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

NORTHRIDGE, CA and CAMBRIDGE, UNITED KINGDOM--(Marketwired - November 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.