Full Press Release Details
AVITA MEDICAL LIMITED
A.B.N. 28 058 466 523
FULL FINANCIAL REPORT
For the year ended 30 June 2019
Corporate Information
This annual report covers the
consolidated entity comprising Avita Medical Limited (the Parent Company) and its controlled subsidiaries (the Company). The Parent Company s functional and presentation currency is AUD ($).
A description of the Company s operations and of its principal activities is included in the review of operations and activities in the Directors
Report on page 3. The Directors Report does not form part of the financial report.
Mr Lou Panaccio (Non-Executive Chairman)
Dr Michael Perry (Executive Director)
Mr Jeremy Curnock Cook (Non-Executive Director)
Mr Louis Drapeau (Non-Executive Director)
Mr Damien McDonald (Non-Executive Director)
Professor Suzanne Crowe (Non-Executive Director)
Mr Mark Licciardo and Ms Tamara Barr
of Mertons Corporate Services Pty Ltd
c/o Mertons Corporate Services Pty Ltd
Melbourne VIC 3000, Australia
Principal Place of Business
28159 Avenue Stanford, Suite
Computershare Investor Services Pty
Level 11, 172 St Georges Terrace
Level 25 South Tower, 525 Collins Street
Melbourne VIC 3000, Australia
Grant Thornton Audit Pty Ltd
Level 43 Central Park, 152-158 St Georges Terrace
Perth, WA 6000 Australia
National Australia Bank Limited
West Perth, WA 6000 Australia
Avita Medical Limited
Listed on the Australian Securities Exchange
Listed on the OTCQX International
Marketplace in the US
AVITA MEDICAL LIMITED
Your Directors present their
report with respect to the results of Avita Medical Limited (the Company ) for the year ended 30 June 2019 and the of the Company at that date. Avita Medical Limited is a company limited by shares that is incorporated and domiciled
in Australia. The Company has prepared this consolidated financial report incorporating the entities that it controlled during the financial period.
The names and details of the Company s
Directors in office during the financial year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated.
(Non-Executive Chairman)
Mr Panaccio is a healthcare businessman with extensive experience progressing companies from concept to commercialisation, was appointed to the role of
Chairman of the Board, effective from 1 July 2014. Mr Panaccio possesses more than 30 years executive leadership experience in healthcare services and life sciences, including more than 20 years board-level experience. Mr Panaccio
is currently a Non-Executive Director of ASX50 company and one of the world s largest medical diagnostics companies, Sonic Healthcare Limited, where he has served since 2005. In addition to his Sonic
Healthcare Limited role, Mr Panaccio is Non-Executive Director of Unison Housing Limited, Non-Executive Chairman of Genera Biosystems Limited, and a Non-Executive Director of Rhythm Biosciences Limited. Mr Panaccio has also served in executive and board roles with Melbourne Pathology Group, Monash IVF Group, Primelife Corporation Limited, Health Networks
Australia Group and other private entities. During the past three years Mr Panaccio has also served as a Director of the following other listed companies:
(Executive Director)
Dr Perry was appointed to the Board on 4 February 2013 and currently serves as Chief Executive Officer of the Company. From 2016 2017, he served as
Senior Vice President and Chief Scientific Officer of Global Business Development and Licensing for Novartis AG. From 2014 2016, Dr Perry served as Chief Scientific Officer of Novartis Cell and Gene Therapy Unit and from 2012
2014 he served as Vice President and Global Head of Stem Cell Therapy for Novartis Pharmaceuticals Corp, a US affiliate of Switzerland-based Novartis AG. Dr Perry, based in the United States, has previously served as the Global Head of R&D at
Baxter Healthcare, President and CEO of Cell & Gene Therapy at Novartis affiliates Systemix Inc. and Genetic Therapy, Inc., VP Regulatory Affairs at Sandoz Pharmaceuticals Corp., Director of Regulatory Affairs at Schering-Plough
Corporation, and Chairman, CEO or CMO at several early-stage biotech companies. He also previously served as a Venture Partner with Bay City Capital, LLC based in San Francisco California. During the past three years Dr Perry has also served as a
Director of the following other listed companies:
(Non-Executive Director)
Mr Curnock Cook was appointed to the Board on 19 October 2012 and is currently on several boards of International Healthcare and Biotechnology companies.
He is the former head of the life science private equity team at Rothschild Asset Management, was responsible for the launch of the first dedicated biotechnology fund for the Australian market and the conception and launch of the International
Biotechnology Trust. He is currently the Managing Director of Bioscience Managers Pty Ltd, responsible for the BM Asia Pacific Healthcare Fund, Chairman of International Bioscience Managers Ltd and Avena Therapeutics and Non-Executive Director of Rex Bionics Pty Ltd, SummatiX Ltd and Smart Matrix Ltd. During the past three years Mr Curnock Cook has also served as a director of the following other listed companies:
AVITA MEDICAL LIMITED
DIRECTORS REPORT (continued)
(Non-Executive Director)
Mr Louis Drapeau was appointed to the Board on 13 January 2016 and brings considerable expertise in both the biotech sector and the financial
rigour required of US public companies. Mr Drapeau is an Independent Director at AmphliPhi Biosciences Corporation (NYSE) and Surface Pharmaceuticals, Inc. Mr Drapeau has held senior positions with Insite Vision Inc., Nektar Therapeutics and
BioMarin Pharmaceutical, Inc., and has been an Audit Partner at Arthur Andersen LLP. Mr Drapeau has formally been an Independent Director at Bio-Rad Laboratories, (NYSE), InterMune, Inc. (NASDAQ), Bionovo,
Inc. (NASDAQ), and Inflazyme Pharmaceuticals Ltd (TSE). He has an MBA from Stanford University. During the past three years Mr Louis Drapeau has also served as a director of the following other listed companies:
(Non-Executive Director)
UK-based Mr Damien McDonald was appointed to the Board on 13 January 2016 and has a proven track record of achieving value in the medical device
space. Mr McDonald is currently CEO of LivaNova PLC having previously served as Chief Operating Officer. Prior to that, he was a Group Executive and Corporate Vice President at NYSE-listed Danaher Corporation,
a multinational science and technology innovation company that acquires and produces life science and industrial products and brands, where he led a $1.5 billion group of dental consumable companies. Earlier in his tenure, he was Group
President of Kerr where he and his team focused on building a strong research and development pipeline while improving operational performance utilising the Denaher Business System. He has also previously worked for Merck &Co,
Johnson & Johnson and Zimmer. He has bachelor s degrees in both pharmacy and economics from the University of Queensland, a master s degree in International Economics from the University of Wales, and an MBA from IMD of Lausanne,
Switzerland. During the past three years Mr Damien McDonald has also served as a director of the following other listed companies:
Professor Suzanne Crowe (AM)
(Non-Executive Director)
Professor Suzanne Crowe AM was appointed to the Board on 13 January 2016.
Australian-based, she is a physician-scientist and company director with extensive expertise in supporting companies with their medical and scientific strategies. Prof Crowe is a Principal Research Fellow of the Australian National Health and
Medical Research Council. She is a Principal Specialist in Infectious Diseases at The Alfred Hospital, Melbourne and Adjunct Professor of Medicine and Infectious Diseases at Monash University, Melbourne, and has published more than 200 peer-reviewed papers. Prof Crowe is a member of the Australian Institute of Company Directors and is a Director of St Vincents Health Australia. Prof Crowe was appointed as a Member of the Order of Australia (AM) in
2011 to recognise her service to medical research in HIV/AIDS. She has medical and MD degrees from Monash University, an internal medicine specialist qualification in Infectious Diseases from the Royal Australasian College of Physicians, and a
Diploma in Medical Laboratory Technology from the Royal Melbourne Institute of Technology.
(Joint Company Secretary)
Mark Licciardo, (B Bus (Acc), GradDip CSP, FGIA, GAICD) was appointed as Joint Company Secretary on 19 March 2018. Mark is Managing Director of Mertons
Corporate Services Pty Ltd (Mertons) which provides company secretarial and corporate governance consulting services to ASX listed and unlisted public and private companies. Prior to establishing Mertons, he was Company Secretary of the Transurban
Group and Australian Foundation Investment Company Limited. He has also had an extensive commercial banking career with the Commonwealth Bank and State Bank Victoria. Mark is a former Chairman of the Governance Institute Australia (GIA) in Victoria
and the Melbourne Fringe Festival, a fellow of GIA, the Institute of Chartered Secretaries (CIS), the Australian Institute of Company Directors (AICD) and former Non-Executive Director of iCar Asia Limited. Mr
Licciardo is currently a Non-Executive Director of ASX listed Frontier Digital Ventures Limited and Mobilicom Limited as well as several other public and private companies.
AVITA MEDICAL LIMITED
DIRECTORS REPORT (continued)
(Joint Company Secretary)
Kate Goland, (CPA, GIA (Cert))
was appointed as Joint Company Secretary on 19 March 2018 until 11 September 2019. Kate works with Mertons Corporate Services and is an experienced accounting and company secretarial professional. She has demonstrated expertise in
supporting clients in meeting their corporate obligations and ASIC compliance requirements. She joined Mertons from BDO where she assisted clients within the company secretarial division. Kate is a current Company Secretary of various public and
private companies. She has a strong understanding of corporate compliance matters.
(Joint Company Secretary)
Tamara Barr, (GIA (Cert)) was
appointed as Joint Company Secretary on 11 September 2019. Tamara Barr has extensive experience as a Company Secretary, working predominantly within the financial services sector for both Australian ASX listed companies and UK unlisted
companies. Her experience includes leading a team of company secretaries for a prominent Lloyd s of London insurance company, Assistant Company Secretary for Australia s largest listed investment company (Australian Foundation Investment
Company), and its sister companies, and providing company secretarial services to corporate finance clients. As a corporate governance professional, she has solid experience in due diligence, corporate finance administration, market research,
investor relations and restructuring (procedure and process development). Tamara is currently a Corporate Governance Advisor and Company Secretary to various public and private companies.
Interests in the Shares and Options of the Company
the date of this report, the interests of the Directors in the shares and options of the Company were: