American depositary receipts for Avita Medical Ltd., a Northridge company that recently relocated operations from the United Kingdom, began trading Thursday morning. The shares had an opening bid price of $3.50.
The company, which makes a spray-on product that helps regenerate skin over wounds, scars and defects, said its regular shares will continue to trade on the Australian Securities Exchange.
American depositary receipts or ADRs represent the underlying securities of a non-U.S. company. Avita’s ADRs are trading on the OTC Markets Group Inc.’s OTCQX exchange under the symbol AVMXY. Each ADR contains 20 ordinary shares.
“Trading on the OTCQX marketplace will provide a direct market for U.S. investors to participate in the growth of Avita Medical,” said Chief Executive William Dolphin in a statement. “We are currently at an exciting phase in the evolution of the company, with ReCell Spray-On Skin on the market and generating revenues in several countries and in Phase 3 clinical studies in the United States.”
Avita’s product has regulatory approvals in Europe, Australia and China. Roth Capital Partners LLC is advising Avita.
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