GlobeNewswire Inc | Nov 10, 2020 08:00AM EST

November 10, 2020

VALENCIA, Calif. and MELBOURNE, Australia, Nov. 10, 2020 (GLOBE NEWSWIRE) -- AVITA Therapeutics, Inc. (NASDAQ: RCEL, ASX: AVH) (Company), a regenerative medicine company that is developing and commercializing a technology platform that enables point-of-care autologous skin restoration for multiple unmet needs, is pleased to announce the results of its 2020 Annual Meeting of Shareholders that was held virtually today, being Monday, November 9, 2020 (Valencia, California) / Tuesday, November 10, 2020 (Melbourne, Australia).

Election of Directors All five directors named in the Companys proxy statement were re-elected to serve on the Companys Board of Directors: Louis Panaccio, Chair; Dr. Michael Perry, Executive Director and CEO; Professor Suzanne Crowe, Director; Louis Drapeau, Director; and Jeremy Curnock Cook, Director.

Appointment of Independent Auditors: Shareholders approved the ratification of Grant Thornton LLP as the Companys independent registered public accounting firm for the fiscal year ending June 30, 2021, as described in the proxy statement.

2020 Omnibus Incentive Plan: Shareholders approved (a) the adoption of the Companys 2020 Omnibus Incentive Plan (the Plan), the terms of which are summarized in the proxy statement; and (b) for the purposes of ASX Listing Rule 7.2 Exception 13(b) and for all other purposes, the issue of equity securities in the Company under and subject to the terms of the Plan for three years commencing on the date of approval of the Plan by the Companys shareholders.

Maximum Aggregate Annual Cash Pool for Non-Executive Directors: Shareholders approved the increase in the maximum aggregate annual cash fee pool from which non-executive directors of the Company may be paid for their service as a member of the board of directors of the Company from A$450,000 per annum to US$600,000 per annum.

Issue of Securities to Mr. Louis Panaccio Shareholders approved the issue of shares of common stock or CHESS Depositary Interests in the Company to Mr. Louis Panaccio (or his nominee) up to a value of US$8,333 in each fiscal year during the three year period from the date of the Annual Meeting of Shareholders under the Plan, in lieu of the equivalent amount of directors fees otherwise payable to him by the Company, on the terms and conditions as set out in the proxy statement.

Issue of Securities to Professor Suzanne Crowe Shareholders approved the issue of shares of common stock or CHESS Depositary Interests in the Company to Professor Suzanne Crowe (or her nominee) up to a value of US$8,333 in each fiscal year during the three year period from the date of the Annual Meeting of Shareholders under Plan, in lieu of the equivalent amount of directors fees otherwise payable to her by the Company, on the terms and conditions as set out in the proxy statement.

Issue of Securities to Mr. Louis Drapeau Shareholders approved the issue of shares of common stock or CHESS Depositary Interests in the Company to Mr. Louis Drapeau (or his nominee) up to a value of US$8,333 in each fiscal year during the three year period from the date of the Annual Meeting of Shareholders under the Plan, in lieu of the equivalent amount of directors fees otherwise payable to him by the Company, on the terms and conditions as set out in the proxy statement.

Issue of Securities to Mr. Jeremy Curnock Cook Shareholders approved the issue of shares of common stock or CHESS Depositary Interests in the Company to Mr. Jeremy Curnock Cook (or his nominee) up to a value of US$8,333 in each fiscal year during the three year period from the date of the Annual Meeting of Shareholders under the Plan, in lieu of the equivalent amount of directors fees otherwise payable to him by the Company, on the terms and conditions as set out in the proxy statement.

Advisory Vote to Approve Compensation of Named Executive Officers: Shareholders voted in favour of the non-binding advisory vote to approve the compensation of the Companys named executive officers.

Advisory Vote to Approve the Frequency of Future Advisory Votes:In relation to the non-binding advisory vote to approve the frequency of future advisory votes to approve executive compensation, shareholders voted in favour of future advisory votes being held every one year.

Dr. Michael Perry, Chief Executive Officer, commented, We are pleased the shareholders of AVITA Therapeutics, Inc. have shown their confidence with the Board of Directors by electing them to serve for another year. The executive team and employees of the Company will continue to execute on our strategies of enrolling subjects in our clinical trials, exploring indications in other adjacencies, and ramping our revenues for the use of RECELL in burns.

The final votes have been reported in a Form 8-K that was filed with the Securities and Exchange Commission earlier today. The filing can be found on the Companys website at https://ir.avitamedical.com/financials/sec-filings.

The voting results of the Annual Meeting of Shareholders for the purposes of ASX Listing Rule 3.13.2 are attached to this announcement.

Authorized for release by the Chief Executive Officer of AVITA Therapeutics, Inc.

ABOUT AVITA THERAPEUTICS, INC.

AVITA Therapeutics is a regenerative medicine company with a technology platform positioned to address unmet medical needs in burns, chronic wounds, and aesthetics indications. AVITA Therapeutics patented and proprietary collection and application technology provides innovative treatment solutions derived from the regenerative properties of a patients own skin. The medical devices work by preparing a RES REGENERATIVE EPIDERMAL SUSPENSION, an autologous suspension comprised of the patients skin cells necessary to regenerate natural healthy epidermis. This autologous suspension is then sprayed onto the areas of the patient requiring treatment.

AVITA Therapeutics 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 indicated for use in the treatment of acute thermal burns in patients 18 years and older. The RECELL System is used to prepare Spray-On Skin Cells using a small amount of a patients own skin, providing a new way to treat severe burns, while significantly reducing the amount of donor skin required. 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 injury. Compelling data from randomized, controlled clinical trials conducted at major U.S. burn centers and real-world use in more than 8,000 patients globally, reinforce that the RECELL System is a significant advancement over the current standard of care for burn patients and offers benefits in clinical outcomes and cost savings. Healthcare professionals should read the INSTRUCTIONS FOR USE - RECELL Autologous Cell Harvesting Device ( https://recellsystem.com/) for a full description of indications for use and important safety information including contraindications, warnings and precautions.

In international markets, our products are marketed under the RECELL System brand to promote skin healing in a wide range of applications including burns, chronic wounds and aesthetics. The RECELL System is TGA-registered in Australia and received CE-mark approval in Europe.

To learn more, visit www.avitamedical.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This announcementincludes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as anticipate, expect, intend, could, may, will, believe, estimate, look forward, forecast, goal, target, project, continue, outlook, guidance, future, other words of similar meaning and the use of future dates. Forward-looking statements in this announcementinclude, but are not limited to, statements concerning, among other things, our ongoing clinical trials and product development activities, regulatory approval of our products, the potential for future growth in our business, and our ability to achieve our key strategic, operational and financial goal. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Each forward- looking statement contained in this announcementis 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 of regulatory approvals of our products; physician acceptance, endorsement, and use of our products; failure to achieve the anticipated benefits from approval of our products; the effect of regulatory actions; product liability claims; risks associated with international operations and expansion; and other business effects, including the effects of industry, economic or political conditions outside of the companys control. Investors should not place considerable reliance on the forward-looking statements contained in this announcement. Investors are encouraged to read our publicly available filings for a discussion of these and other risks and uncertainties. The forward-looking statements in this announcementspeak only as of the date of this announcement, and we undertake no obligation to update or revise any of these statements.

FOR FURTHER INFORMATION:

U.S. MediaSam Brown, Inc.Christy CurranPhone +1 615 414 8668 Investors:christycurran@sambrown.com Westwicke Partners Caroline CornerO.U.S Media Phone +1 415 202 5678Monsoon Communications caroline.corner@westwicke.comRudi MichelsonPhone +61 (0)3 9620 3333Mobile +61 (0)411 402 737rudim@monsoon.com.au



AVITA Therapeutics, Inc.Annual Meeting of ShareholdersNovember 9, 2020 (Pacific Time) / November 10, 2020 (Australian Eastern Daylight Time)Voting Results

The following information is provided for the purposes of ASX Listing Rule 3.13.2.

Resolution Instructions given to validly appointed Number of votes cast on the Resolutiondetails proxies (as at proxy close) poll result Proxy?s d Carried /Resolution For Against iscretion Abstain For Against Abstain* not c arried

Resolution 1:Election ofDirectors toserve a 8,454,939 691,576 0 8,454,939 691,576one-year term 0 0 Carried 92.44% 7.56% 0% 92.44% 7.56%Lou Panaccio,Chairman ofthe Board ofDirectors

Resolution 1:Election ofDirectors toserve aone-year term 8,057,811 1,066,472 0 8,057,811 1,066,472 0 0 CarriedDr. Michael 88.31% 11.69% 0% 88.31% 11.69%Perry,Director andChiefExecutiveOfficer

Resolution 1:Election ofDirectors toserve a 8,158,543 965,187 0 8,158,543 965,187one-year term 0 0 Carried 89.42% 10.58% 0% 89.42% 10.58%JeremyCurnock Cook,Director

Resolution 1:Election ofDirectors toserve a 8,113,245 1,011,038 0 8,113,245 1,011,038one-year term 0 0 Carried 88.92% 11.08% 0% 88.92% 11.08%LouisDrapeau,Director

Resolution 1:Election ofDirectors toserve a 8,140,881 981,886 0 8,140,881 981,886one-year term 0 0 Carried 89.24% 10.76% 0% 89.24% 10.76%ProfessorSuzanneCrowe,Director

Resolution 2:To ratify theappointmentof GrantThornton LLPas the 11,377,348 605,154 0 11,377,348 605,154Company?s 233,655 233,655 Carriedindependent 93.21% 4.96% 0% 93.21% 4.96%publicaccountantsfor thefiscal yearending June30, 2021.

Resolution 3:To approve(a) theadoption ofthe Company?s2020 OmnibusIncentivePlan; and (b)for thepurposes ofASX ListingRule 7.2Exception 13(b) and forall otherpurposes, the 7,267,180 1,495,921 0 7,267,180 1,495,921issue of 384,290 384,290 Carriedequity 79.45% 16.35% 0% 79.45% 16.35%securities inthe Companyunder andsubject tothe terms ofthe 2020OmnibusIncentivePlan forthree yearscommencing onthe date thatit isapproved bythe Company?sstockholders.

Resolution 4:To approvefor thepurposes ofASX ListingRule 10.17and for allotherpurposes thatthe maximumaggregateannual cash 6,642,165 2,130,840 0 6,642,165 2,130,840fee pool from 374,224 374,224 Carriedwhich 72.62% 23.29% 0% 72.62% 23.29%non-executivedirectors ofthe Companymay be paidfor servingon the boardbe increasedfromA$450,000 toUS$600,000per annum.

Resolution 5:To approve,subject toResolution 3passing, theissue ofshares ofcommon stockor CDIs to MrLouisPanaccio (orhis nominee)over the next 7,812,194 946,460 0 7,812,194 946,460three years 388,575 388,575 Carriedup to a value 85.40% 10.35% 0% 85.40% 10.35%of US$8,333in eachfiscal yearunder theCompany?s2020 OmnibusIncentivePlan,pursuant toand for thepurposes ofASX ListingRule 10.14.

Resolution 6:To approve,subject toResolution 3passing, theissue ofshares ofcommon stockor CDIs toProf SuzanneCrowe (or hernominee) overthe next 7,885,577 870,563 0 7,885,577 870,563three years 391,089 391,089 Carriedup to a value 86.20% 9.52% 0% 86.20% 9.52%of US$8,333in eachfiscal yearunder theCompany?s2020 OmnibusIncentivePlan,pursuant toand for thepurposes ofASX ListingRule 10.14.

Resolution 7:To approve,subject toResolution 3passing, theissue ofshares ofcommon stockor CDIs to MrLouis Drapeau(or hisnominee) overthe next 7,874,138 878,478 0 7,874,138 878,478three years 394,613 394,613 Carriedup to a value 86.09% 9.60% 0% 86.09% 9.60%of US$8,333in eachfiscal yearunder theCompany?s2020 OmnibusIncentivePlan,pursuant toand for thepurposes ofASX ListingRule 10.14.

Resolution 8:To approve,subject toResolution 3passing, theissue ofshares ofcommon stockor CDIs to MrJeremyCurnock Cook(or hisnominee) overthe next 7,868,343 882,367 0 882,367three years 396,519 7,868,343 396,519 Carriedup to a value 86.02% 9.65% 0% 9.65%of US$8,333 86.02%in eachfiscal yearunder theCompany?s2020 OmnibusIncentivePlan,pursuant toand for thepurposes ofASX ListingRule 10.14.

Resolution 9:Advisory voteto approvethe 4,619,013 4,289,735 0 4,619,013 4,289,735compensation 238,481 238,481 Carriedof the 50.49% 46.90% 0% 50.49% 46.90%Company?snamedexecutiveofficers.

Resolution Instructions given to validly appointed Number of votes cast on the poll Resolutiondetails proxies (as at proxy close) resultResolution One year Two Three Proxy?s Abstain One year Two Three Abstain* Result years years discretion years years

Resolution10:Advisoryvote toapprove thefrequency offuture 7,783,828 298,482 781,285 0 7,783,828 298,482 781,285advisory 290,424 290,424 One Yearvotes to 85.04% 3.26% 8.53% 0% 85.04% 3.26% 8.53%approveexecutivecompensation(every one,two or threeyears).

*Votes relating to a person who abstained on Resolution 1, 4, 5, 6, 7, 8 or 10 (as applicable) were not counted in determining whether or not the required majority of votes were cast for or against that Resolution. Votes relating to a person who abstained on Resolution 2, 3 or 9 (as applicable) were counted as votes AGAINST that Resolution in determining whether or not the required majority of votes were cast for or against that Resolution.