Exhibit 99.1
AVITA MEDICAL, INC. ANNOUNCES PRICING OF ITS PUBLIC OFFERING OF
COMMON STOCK
VALENCIA, Calif., Feb. 24, 2021 and MELBOURNE, Australia, Feb. 25, 2021 – AVITA Medical, Inc. (Nasdaq: RCEL; ASX: AVH) (“AVITA Medical”), a regenerative medicine company that is developing and commercializing a technology platform that enables point - of-care autologous skin restoration for multiple unmet needs , today announced the pricing of its previously announced underwritten registered public offering of 2,795,000 shares of its common stock at a public offering price of US$21.50 per share. As part of the offering, AVITA Medical granted the underwriters a 30-day option to purchase at the public offering price up to an additional 419,250 shares of its common stock on the same terms and conditions. All of the shares of common stock to be sold in the offering are being offered by AVITA Medical. AVITA Medical expects to close the offering on or about March 1, 2021, subject to the satisfaction of customary closing conditions.
Gross proceeds from the offering are expected to be approximately US$60.1 million assuming no exercise of the underwriter’s option to purchase additional shares. AVITA Medical intends to use the net proceeds from this offering (after deducting the underwriting discounts and commissions and other estimated offering expenses payable by AVITA Medical) to fund its current product development pipeline, to pursue approvals of its products for additional indications and for general corporate purposes, which may include licensing arrangements.
Piper Sandler & Co. and Cowen and Company, LLC are acting as joint book-running managers for the offering. BTIG, LLC is acting as lead manager and Lake Street Capital Markets, LLC is acting as co-manager for the offering.
The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333- 249419) that was previously filed with the Securities and Exchange Commission (the “SEC”) on October 9, 2020 and declared effective on October 16, 2020 and that was also publicly released on the Australian Securities Exchange (“ASX”). A preliminary prospectus supplement and accompanying prospectus related to and describing the terms of the proposed offering have been filed with the SEC and released on the ASX on February 24, 2021 (in the United States) / February 25, 2021 (in Australia). A copy of these documents may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or by contacting Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by e-mail at prospectus@psc.com, or by phone at (800) 747-3924, or Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, by telephone at (833) 297-2926 or by email at PostSaleManualRequests@broadridge.com. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC and released on the ASX.
