AVITA Medical Announces Institutional Placement of A$16.0 Million to Support U.S. Commercialization of the RECELL Device

AVITA Medical (ASX:AVH, OTCQX:AVMXY), a regenerative medicine company with a technology platform positioned to address unmet medical needs in burns, chronic wounds, and aesthetics indications, today announced an institutional placement of A$16.0 million to prepare for the planned U.S. launch of the RECELL® Device in the treatment of severe burns.

As quoted in the press release:

“We appreciate the support of our shareholder group and the investors in this institutional placement as we proceed toward a transformative series of events for AVITA, including the U.S. market launch of the RECELL Device,“ said Dr. Michael Perry, Chief Executive Officer. “Proceeds from this placement will ensure that we are positioned to take full advantage of the expected upcoming PMA approval of the RECELL Device in the U.S., including establishment of our marketing and sales team, scale-up of manufacturing capabilities and expansion of research and development in areas such as pediatric burns, aesthetics and chronic wounds. The extensive series of clinical data presented at the recent ABA and ISPOR conferences strongly supports the value of RECELL in the treatment of severe burns, and we have an exceptional commercial opportunity resulting from the unique combination of improved patient outcomes and substantial health economic benefits.”

Click here to read the full press release.