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AVITA Medical Announces Results of Extraordinary General Meeting

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AVITA Medical (ASX: AVH) (OTCQX:AVMXY), a regenerative medicine company
with a technology platform positioned to address unmet medical needs in
burns, chronic wounds, and aesthetics indications, announced that both
resolutions presented to shareholders were approved at an Extraordinary
General Meeting held today. The Extraordinary General Meeting of the
Members of AVITA Medical Limited was held at 10:00 a.m. AEST today at
the offices of K&L Gates, Melbourne, Australia. The results of the vote
are summarized below.

Both resolutions related to the June 2018 institutional placement of
shares to international and Australian institutional and sophisticated
investors for A$16 million, with the placement occurring in two
tranches. Tranche 1 of the institutional placement, totaling A$12.77
million, settled on 12 June 2018. Settlement of Tranche 2 totaling
A$3.25 million was subject to shareholder approval at today's
Extraordinary General Meeting, and as a result of today's vote will
settle in late July 2018.

Resolution 1- Ratification of Prior Issue Shares

"That, for the purposes of ASX Listing Rule 7.4 and for all other
purposes, Shareholders ratify the issue of 153,285,399 Shares to
professional and sophisticated investors prior to the date of this
meeting on the terms and conditions set out in the Explanatory
Statement."

Details of proxies received were as follows:

 
   

Number

   

%

Votes cast FOR the motion 133,737,890 91.09%
Votes cast AGAINST the motion 11,364,025 7.74%
Proxy's discretion

1,717,295

1.17%

Total Votes Cast 146,819,210

100.00%

Votes Abstained 1,576,766
 

The resolution was passed unanimously on a show of hands.

Resolution 2- Approval to Issue Shares to Raise up to $3.25 Million

"That for the purposes of ASX Listing Rule 7.1 and for all other
purposes, shareholders approve and authorise the Company to issue up to
65,000,000 ordinary shares at an issue price of $0.05 per share to
professional and sophisticated investors raising in aggregate $3.25
million and otherwise on the terms detailed in the Explanatory
Statement."

Details of proxies received were as follows:

 
    Number     %
Votes cast FOR the motion 112,199,481 83.33%
Votes cast AGAINST the motion 20,473,666 15.21%
Proxy's discretion 1,970,585 1.46%
Total Votes Cast 134,643,732 100.00%
Votes Abstained 13,752,244
 

The resolution was passed unanimously on a show of hands.

ABOUT AVITA MEDICAL LIMITED

AVITA Medical is a regenerative medicine company with a technology
platform positioned to address unmet medical needs in burns, chronic
wounds, and aesthetics indications. AVITA Medical's patented and
proprietary collection and application technology provides innovative
treatment solutions derived from the regenerative properties of a
patient's own skin. Our medical devices work by preparing a REGENERATIVE
EPITHELIAL SUSPENSION™, an autologous suspension comprised of the
patient's own skin cells and wound healing factors that are necessary to
regenerate natural healthy skin. This autologous suspension is then
sprayed onto the areas of the patient to be treated.

In the United States, the RECELL Device is an investigational device
limited by federal law to investigational use. In September 2017, AVITA
Medical submitted to the U.S. Food and Drug Administration (FDA) a
PreMarket Approval (PMA) application for RECELL for the treatment of
burn injuries.

In all countries outside of Europe, our portfolio is marketed under the
RECELL Device brand to promote skin healing in a wide range of
applications including burns, chronic wounds and aesthetics. RECELL
Device is TGA-registered in Australia, and CFDA-cleared in China.

In Europe, our portfolio of medical device products received CE-mark
approval as three tailored product presentations, with three individual
brand names. RECELL Device is designed for the treatment of burns and
plastic reconstructive procedures; REGENERCELL™ Autologous Cell
Harvesting Device has been formulated for chronic wounds including leg
and foot ulcers; and RENOVACELL™ Autologous Cell Harvesting Device is
tailored for aesthetic applications including the restoration of
pigmentation.

To learn more, visit www.avitamedical.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This letter includes forward-looking statements. These
forward-looking statements generally can be identified by the use of
words such as "anticipate," "expect," "intend," "could," "may," "will,"
"believe," "estimate," "look forward," "forecast," "goal," "target,"
"project," "continue," "outlook," "guidance," "future," other words of
similar meaning and the use of future dates. Forward-looking statements
in this letter include, but are not limited to, statements concerning,
among other things, our ongoing clinical trials and product development
activities, regulatory approval of our products, the potential for
future growth in our business, and our ability to achieve our key
strategic, operational and financial goal. Forward-looking statements by
their nature address matters that are, to different degrees, uncertain.
Each forward-looking statement contained in this letter is subject to
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statement. Applicable
risks and uncertainties include, among others, the timing of regulatory
approvals of our products; physician acceptance, endorsement, and use of
our products; failure to achieve the anticipated benefits from approval
of our products; the effect of regulatory actions; product liability
claims; risks associated with international operations and expansion;
and other business effects, including the effects of industry, economic
or political conditions outside of the company's control. Investors
should not place considerable reliance on the forward-looking statements
contained in this letter. Investors are encouraged to read our publicly
available filings for a discussion of these and other risks and
uncertainties. The forward-looking statements in this letter speak only
as of the date of this release, and we undertake no obligation to update
or revise any of these statements.

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