NORTHRIDGE, Calif. & CAMBRIDGE, United Kingdom--(BUSINESS WIRE)--Avita Medical Ltd. (ASX:AVH)(OTCQX:AVMXY), the regenerative medical company, is pleased to announce that it has initiated trading of its American Depositary Receipts (“ADRs”) on the OTCQX® International marketplace in the United States. Avita’s ADRs are being traded under the symbol AVMXY; each ADR contains 20 ordinary shares.
“Trading on the OTCQX marketplace will provide a direct market for US investors to participate in the growth of Avita Medical,” said Dr William Dolphin, CEO, Avita. “We are currently at an exciting phase in the evolution of the company, with ReCell® Spray-On SkinTM on the market and generating revenues in several countries and in Phase 3 clinical studies in the United States.”
OTCQX is the premier tier of the OTC market designed for quality OTC companies that meet the highest financial standards and undergo a qualitative review. Financial disclosures and quotes for Avita are available on www.otcqx.com and www.otcmarkets.com.
The Company’s shares will continue to trade on the Australian Securities Exchange (ASX) as its primary market under the symbol AVH. In addition, the AVMXF symbol, which represents the US price for Australian ordinary shares, will continue to trade on the OTC grey market. AVMXF shareholders may, at their discretion, convert AVMXF shares into ADRs for a nominal fee by contacting Bank of New York Mellon, Avita Medical’s depositary bank.
ABOUT AVITA MEDICAL LTD.
Avita Medical (www.avitamedical.com) develops and distributes regenerative and tissue-engineered 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® Spray-On SkinTM, 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 U.S. ReCell is an investigational device limited to investigational use.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) is a financial information and technology services company that provides the world's largest electronic marketplace for broker. Our OTC Link® trading system delivers price transparency in over 10,000 securities and enables direct interaction between broker-dealers that provide liquidity and execution services.
This news release may include forward-looking statements that involve risks and uncertainties, speak only as at the date of this release and are based on management’s expectations concerning future events that are subject to risks, uncertainties and other factors outside the control of Avita Medical; actual results may differ materially from such statements.