AVITA Medical (ASX: AVH) secured a new contract manufacturing agreement and amended its existing distribution agreement for its biosynthetic wound matrix product PermeaDerm, for the treatment of wounds, with Stedical Scientific, according to a Tuesday filing with the Australian bourse.
Under the manufacturing agreement, effective Monday, the company will produce PermeaDerm at its Ventura, California facility, while the amended distribution deal revises revenue-sharing terms with Stedical, the filing said.
AVITA will retain 60% of sales, with Stedical receiving 40% after manufacturing costs. The agreement also sets performance milestones and extends the contract term, the filing added.
Shares of the company rose 7% in recent Tuesday trade.
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