Avita Board takes fees as shares

Company News

The Board of pioneering regenerative medicine company Avita Medical (ASX:AVH) have agreed to take part or all of their Director’s fees in the form of shares.

According to the company, the Board policy of Avita is individual Directors will invest an amount equivalent to 100 per cent of their annual remuneration over a 3-4 year period. This policy follows from the shareholder approval of the employee share plan in November last year.

Avita Medical chairman, Lou Panaccio, said the participation by directors in the plan was a strong show of confidence in the potential of the company.

“Avita’s ReCell technology is proving itself in a variety of clinical areas including as a treatment for a variety of burns, plastic, reconstructive and cosmetic procedures and also as a treatment for vitiligo,’’ said Mr Panaccio.

“This decision by directors of the company shows that we are highly aligned with the interests of shareholders and strongly believe in the commercial potential of ReCell,’’ he added.