Avita Medical Completes Sale of Respiratory Business for $2.47 Million

Avita Medical Limited (ASX:AVH, OTCQX:AVMXY), a regenerative medicine company specializing in the treatment of wounds and skin defects, has completed the sale of its respiratory business to Medical Developments International Limited (ASX: MVP) for $2.47 million.
According to the company’s press release:

The sale represents the second input of non-dilutive capital Avita has received in recent months, following last September’s conclusion of a deal worth up to USD $54.9m from the US federal disaster preparedness agency BARDA. The company is already invoicing BARDA under a program to support the completion of Avita’s FDA approval and its entry to the US market.

Avita Medical’s CEO, Adam Kelliher commented:

With the sale of the respiratory business, we now have complete focus on our most valuable asset — our ReCell® autologous cell harvesting technology. The sale proceeds will enable us to focus on our core commercialisation and clinical goals, such as completing our ReCell® FDA approval trial, currently underway in the US.

Click here to view the press release.