Avita sells respiratory business

Perth-based regenerative medicine company Avita Medical says it will be able to focus more on its core ReCell technology after completing the sale of its respiratory business for $2.47 million.

Avita entered into an agreement for the sale of its respiratory business, which includes the Breath-A-Tech and Funhaler products, to Victoria-based Medical Developments International in December.

The two products were asthma spacers aimed at optimising the use of medicinal puffers.

Chief executive Adam Kelliher said with the sale of the respiratory business, Avita would now have complete focus on its most valuable asset – the ReCell autologous cell harvesting technology.

“The sale proceeds will enable us to focus on our core commercialisation and clinical goals, such as completing our ReCell FDA approval trial, currently underway in the US,” he said.

Last year, Avita received a $US16.9 million commitment from Biomedical Advanced Research and Development Authority in the US to fund late-stage clinical development of the ReCell technology.

Avita shares closed 2 per cent higher to 9.8 cents each.