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[July 01, 2014]
Avita Medical Ltd (ASX:AVH) New Chairman and Board Changes
(ABN Newswire Via Acquire Media NewsEdge) Northridge, Calif., and Cambridge, United Kingdom, United States, July 1, 2014 - (ABN Newswire) - Regenerative medicine company Avita Medical Ltd (ASX:AVH) (OTCMKTS:AVMXY) "Avita Medical" is pleased to welcome incoming Chairman, Lou Panaccio, who today has formally commenced his role.
Mr Panaccio, who also serves as a Non-Executive Director of ASX50 company, Sonic Healthcare Limited, was appointed in May 2014 after an extensive search for a permanent Chairman, during which time Ian Macpherson fulfilled the role in an interim capacity since November 2013.
Also effective 1 July 2014, Mr Macpherson will step down from the Interim Chairman's role, while remaining on the Board in the role of Non-Executive Director. Additionally, Non-Executive Director Dalton Gooding, resigns from the board of Avita Medical having provided 12 years' of excellent service.
Mr Panaccio said that he was pleased to officially commence in his role, having used the past two months to develop a thorough understanding of Avita Medical's business case and value proposition.
"I am committed to adding value to the company and ensuring Avita Medical's lead product, ReCell, sustains its competitive advantage in the market for regenerative medicine technology," he said.
"The improving commercial viability of ReCell is encouraging and the recent clinical trials that have demonstrated the superior clinical solutions that ReCell provides will help to increase clinical uptake of ReCell.
Mr Macpherson said that Mr Panaccio's appointment would further support Avita Medical's commercial strategy, drawing on his comprehensive board level experience in the biotech industry and guiding companies through the stages from concept to commercialisation.
"I'm really pleased that Lou has joined the Avita Medical Board of Director's and I believe he will make a significant contribution to the development of the clinical and commercial value of ReCell. I also sincerely thank Dalton for his commitment and long-term service as Chairman and director to Avita Medical," he said.
In addition to his Sonic Healthcare Limited role, Mr Panaccio is the Executive Chairman of Health Networks Australia Group, Non-Executive Director Yarra Community Housing, Non-Executive Director Inner East Community Health Service and Executive Chairman of Genera Biosystems Limited. He was also the Chief Executive Officer and Executive Director of Melbourne Pathology for 10 years to 2001. Mr Panaccio has also served in executive and board roles with CPW Group, Monash IVF Group, Primelife Corporation and other private entities.
Timothy Rooney continues in the role of Interim Chief Executive Officer, having successfully managed the Company for the six months post his initial appointment. The Board considered it appropriate that the Company's new Chairman oversees any potential changes to the management structure. The appointment of a permanent Chief Executive Officer will be communicated in due course.
To view the release, please visit:http://media.abnnewswire.net/media/en/docs/77514-ASX-AVH-20140701.pdf About Avita Medical Ltd: Avita Medical (
) 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(R) Spray-On Skin(R), 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.
Contact: Avita Medical Ltd Lou Panaccio Chairman Tel: +61-8-9474-7738 Avita Medical Ltd Tim Rooney Interim Chief Executive Officer /Chief Financial Officer Tel: +1-818-827-1695 E-mail: email@example.com Copyright (C) 2014 ABN Newswire. All rights reserved.
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