Wood retires from Avita board

Avita Medical founder Fiona Wood has stepped down from the company's board as the regenerative medicine developer drives towards the US market.

In a statement today, Avita announced a board restructure under which Dr Wood, Matt McNamara and Ian K Macpherson would be replaced by US-based directors Louis Drapeau and Damien McDonald, and Australia-based Suzanne Crowe, effective from today.

The new board configuration consists of three Australian board members and three from the US.

“The new board composition provides a more US-centric focus to support Avita’s drive towards US market approval of ReCell for burns treatments,” the company said.

“The FDA recently confirmed the company is eligible for an expedited regulatory approval.

“Outside the US, the company has established sales and is appointing distributors in territories where it has approval for ReCell as a medical device.”

Avita chairman Lou Panaccio welcomed the new board members.

“(The new members) will strengthen our expertise to support our current markets,” Mr Panaccio said.

Meanwhile, Dr Wood has become a founding member of Avita’s newly-formed clinical advisory board.

The advisory board will support Avita with the aim of improving its research and development strategy.

Avita shares closed 1 per cent lower to 9.5 cents each.