Avita Medical Ltd. has received a $1 million tax rebate from the Australian government, the biotechnology company announced Tuesday.
Avita Medical is based in Melbourne, Australia but has its U.S. headquarters in Valencia.
The tax credit is aimed at supporting companies in Australia undertaking research and development projects. One such project is Avita’s Recell System for treating severe burns, which was approved by the U.S. Food and Drug Administration last week.
“We appreciate the support of the Australian government in the development of our regenerative medicine platform, including the Recell System,” Avita Chief Executive Dr. Michael Perry said in a statement. “Last week’s FDA approval of the Recell System was a major undertaking and resulted from the contributions by patients, clinical trial investigator teams and our dedicated employees. The non-dilutive funding provided by the R&D Credit over the past several years helped make this success possible.”
Shares of Avita Medical (AVMXY) fell 15 cents, or nearly 7 percent, on Wednesday on over-the-counter markets.