AVITA Medical Announces Results of Extraordinary General Meeting

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, announced that both resolutions presented to shareholders were approved at an Extraordinary General Meeting held today. The Extraordinary General Meeting of the Members of AVITA Medical Limited was held at 10:00 a.m. AEST today at the offices of K&L Gates, Melbourne, Australia. The results of the vote are summarized below.

Both resolutions related to the June 2018 institutional placement of shares to international and Australian institutional and sophisticated investors for A$16 million, with the placement occurring in two tranches. Tranche 1 of the institutional placement, totaling A$12.77 million, settled on 12 June 2018. Settlement of Tranche 2 totaling A$3.25 million was subject to shareholder approval at today’s Extraordinary General Meeting, and as a result of today’s vote will settle in late July 2018.

Resolution 1- Ratification of Prior Issue Shares

“That, for the purposes of ASX Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of 153,285,399 Shares to professional and sophisticated investors prior to the date of this meeting on the terms and conditions set out in the Explanatory Statement.”

Details of proxies received were as follows:





Votes cast FOR the motion     133,737,890     91.09%
Votes cast AGAINST the motion     11,364,025     7.74%
Proxy’s discretion    




Total Votes Cast     146,819,210    


Votes Abstained     1,576,766      

The resolution was passed unanimously on a show of hands.

Resolution 2- Approval to Issue Shares to Raise up to $3.25 Million

“That for the purposes of ASX Listing Rule 7.1 and for all other purposes, shareholders approve and authorise the Company to issue up to 65,000,000 ordinary shares at an issue price of $0.05 per share to professional and sophisticated investors raising in aggregate $3.25 million and otherwise on the terms detailed in the Explanatory Statement."

Details of proxies received were as follows:

      Number     %
Votes cast FOR the motion     112,199,481     83.33%
Votes cast AGAINST the motion     20,473,666     15.21%
Proxy’s discretion     1,970,585     1.46%
Total Votes Cast     134,643,732     100.00%
Votes Abstained     13,752,244      

The resolution was passed unanimously on a show of hands.


AVITA Medical is a regenerative medicine company with a technology platform positioned to address unmet medical needs in burns, chronic wounds, and aesthetics indications. AVITA Medical’s patented and proprietary collection and application technology provides innovative treatment solutions derived from the regenerative properties of a patient’s own skin. Our medical devices work by preparing a REGENERATIVE EPITHELIAL SUSPENSION™, an autologous suspension comprised of the patient’s own skin cells and wound healing factors that are necessary to regenerate natural healthy skin. This autologous suspension is then sprayed onto the areas of the patient to be treated.

In the United States, the RECELL Device is an investigational device limited by federal law to investigational use. In September 2017, AVITA Medical submitted to the U.S. Food and Drug Administration (FDA) a PreMarket Approval (PMA) application for RECELL for the treatment of burn injuries.

In all countries outside of Europe, our portfolio is marketed under the RECELL Device brand to promote skin healing in a wide range of applications including burns, chronic wounds and aesthetics. RECELL Device is TGA-registered in Australia, and CFDA-cleared in China.

In Europe, our portfolio of medical device products received CE-mark approval as three tailored product presentations, with three individual brand names. RECELL Device is designed for the treatment of burns and plastic reconstructive procedures; REGENERCELL™ Autologous Cell Harvesting Device has been formulated for chronic wounds including leg and foot ulcers; and RENOVACELL™ Autologous Cell Harvesting Device is tailored for aesthetic applications including the restoration of pigmentation.

To learn more, visit www.avitamedical.com.


This letter includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “intend,” “could,” “may,” “will,” “believe,” “estimate,” “look forward,” “forecast,” “goal,” “target,” “project,” “continue,” “outlook,” “guidance,” “future,” other words of similar meaning and the use of future dates. Forward-looking statements in this letter include, but are not limited to, statements concerning, among other things, our ongoing clinical trials and product development activities, regulatory approval of our products, the potential for future growth in our business, and our ability to achieve our key strategic, operational and financial goal. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Each forward-looking statement contained in this letter is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the timing of regulatory approvals of our products; physician acceptance, endorsement, and use of our products; failure to achieve the anticipated benefits from approval of our products; the effect of regulatory actions; product liability claims; risks associated with international operations and expansion; and other business effects, including the effects of industry, economic or political conditions outside of the company’s control. Investors should not place considerable reliance on the forward-looking statements contained in this letter. Investors are encouraged to read our publicly available filings for a discussion of these and other risks and uncertainties. The forward-looking statements in this letter speak only as of the date of this release, and we undertake no obligation to update or revise any of these statements.


OUS Media
Monsoon Communications
Sarah Kemter
Phone: +61 (0)3 9620 3333
Mobile: +61 (0)407 162 530
US Media
Syneos Health Public Relations
David Polk
Phone: +1 (310) 309 1029
Mobile: +1 (805) 428 5775
Westwicke Partners
Caroline Corner
Phone: +1 (415) 202-5678
AVITA Medical Ltd
Dale A. Sander
Chief Financial Officer
Phone: +1 (858) 663-6993


Source: AVITA Medical

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