Avita Medical raises $9m, wins $1m R&D tax credit

Avita Medical (ASX:AVH) has raised $8.9 million in a new round of equity financing and obtained an approximately $1 million (AUD $1.4 million) research and development tax credit from the Australian Tax Office, according to recently released documents from the company.

The $8.9 million funding round included participation from a single anonymous investor, according to an SEC filing.

The first sale in the offering was noted on December 7, and the offering included the payment of a $625,144 finders fee as well, according to the SEC filing.

In a separate press release posted this week, the company said it received a $1 million Research & Development Tax Incentive cash rebate from the Australian Tax Office for its year ending June 30, 2018.

The Tax Credit Incentive program provides a cash rebate to support Australian companies conducting R&D projects, which include Avita’s Recall development and related R&D tasks.

“The non-dilutive financing provided by the R&D tax credit has greatly assisted our development of the Recell System and we appreciate the ongoing support of the Australian government. As we close out 2018, we look forward to the next major milestone in Avita’s progression, the early January 2019 U.S. market launch of RECELL for the treatment of thermal burns,” CEO Dr. Michael Perry said in a prepared statement.

In October, Avita Medical said that it launched a new trial of its Recell autologous cell harvesting device exploring its use treating pediatric patients.

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