pursuant to
a shelf registration statement on Form S-3 (File No. 333-249419)
that was previously filed with the Securities and Exchange
Commission (the “SEC”) on October 9, 2020 and declared effective on
October 16, 2020 and that was also publicly released on the
Australian Securities Exchange (“ASX”). A preliminary prospectus
supplement and accompanying prospectus related to and describing
the terms of the proposed offering have been filed with the SEC and
may be obtained by visiting EDGAR on the SEC's website at
www.sec.gov or by contacting Piper Sandler & Co., Attention:
Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis,
Minnesota 55402, by e-mail at prospectus@psc.com, or by phone at
(800) 747-3924, or Cowen and Company, LLC, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention:
Prospectus Department, by telephone at (833) 297-2926 or by email
at PostSaleManualRequests@broadridge.com. The final terms of the
proposed offering will be disclosed in a final prospectus
supplement to be filed with the SEC and released on the ASX.
This press release shall not constitute an offer
to sell, or the solicitation of an offer to buy, nor may there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About AVITA Medical, Inc.:
AVITA 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 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.
AVITA 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 more
than 10,000 patients globally, reinforce that the RECELL System is
a significant advancement over the current standard of care for
burn patients and offers benefits in clinical outcomes and cost
savings. Healthcare professionals should read the INSTRUCTIONS FOR
USE - RECELL® Autologous Cell Harvesting Device for a full
description of indications for use and important safety information
including contraindications, warnings and precautions.
In international markets, our products are
marketed under the RECELL System brand to promote skin healing in a
wide range of applications including burns, chronic wounds and
aesthetics. The RECELL System is TGA-registered in Australia and
received CE-mark approval in Europe.
Forward-Looking Statements:
This press release contains “forward-looking
statements” within the meaning of Section 27A of Private Securities
Litigation Reform Act of 1995. Although the forward-looking
statements in this release reflect the good faith judgment of
management, forward-looking statements are inherently subject to
known and unknown risks and uncertainties that may cause actual
results to be materially different from those discussed in these
forward-looking statements. Readers are urged to carefully review
and consider the various disclosures made by AVITA Medical in the
reports it has filed with the SEC, including the “Risk Factors”
section of the Company’s Annual Report 10-K for the year ended June
30, 2020 for a description of the risks that may affect its
business, financial condition, results of operation and cash flows.
If one or more of these risks or uncertainties materialize, or if
the underlying assumptions prove incorrect, AVITA Medical’s actual
results may vary materially from those expected or projected.
Readers are urged not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. AVITA Medical assumes no obligation to update any
forward-looking statements in order to reflect any event or
circumstance that may arise after the date of this release, except
as required by law.
For Further Information:
U.S. MediaSam Brown, Inc. Christy CurranPhone
+1-615-414-8668christycurran@sambrown.comO.U.S.
MediaRudi Michelson Phone +61 (0)3 9620 3333Mobile +61
(0)411 402 737rudim@monsoon.com.au |
InvestorsWestwicke PartnersCaroline Corner Phone
+1-415-202-5678caroline.corner@westwicke.com |
Avita Medical (NASDAQ:RCEL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Avita Medical (NASDAQ:RCEL)
Historical Stock Chart
From Apr 2023 to Apr 2024