Avita Medical announces acquisition of intellectual property from McComb Foundation

Nov 29 2011

Avita Medical Ltd. (ASX: AVH), the regenerative medicine company, is pleased to announce that it has successfully completed the transfer and acquisition of intellectual property currently licensed through the McComb Foundation of Western Australia.

“Avita maintains a close working relationship with the scientists at the McComb Foundation and will continue to support sponsored research through McComb to the mutual benefit of Avita, McComb and the general public.”

By the recently signed "Patent Rights Acquisition and Licence Agreement", all patents, patent applications and other patent rights currently licenced to Avita Medical Ltd, including worldwide rights to all intellectual property representing two patent families including: "Cell Suspension Preparation Technique and Device" and "Cell Suspension Preparation Kit", have been assigned and transferred to Avita Medical Ltd by the McComb Foundation. The commercial manifestation of the patented technologies include CellSpray™ for the rapid culture of autologous epithelial cells for reapplication to a wound in the form of cultured epithelial sheets and ReCell® Spray-On Skin™ for the rapid dissociation of epithelial tissue, creation of a suspension of non-culture cells and the immediate delivery of the cell suspension to the patient.

In recognition of the value of the IP, Avita has agreed to pay McComb an on-going royalty of 1% of revenues generated through application of the transferred IP through the life of the current patents.

In related news, Avita has been informed that its application for patent protection titled "Cell Suspension Preparation Technique and Use" for 16 specific claims over the method, resulting cell suspension and apparatus for delivery of disaggregated skin cells has been granted by the Hong Kong SAR Patent Registry, Patent number HK1057713; the duration of the patent is 20 years.

Dr. William Dolphin, CEO of Avita Medical, said: "The importance of international intellectual property protection has increased as Avita has expanded into the global markets with its products. Strong intellectual property protection is a major competitive advantage and a cornerstone of the company's valuation. Securing the ownership of the technology underlying Avita's key regenerative products through this transfer agreement is a significant milestone for the company. Ownership of the patents allows Avita control over the internal and external use of its intellectual property, crucial as the company expands its markets and further develops related IP. Grant of the Hong Kong patent is another important accomplishment. Avita will continue to pursue protection of its intellectual property in the coming years.

"Avita maintains a close working relationship with the scientists at the McComb Foundation and will continue to support sponsored research through McComb to the mutual benefit of Avita, McComb and the general public."

More than 4,500 patients have been treated with ReCell for treatment of chronic ulcers, burns, hypo- and hyper-pigmentation (e.g., Vitiligo, a common skin pigmentation disease), scar revisions (e.g., acne), and aesthetic skin rejuvenation procedures (e.g., wrinkle removal). Use of ReCell has been clinically demonstrated to improve outcomes, reduce morbidity, and reduce length of hospital stay and patient care costs.

Source Avita Medical Ltd.