AVITA Medical Appoints Interim CFO
May 14 2019 - 9:45PM
Business Wire
AVITA Medical (ASX: AVH, OTCQX: AVMXY), a global regenerative
medicine company, announced today that Dale A. Sander is resigning
as Chief Financial Officer (CFO) to spend more time with his family
on the east coast, effective immediately. Tim Rooney, AVITA’s Chief
Administrative Officer, will assume the role of interim CFO until a
comprehensive search can be completed. Tim previously served as CFO
for AVITA from 2012 to 2017 before assuming his current role.
“We thank Dale for his service and contributions to AVITA over
the past eighteen months and wish him all the best,” said Dr. Mike
Perry, Chief Executive Officer. “This year has proven to be
transformational for AVITA as we continue the launch of our first
product for the treatment of burns in the United States. Tim is
well suited to assume the interim role of CFO. In addition to his
deep financial expertise and previous experience as AVITA’s CFO,
Tim is instrumental in our ongoing operational and strategic
growth.”
Mr. Rooney joined AVITA Medical as CFO and Chief Operating
Officer in 2012, leading various key executive roles including
interim CEO from 2013 to 2015. Prior to AVITA, Mr. Rooney was an
executive at PDI Enterprises, Inc., a pharmaceutical wholesale
distributor, where he served as CFO/COO, and managed their revenue
growth from $5 million to $430 million. Mr. Rooney holds degrees in
Business Administration with an emphasis in Finance and Economics
and has over 25 years of experience in C-level financial and
operational management in the healthcare industry.
AVITA has retained an executive recruiting firm to commence a
formal search for a permanent Chief Financial Officer.
ABOUT AVITA MEDICAL LIMITED
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. The medical
devices work by preparing a REGENERATIVE EPIDERMAL SUSPENSION™
(RES™), an autologous suspension comprised of the patient’s skin
cells necessary to regenerate natural healthy epidermis. This
autologous suspension is then sprayed onto the areas of the patient
requiring treatment.
AVITA Medical’s first U.S. product, the RECELL® System, was
approved by the U.S. Food and Drug Administration (FDA) in
September 2018. The RECELL System is indicated for use in the
treatment of acute thermal burns in patients 18 years and older.
The RECELL System is used to prepare Spray-On Skin™ Cells using a
small amount of a patient’s own skin, providing a new way to treat
severe burns, while significantly reducing the amount of donor skin
required. The RECELL System is designed to be used at the point of
care alone or in combination with autografts depending on the depth
of the burn injury. Compelling data from randomized, controlled
clinical trials conducted at major U.S. burn centers and real-world
use in more than
7,000 patients globally, reinforce that the RECELL System is a
significant advancement over the current standard of care for burn
patients and offers benefits in clinical outcomes and cost savings.
Healthcare professionals should read the INSTRUCTIONS FOR USE -
RECELL® Autologous Cell Harvesting Device
(https://recellsystem.com/) for a full description of indications
for use and important safety information including
contraindications, warnings and precautions.
In international markets outside of Europe, our products are
marketed under the RECELL System brand to promote skin healing in a
wide range of applications including burns, chronic wounds and
aesthetics. The RECELL System is TGA-registered in Australia and
CFDA-cleared in China.
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.
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U.S. MediaSam Brown, Inc.Christy CurranPhone:
+1-615.414.8668christycurran@sambrown.com
O.U.S. MediaMonsoon CommunicationsSarah
KemterPhone: +61 (0)3 9620 3333Mobile: +61 (0)407 162
530sarahk@monsoon.com.au
InvestorsWestwicke PartnersCaroline CornerPhone:
+1-415-202-5678caroline.corner@westwicke.com
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