AVITA Medical Limited ACN 058 466 523 (Company) is
pleased to announce that the Federal Court of Australia
(Court) has today approved the scheme of arrangement to
effect a redomiciliation of the Company and its subsidiaries
(Avita Group) from Australia to the United States of America
(Scheme), under which AVITA Therapeutics, Inc. ARBN 641 288
155 (Avita US), a company incorporated in the State of
Delaware in the United States of America, will become the parent
company of the Avita Group.
The Company expects to lodge a copy of the Court orders with the
Australian Securities and Investments Commission (ASIC)
tomorrow (Tuesday, 23 June 2020). Once the orders are registered
with ASIC, the Scheme will become effective.
The Company’s shares will be suspended from trading on the ASX
from close of trading on Tuesday, 23 June 2020.
The expected timetable for implementation of the Scheme is set
out below:
Event
Indicative Date
Effective Date for the Scheme
Last day of trading of the Company’s
shares on the ASX
23 June 2020
Listing of Avita US on the ASX
Trading of Avita US Chess Depositary
Interests (CDIs) commences on the ASX on a deferred
settlement basis
24 June 2020
Record Date (for determining the
entitlements of shareholders of the Company to Avita US shares or
Avita US CDIs)
7.00pm (AEST) on 25 June 2020
Last day of trading of the Company’s
American Depositary Shares (ADSs) on NASDAQ
Last day of trading of Avita US CDIs on
the ASX on a deferred settlement basis
29 June 2020
Implementation Date
Issue of Avita US shares or Avita US CDIs
to eligible shareholders of the Company
29 June 2020
Listing of Avita US on NASDAQ
Trading of Avita US Shares commences on
NASDAQ
Promptly following the Implementation
Date
Trading of Avita US CDIs commences on the
ASX on a normal basis
30 June 2020
Any changes to the above dates will be announced to the ASX and
NASDAQ and via news release, and will also be notified on the
Company’s website (www.avitamedical.com).
Authorised for release by the Chief Financial Officer of AVITA
Medical Limited.
ABOUT AVITA MEDICAL LIMITED
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
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.
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 8,000 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
(https://recellsystem.com/) 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.
To learn more, visit www.avitamedical.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This announcement 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 announcement 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 announcement 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 announcement.
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 announcement speak only as of
the date of this release, and we undertake no obligation to update
or revise any of these statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200622005560/en/
U.S. Media Sam Brown, Inc. Christy Curran Phone +1
615 414 8668 christycurran@sambrown.com
O.U.S Media Monsoon Communications Rudi Michelson
Phone +61 (0)3 9620 3333 Mobile +61 (0)411 402 737
rudim@monsoon.com.au
Investors: Westwicke Partners Caroline Corner
Phone +1 415 202 5678 caroline.corner@westwicke.com
AVITA Medical Ltd David McIntyre Chief Financial Officer
Phone +1 661 367 9178 dmcintyre@avitamedical.com
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