Avita implements CEO incentive plan

Company News

Avita Medical (ASX:AVH) has implemented a Long Term Incentive Plan for its CEO Mr Adam Kelliher in accordance with the Employee Share Plan approved at the company’s general meeting in August last year.
 
The LTI involves 40 million shares issued to Mr Kelliher funded by a loan, which are subject to escrow and vesting conditions.
 
The company says that since Mr Kelliher commenced it has accelerated development and commercialisation, as well as expedited the regulatory pathway with the FDA for ReCell’s approval in the US market. 
 
ReCell is a treatment that can be used for burns and wounds in plastic and reconstructive surgery.
 
Avita Medical reported a net loss of $7.11 million at 30 June 2015.

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