Avita Medical lands tax credit Down Under

Avita Medical (ASX:AVH) said today that it received a $730,000 (AUD $1 million) Research and Development Tax cash rebate from the Australian Tax Office for its year ending June 30, 2017.

The Valencia, Calif.-based company said the incentive program is designed to provide a cash rebate to support companies in Australia undertaking R&D projects. Avita said that the development of its Recell autologous cell harvesting device.

The Recell autologous cell harvesting device is designed to use the patient’s own skin cells to treat a variety of skin issues, including burns, reconstructive and cosmetic procedures, the Avita Medical said.

“We appreciate the support of the Australian government in the development of our regenerative medicine platform, including the Recell System. Last week’s FDA approval of the RECELL System was a major undertaking and resulted from the contributions by patients, clinical trial investigator teams and our dedicated employees. The non-dilutive funding provided by the R&D Credit over the past several years helped make this success possible,” CEO Dr. Michael Perry said in a press release.

Last week, Avita Medical said that it won FDA premarket approval for its Recell autologous cell harvesting device, now cleared for use in treating severe thermal burns in patients 18 and older, and that it plans to launch the device in the fourth quarter.

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