Avita Medical Limited announced that it has received AUD 40 million in funding from Redmile Group, LLC, Karst Peak Capital Limited, Bioscience Managers Pty Ltd
January 17, 2019
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On January 18, 2019, Avita Medical Limited (OTCPK:AVMX.F) closed the transaction. The company issued 189,952,985 shares for gross proceeds of AUD 15,196,238.8 in its second and final tranche closing, brining the total funding raised to AUD 40,000,000. The company has issued 94,976,493 shares to new investors Redmile Offshore II Master Fund, Ltd. and Redmile Strategic Master Fund, LP, funds managed by Redmile Group, LLC. Redmile Group, LLC now owns 250,000,000 shares representing 13.41% stake. Existing investor BioScience Managers Translation Fund I, a fund managed by Bioscience Managers Pty Ltd. subscribed for 62,500,000 to own 5.14% stake. Returning investor Vermilion Peak Master Fund, a fund managed by Karst Peak Capital Limited subscribed for 4,330,199 shares to own 15.57% stake in the company. The company has received $14,370,886 (AUD 20,119,240.4) from one investor pursuant to exemption provided under Regulation D. The company paid finder's fee of $1,294,113 (AUD 1,811,758.2).
AVITA Medical, Inc. is a commercial-stage regenerative medicine company. The Company is a provider of regenerative medicine addressing unmet medical needs in burn injuries, full-thickness skin defects, and in skin repigmentation, such as vitiligo. Its RECELL platform a single use, stand-alone, battery operated, autologous cell harvesting device containing enzymatic and buffer solutions, sterile surgical instruments, and actuators. RECELL is used for the treatment of thermal burn wounds and full-thickness skin defects, and for repigmentation of stable depigmented vitiligo lesions. The platform technology of the RECELL System enables a thin split-thickness skin sample from the patient to be processed and prepared, producing an autologous cellular suspension called Spray-On Skin Cells. These Spray-On Skin Cells are prepared at the point of care in as little as 30 minutes, providing a new way to treat thermal burn wounds and full-thickness skin defects.
Avita Medical Limited announced that it has received AUD 40 million in funding from Redmile Group, LLC, Karst Peak Capital Limited, Bioscience Managers Pty Ltd
AVITA MEDICAL, INC. 
