AVITA Medical, Inc. Announces Pricing of Its Public Offering of Common Stock
February 25 2021 - 12:30AM
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 the pricing of its previously announced underwritten
registered public offering of 2,795,000 shares of its common stock
at a public offering price of US$21.50 per share. As part of the
offering, AVITA Medical granted the underwriters a 30-day option to
purchase at the public offering price up to an additional 419,250
shares of its common stock on the same terms and conditions. All of
the shares of common stock to be sold in the offering are being
offered by AVITA Medical. AVITA Medical expects to close the
offering on or about March 1, 2021, subject to the satisfaction of
customary closing conditions.
Gross proceeds from the offering are expected to
be approximately US$60.1 million assuming no exercise of the
underwriter’s option to purchase additional shares. AVITA Medical
intends to use the net proceeds from this offering (after deducting
the underwriting discounts and commissions and other estimated
offering expenses payable by AVITA Medical) 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 offering. BTIG, LLC is acting
as lead manager and Lake Street Capital Markets, LLC is acting as
co-manager for the offering.
The 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 released on
the ASX on February 24, 2021 (in the United States) / February 25,
2021 (in Australia). A copy of these documents 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
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 the 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 |
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