Avita Medical Moves to Nasdaq From Over-The-Counter

Avita Medical Ltd., a medical device firm based in Melbourne, Australia with its U.S. headquarters in Valencia, on Monday announced its American depository shares have been approved to list on the Nasdaq. Trading will begin Oct. 1 under the ticker symbol RCEL. The company’s U.S. over-the-counter stock, formerly referred to as AVMXY, will be transferred to the RCEL symbol. Avita Medical’s common stock will continue to trade uninterrupted on the Australian Stock Exchange under the symbol AVH. Avita’s Recell product uses “spray-on skin cells” using a small amount of the patient’s own skin to regrow tissue following burns or other injury, according to a statement from the company. “Our listing on Nasdaq is an exciting next step for Avita Medical,” said Dr. Michael Perry, chief executive of Avita. “Following the robust uptake and adoption of our Recell system by U.S. burn centers, we view the trading of our American depositary shares on the Nasdaq as a natural extension of our growth plan.” Shares of Avita Medical Ltd. (AVMXY) closed Monday up 66 cents, or more than 9 percent, to $7.89 on the over-the-counter market.