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AVITA Medical Appoints Interim CFO

May 15, 2019 Off By BusinessWire

VALENCIA, Calif. & MELBOURNE, Australia–(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.