AVITA Medical Limited Implementation of the Scheme of Arrangement to Redomicile from Australia to the United States of America
June 29 2020 - 12:31AM
Business Wire
AVITA Medical Limited ACN 058 466 523 (Company) is
pleased to announce that the scheme of arrangement to effect the
redomiciliation of the Company and its subsidiaries (Avita
Group) from Australia to the United States of America
(Scheme) has today been implemented. As previously
announced, the Scheme was approved by the Company’s shareholders at
the Scheme meeting held via live webcast on 15 June 2020 and
approved by the Federal Court of Australia on 22 June 2020.
In accordance with the Scheme, all ordinary shares in the
Company have today been transferred to AVITA Therapeutics, Inc.
(Avita US), a company incorporated in the State of Delaware
in the United States of America. Avita US is now the sole
shareholder in the Company and the ultimate parent company of the
Avita Group.
As contemplated by the Scheme, the Scheme consideration was
today issued to eligible shareholders of the Company in the form
of:
- Avita US CHESS Depositary Interests (CDIs), which
commenced trading on a deferred settlement basis on ASX on 24 June
2020 and will commence trading on a normal settlement basis on 30
June 2020 (under the Company’s existing ticker code, “AVH”);
or
- Shares of common stock in Avita US, trading in respect of which
is currently anticipated to commence on the NASDAQ Stock Market LLC
(NASDAQ) on 1 July 2020 (under the Company’s existing ticker
code, “RCEL”).
In relation to Avita US CDIs issued under the Scheme, holding
statements (to issuer sponsored holders) and confirmation advices
(to CHESS holders) will be despatched to eligible shareholders on
30 June 2020.
Avita US, as the successor to the Company, will be subject to
the reporting requirements of the U.S. Securities and Exchange
Commission (SEC) and applicable corporate governance rules
of NASDAQ in addition to the ASX Listing Rules.
Further Information
Further details in relation to the Scheme and its implementation
(including Scheme consideration) are set out in the Scheme Booklet
dated 11 May 2020. A copy of the Scheme Booklet was attached to the
Company’s ASX announcement of 12 May 2020, and is also available on
the Company’s website (https://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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200628005050/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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