AVITA Medical Announces Inclusion in the Russell 3000 Index

Rhea-AI Summary

AVITA Medical, Inc. (NASDAQ: RCEL) was added to the Russell 3000^® Index effective June 28, 2021, marking a significant milestone for the regenerative medicine company. As part of the annual reconstitution, this inclusion will broaden the company’s stockholder base and automatically place it in the Russell 2000 Index. The Russell indexes are influential benchmarks for investment managers, encompassing approximately $10.6 trillion in assets. AVITA Medical’s technology addresses unmet needs in skin restoration, specifically through its RECELL^® System, approved by the FDA for treating burns.

Positive

• Inclusion in the Russell 3000 Index enhances visibility and credibility among investors.
• Automatic membership in the Russell 2000 Index may attract more institutional investment.
• The RECELL® System positions AVITA Medical as a leader in regenerative medicine, providing innovative solutions for skin restoration.

Negative

• None.

VALENCIA, Calif. and MELBOURNE, Australia, June 29, 2021 (GLOBE NEWSWIRE) -- AVITA Medical, Inc. (NASDAQ: RCEL, ASX: AVH), 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 that as part of the annual reconstitution of the Russell stock indexes, AVITA Medical has been added to the Russell 3000^® Index effective June 28, 2021.

The annual Russell indexes reconstitution process captures the 4,000 largest US stocks in May of every year, ranking them by total market capitalization. AVITA Medical’s membership in the US all-cap Russell 3000^® Index, which remains in place for one year, will result in automatic inclusion in the small-cap Russell 2000 Index, as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

“We are excited to have been included in the Russell 3000^® Index as part of the annual reconstitution,” said Michael Holder, Chief Financial Officer of AVITA Medical. “We look forward to capitalizing on this opportunity to broaden our stockholder base.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell 3000^® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

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

AVITA Medical’s 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. The RECELL System is used to prepare Spray-On Skin™ Cells using a small amount of a patient’s 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 10,000 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 letter includes 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 letter include, 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 letter is 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 company’s control. Investors should not place considerable reliance on the forward-looking statements contained in this letter. 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 letter speak only as of the date of this release, and we undertake no obligation to update or revise any of these statements.

This press release was authorized by the review committee of AVITA Medical, Inc.

FOR FURTHER INFORMATION:

U.S. Media Sam Brown, Inc. Christy Curran Phone +1-615-414-8668 christycurran@sambrown.com O.U.S. Media Rudi Michelson Phone +61 (0)3 9620 3333 Mobile +61 (0)411 402 737 rudim@monsoon.com.au

Investors Westwicke Partners Caroline Corner Phone +1-415-202-5678 caroline.corner@westwicke.com

FAQ

When did AVITA Medical get added to the Russell 3000 Index?

AVITA Medical was added to the Russell 3000 Index effective June 28, 2021.

What is the significance of being included in the Russell 3000 Index for RCEL?

Inclusion in the Russell 3000 Index increases the company's visibility and may attract more institutional investors.

What technology does AVITA Medical focus on?

AVITA Medical focuses on regenerative medicine with its RECELL® System for skin restoration, particularly in treating burns.

How does the Russell 3000 Index impact AVITA Medical's stock?

Membership in the Russell 3000 Index can lead to increased investor interest and potentially result in higher stock performance.