Avita Medical Announces Free Issuance Period for Conversion of AVMXF Shares to AVMXY ADRs
June 05 2012 - 3:03PM
Business Wire
Avita Medical Ltd. (ASX: AVH) (OTC: AVMXF)
(OTCQX:AVMXY), the regenerative medicine company, today
announced a free issuance period through the Bank of New York
Mellon whereby AVMXF shareholders may bundle their shares into
American Depository Receipts (ADRs) to trade under the AVMXY
symbol. The bundling fee will be waived by the Bank of New York
Mellon for the three-month period starting June 11, 2012 and ending
on September 11, 2012.
Avita Medical trades its ordinary shares on the Australian Stock
Exchange under the AVH symbol. The AVMXF shares represent ordinary
Australian shares that have been settled in US dollars. Each AVMXY
ADR consists of a bundle of 20 ordinary shares.
Conversion of AVMXF shares allows US investors to freely trade
ADRs, thereby avoiding the costs and complexities, including
currency exchange fluctuations, involved in buying shares on
foreign exchanges.
“This is an excellent opportunity for our U.S. investors to
bundle their AVMXF shares into AVMXY ADRs, for which we anticipate
increased trading volume over time,” said William Dolphin, Ph.D.,
CEO of Avita Medical. “BNY Mellon has graciously offered to waive
the bundling fee for our shareholders for a three month period. We
encourage all interested AVMXF shareholders to visit our website or
contact BNY Mellon to take advantage of this opportunity.”
Investors holding AVMXF shares who are interested in bundling
their shares into the AVMXY ADRs should contact the Company’s
transfer agent, Bank of New York Mellon (“BNY Mellon”):
Kristen ReschBank of New York Mellon Depository
Receipts+1-212-815-2213kirsten.resch@bnymellon.com
ABOUT AVITA MEDICAL LTD.
Avita Medical (http://www.avitamedical.com/) develops and
distributes regenerative and tissue-engineered products for the
treatment of a broad range of wounds, scars and skin defects.
Avita’s patented and proprietary tissue-culture, collection and
application technology provides innovative treatment solutions
derived from a patient’s own skin. The company’s lead product,
ReCell® Spray-On Skin™, is used in a wide variety of burns,
plastic, reconstructive and cosmetic procedures. ReCell is
patented, CE-marked for Europe, TGA-registered in Australia, and
SFDA-cleared in China. ReCell is not available for sale in the
United States; in the U.S. ReCell is an investigational device
limited by federal law to investigational use. A Phase III FDA
trial is in process.