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Wednesday, Jul 24, 2024

Avita Medical Takes Over Lease for Ventura Plant

Medical device firm Avita Medical has agreed to acquire the lease for a 23,000-square-foot Ventura manufacturing plant from a manufacturing vendor effective July 1, the company announced Thursday. Avita Medical is based in Melbourne, Australia but has its U.S. headquarters in Valencia. The company took over the lease for the facility from its manufacturing partner to support the domestic launch of its cell harvesting device, Recell, which is used in the treatment of burns. The product is approved for sale in Australia, China and Europe. It is classified by the U.S. Food and Drug Administration as an investigational device, meaning it can only be used in clinical studies. Avita has filed a premarket approval application with the FDA and expects the review to be complete by the third quarter. Avita had been assembling Recell devices at the facility prior to the takeover. The decision gives the company control over its domestic manufacturing operations. Avita now owns all the processing equipment used in production of the device, apart from outsourced components. “Having direct control over the manufacturing of Recell will ensure that we have the capacity to meet commercial demand … and provide us further control over our production processes and timelines,” Dr. Michael Perry, chief executive officer of Avita, said in a statement. The building is owned by Hartco Ventura. The initial lease term is for 39 months with the option to renew for three addition three-year terms at prevailing market rates, according to Avita.

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