Avita Medical (ASX:AVH) said yesterday it inked a distribution agreement with 2 companies to bring its ReCell to the Japanese and South Korean markets.
The ReCell device is designed to use the patient’s own skin cells to treat a variety of skin issues, including burns, reconstructive and cosmetic procedures, the company said.
“Japan and South Korea are two markets that we have been very enthusiastic about entering, as we know that both have significant potential for our ReCell device. We are committed to supporting both distributors in securing appropriate product registration and marketing authorizations. Both of our new partners have the expertise and focus needed and we look forward to building up robust sales when we come to market,” CEO Adam Kelliher, said in a press release.
Avita inked a deal with newly-established regenerative medicine-focused venture group Indee Medical to bring its device to Japan. In South Korea, Avita signed on with Seoul-based TRM Korea to distribute and manage ReCell.
Japanese product registration will run through the Pharmaceutical and Medical Devices Agency, and the Korean Food and Drug Administration in South Korea, the company said.
In December, Avita Medical said it sold its respiratory business to Medical Developments International for $2.64 million.
The division includes Avita’s Breath-A-Tech and Funhaler asthma spacers designed to optimize the use of medicinal puffers, marketed in Australian pharmacies.
Avita said it hopes to close the purchase by early February. The deal is comprised of $2.2 million in cash plus 125,000 shares in Medical Developments International escrowed for 6 months or $440,000 cash.
