Avita Medical – Rights Issue Raises $12.4 Million

Avita Medical announces Rights Issue raises $12.4 million Valencia, CA, USA, Perth, Australia and Cambridge, United Kingdom, — Avita Medical Ltd. (ASX: AVH), (OTCQX: AVMXY), a regenerative medicine company specializing in the treatment of wounds and skin defects, today announced the results of the Non-Renounceable Rights Issue.

The Board of Avita Medical Limited is pleased to announce that a total of 154,745,176 fully paid ordinary shares were taken up by Shareholders under the non-renounceable rights issue (including the shareholder’s shortfall facility) which closed on 2 November 2017 (Rights Issue).

“We are pleased to acknowledge the continued support received from our shareholders and wish to thank them for their commitment to our strategic goals to commercialise our regenerative platform technology,” said Avita CEO Dr Mike Perry. “Of the eligible rights available to be taken, we are pleased to note that the acceptances represent a 60% take up by the Company’s shareholders.”

This has resulted in a shortfall of 121,757,677 shares which were taken up by Bell Potter Securities Limited (and their clients), the underwriter of the Rights Issue, resulting in a total issue of 276,502,853 Shares to raise a gross total of $12,442,628 under the Rights Issue.

The Directors wish to thank shareholders for their ongoing support of the Company and advise that a holding statement for the new shares will be despatched shortly.

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, while a PMA for ReCell® is currently under review by the FDA, the product continues to be an investigational device limited by federal law to investigational 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.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
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.

FOR FURTHER INFORMATION:
Australia
Monsoon Communications
Sarah Kemter
Phone: +61 (0)3 9620 3333
Mobile: +61 (0)407 162 530
sarahk@monsoon.com.au

USA
Westwicke Partners
Caroline Corner
Phone +1 (415) 202-5678
caroline.corner@westwicke.com

Avita Medical Ltd
Tim Rooney
Chief Financial Officer
Phone +1 (661) 367-9161
trooney@avitamedical.com