SOURCE: Avita Medical

Avita Medical

November 11, 2014 05:30 ET

Avita Medical Announces Receipt of $1.4 Million R&D Tax Incentive

NORTHRIDGE, CA and CAMBRIDGE, UNITED KINGDOM--(Marketwired - Nov 11, 2014) - Avita Medical Ltd. (ASX: AVH) (OTCQX: AVMXY) a regenerative medicine company specializing in the treatment of wounds and skin defects, today announced that it has received an Australian R&D Tax Incentive payment of $1.4M for the financial year ending 30 June 2014.

"The payment resulting from Australia's R&D Tax Incentive program provides an important additional resource to innovate new advancements and explore additional applications for our proprietary technology platform, ReCell® Spray-On Skin®," commented Tim Rooney, Avita Medical's Interim Chief Executive Officer.

ABOUT AVITA MEDICAL LIMITED

Avita Medical (http://www.avitamedical.com) develops and distributes regenerative 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 United States, ReCell is an investigational device limited by federal law to investigational use. A Phase III FDA trial is in process.

Contact Information

  • FOR FURTHER INFORMATION:

    Avita Medical Ltd.
    Tim Rooney
    Interim Chief Executive Officer/Chief Financial Officer
    Phone: + 1 (818) 827-1695
    Email: trooney@avitamedical.com

    Avita Medical Ltd.
    Lou Panaccio
    Chairman
    Phone: +61 (0) 8 9474 7738
    Email: lpanaccio@avitamedical.com