VALENCIA, Calif. and MELBOURNE, Australia, Sept. 28, 2022 (GLOBE NEWSWIRE) — AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH), a leading regenerative medicine company in the development and commercialization of cellular devices and therapies Autologous for Skin Restoration, today announced the appointment of James Corbett as Chief Executive Officer, effective immediately. Mr. Corbett, who served as a non-executive member of the board of directors, will continue as an executive member of the board of directors of AVITA Medical, Inc.
Mr. Corbett has nearly 40 years of life science experience, having served as CEO of several publicly traded companies including: Microtherapeutics Inc., ev3 Inc and Alphatec Spine. Mr. Corbett has extensive global, commercial and operational experience, having served as expatriate general manager of Baxter Japan and then led global commercialization as managing director and president of Scimed Life Systems and Boston Scientific International respectively. Mr. Corbett then led the development and IPO of ev3 Inc. and served as CEO of three private companies; Home Diagnostics Inc., Vertos Medical Inc. and CathWorks LTD.
“Jim is an experienced strategist with significant business expertise that positions him well to lead AVITA Medical through its next stage of growth and beyond,” said Lou Panaccio, Chairman of AVITA’s Board of Directors. Medical. “After conducting a thorough process using a leading executive search firm, I am confident that Jim is the right leader for the company at this time.”
“The opportunities presented by the RECELL® System and the expected expansion of indications make this a particularly exciting time to be part of the AVITA Medical leadership team,” said Mr. Corbett. “We are well positioned to execute a commercial growth strategy with new indications looming that will allow us to continue to improve the lives and outcomes of our patients.
Mr. Corbett will succeed Dr. Michael Perry, who served as the company’s Executive Director and Chief Executive Officer since June 2017.
“We are grateful to Dr. Perry for his many contributions to AVITA Medical,” said Mr. Panaccio. “We thank him for his commitment to AVITA Medical, its customers, employees, shareholders and the patients we serve.”
ABOUT AVITA MEDICAL, INC.
AVITA Medical is a leading regenerative medicine company in the development and commercialization of autologous cell therapy and devices for skin restoration. The RECELL® System technology platform, approved by the FDA for the treatment of acute thermal burns in adults and children, exploits the regenerative properties of the patient’s own skin to create Spray-On Skin™ cells. Delivered at the point of care, RECELL helps improve clinical outcomes and validate cost savings. RECELL is the catalyst for a new treatment paradigm and AVITA Medical is leveraging its proven and differentiated capabilities to develop best-in-class cell therapies for multiple indications, including acute traumatic wounds and repigmentation of stable vitiligo lesions.
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 approved for acute partial-thickness thermal burns in patients 18 years of age and older or for application in combination with mesh autograft for acute full-thickness thermal burns in pediatric and adult patients. In February 2022, the FDA reviewed and approved the PMA Supplement for RECELL Autologous Cell Harvesting Device, an improved RECELL system aimed at providing clinicians with a more efficient user experience and streamlined workflow.
The RECELL System is used to prepare Spray-On Skin™ cells using a small amount of patient skin, providing a new way to treat severe burns, while greatly reducing the amount of donor skin needed. 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. Compelling data from randomized, controlled clinical trials conducted at leading burn centers in the United States and real-world use in over 15,000 patients worldwide confirms that the RECELL System is a significant advance over the current standard of care for burn patients and offers benefits in terms of clinical outcomes and cost savings. Healthcare professionals should read INSTRUCTIONS FOR USE – RECELL Autologous Cell Collection Device (https://recellsystem.com) for a full description of indications for use and important safety information, including contraindications. directions, warnings and precautions.
In international markets, our products are approved under the RECELL System brand to promote skin healing in a wide range of applications including burns, acute traumatic wounds, vitiligo and aesthetics. The RECELL system is registered with the TGA in Australia, has received CE Mark approval in Europe and has received PMDA approval in Japan. To learn more, visit www.avitamedical.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. These forward-looking statements can generally be identified by the use of words such as “anticipate”, “expect”, “intend”, “could”, “may”, “will”, “believe”, “estimate”, “look”. before”, “forecast”, “goal”, “target”, “project”, “continue”, “outlook”, “direction”, “future”, other words of similar meaning and use of future dates. Forward-looking statements in this press release include, but are not limited to, statements regarding, among other things, our ongoing clinical trials and product development activities, regulatory approval of our products, growth potential future of our business and our ability to achieve our primary strategic, operational and financial objective. Forward-looking statements, by their nature, address matters that are, to varying degrees, uncertain. Each forward-looking statement contained in this press release 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 and achievement of regulatory approvals of our products; physician acceptance, approval and use of our products; failure to obtain the expected benefits from the approval of our products; the effect of regulatory measures; product liability claims; risks associated with international operations and expansion; and other business effects, including the effects of industrial, economic or political conditions beyond the company’s control. Investors should not place substantial reliance on the forward-looking statements contained in this press release. Investors are encouraged to read our publicly available documents for a discussion of these and other risks and uncertainties. The forward-looking statements contained in this press release speak only as of the date of this release, and we undertake no obligation to update or revise any of these statements.
This press release has been cleared by the review board of AVITA Medical, Inc.
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