4,440 US hospitals and health systems will soon have access to Avita Medical’s (ASX: AVH) proprietary RECELL System thanks to a purchasing agreement signed with Premier, a leading healthcare improvement company in the US.
Premier’s mission is to enable optimal patient care at reasonable cost within their alliance of 4,400 US hospitals and 225,000 other healthcare providers. To do this, Premier uses integrated data and analytics and consults on things like supply chain logistics and facilitation of collaborations.
Avita’s proprietary RECELL System, invented by Professor Fiona Wood AM allows for treatment of severe burns and wounds where there is serious unmet need. Burns can leave scars that can be debilitating both functionally and aesthetically. RECELL is a regenerative medicine approach that works by using the patient’s own skin in a special suspension (called Spray On Skin) which is then sprayed onto the skin to regenerate a natural, healthy epidermis.
The patented RECELL System is FDA approved as of September 2018 with its primary indication as acute thermal burns. The System is designed for use at the point-of-care and has been clinically validated in clinical trials and within the real world with over 10,000 patients globally benefitting from the technology. February 2022 saw the FDA approve Avita’s premarket approval application for their RECELL Autologous Cell Harvesting Device, an add-on to enhance the current System for increased efficiency.
The new purchasing agreement between Premier and Avita will allow Premier members access to the RECELL System at a special pre-negotiated price.
Avita’s CEO, Dr. Mike Perry welcomed this agreement, saying: “When someone experiences a severe burn injury, time matters, and that is why this agreement with Premier is so important- it will help ensure that patients in need of treatment are able to efficiently and effectively access the RECELL System without delay.”
“As a leading GPO, Premier is a trusted partner among their alliance of members and Avita Medical is committed to building on that trust by providing quality products to help ensure the best patient care possible. This agreement represents a major milestone for Avita Medical as it puts our innovative RECELL System into the hands of those caring for burn patients across the US.”
The Company is currently putting their tech through its paces in a range of clinical trials and preclinical studies to expand the approved indications for the System. This saw total operating expenses increase 42% to $14.8 million for the December quarter. They remain well funded for these endeavours with $55.5 million in cash and another $49.3 million in short and long-term marketable securities as at December 31st 2021.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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