Directors take up to 100 per cent of fees in shares • Follows shareholder approval of employee share plan in November last year Northridge, CA, USA, Perth, Australia and Cambridge, United Kingdom, 23 May 2017 —link here
The board of pioneering regenerative medicine company Avita Medical Limited (ASX: AVH; OTCQX: AVMXY), have shown a strong vote of confidence in the company by taking part or all of their Director’s fees in the form of shares.
The Board policy of Avita is that individual Directors will invest an amount equivalent to 100% of their annual remuneration over a 3-4 year period. This policy follows from the shareholder approval of the employee share plan in November last year. Today’s allotment of shares is the first tranche of quarterly investments to be made.
Avita Medical chairman, Lou Panaccio, said the participation by directors in the plan was a strong show of confidence in the potential of the company.
“Avita’s ReCell® technology is proving itself in a variety of clinical areas including as a treatment for a variety of burns, plastic, reconstructive and cosmetic procedures and also as a treatment for vitiligo,’’ said Mr Panaccio.
“This decision by directors of the company shows that we are highly aligned with the interests of shareholders and strongly believe in the commercial potential of ReCell®,’’ he said.
ABOUT AVITA MEDICAL LIMITED Avita’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 (RES™), an autologous suspension comprised of the patients’ own skin cells and wound healing factors that are necessary to regenerate natural healthy skin. This is then applied to the area to be treated.
In all countries outside of Europe, our portfolio is marketed under the ReCell® brand to promote skin healing in a wide range of applications including burns, chronic wounds and aesthetics.
ReCell® is TGA-registered in Australia, and CFDA-cleared in China. In the United States, ReCell® is an investigational device limited by federal law to investigational and compassionate use.
In Europe, our portfolio of medical device products received CE-mark approval as three tailored product presentations, with three individual brand names. ReCell® is designed for the treatment of burns and plastic reconstructive procedures; ReGenerCell™ has been formulated for chronic wounds including leg and foot ulcers; and ReNovaCell™ is tailored for aesthetic applications including the restoration of pigmentation.
To learn more, visit www.avitamedical.com.
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FOR FURTHER INFORMATION: Avita Medical Ltd Adam Kelliher Chief Executive Officer Phone: +44 020 8947 9804 email@example.com Avita Medical Ltd Tim Rooney Chief Financial Officer Phone: + 1 (661) 367-9170 firstname.lastname@example.org Australia Monsoon Communications Sarah Kemter Phone: +61 (0)3 9620 3333 Mobile: +61 (0)407 162 530 email@example.com USA Westwicke Partners Jamar Ismail Phone +1 (415) 513-1282 firstname.lastname@example.org