NORTHRIDGE, CA and CAMBRIDGE, UNITED KINGDOM--(Marketwired - May 20, 2014) - Regenerative medicine company Avita Medical Limited ("Avita Medical") (
Mr Panaccio replaces Mr Ian Macpherson who has served in the interim role since December 2013.
Mr Panaccio possesses more than 30 years' executive leadership experience in healthcare services and life sciences, including approximately 15 years' board-level experience. Mr Panaccio is currently a Non-Executive Director of ASX50 company and one of the world's largest medical diagnostics companies, Sonic Healthcare Limited, where he has served since 2005.
Mr Macpherson said the Avita Medical Board of Directors was extremely pleased to secure a Chairman with significant, relevant industry experience and credentials and the Board was confident that in his new role, Mr Panaccio would oversee the further development and accelerated commercialisation of Avita Medical's ReCell technology.
"Lou exhibits a business background steeped in practical biomedical industry experience, particularly in business development and steering biotech and healthcare products from conception stages through to generating meaningful sales and revenue," said Mr Macpherson.
"Lou brings a very sophisticated and highly experienced background and it was quickly apparent to the Board that he was the right fit for the permanent Chair's role."
In addition to his Sonic Healthcare Limited role, Mr Panaccio is the Executive Chairman of Health Networks Australia Group, Non-Executive Director Yarra Community Housing, Non-Executive Director Inner East Community Health Service and Executive Chairman of Genera Biosystems Limited. He was also the Chief Executive Officer and an Executive Director of Melbourne Pathology for 10 years to 2001. Mr Panaccio has also served in executive and board roles with CPW Group, Monash IVF Group, Primelife Corporation Limited and other private entities.
Mr Panaccio said he looked forward to his new role, fuelled by his firm belief in the clinical and commercial value of Avita Medical's ReCell technology.
"I'm looking forward to working alongside the team at Avita Medical and building on the recent key milestones achieved in the company's ReCell development and commercialisation strategy," he said.
ABOUT AVITA MEDICAL LIMITED
Avita Medical (http://www.avitamedical.com) develops and distributes regenerative products for the treatment of a broad range of wounds, scars and skin defects. Avita's patented and proprietary tissue‐culture, collection and application technology provides innovative treatment solutions derived from a patient's own skin. The Company's lead product, ReCell® Spray‐On Skin®, is used in a wide variety of burns, plastic, reconstructive and cosmetic procedures. ReCell is patented, CE‐marked for Europe, TGA‐registered in Australia, and SFDA‐cleared in China. ReCell is not available for sale in the United States; in the United States, ReCell is an investigational device limited by federal law to investigational use. A Phase III FDA trial is in process.