Regenerative medicine company Orthocell Ltd (ASX:OCC, OTC:ORHHF) has appointed Professor Fiona Wood AM to its board, as the company drives global commercialisation plans for its revenue generating world-leading medical devices and cellular therapies.
Wood has more than 30 years’ experience as a plastic and reconstructive surgeon. She was named West Australian Citizen of the Year in 2003 and 2004, Australian of the Year in 2005 and Member of the Order of Australia in 2003 for her contribution to Medicine in the field of burns.
Her revolutionary “spray-on skin” treatment of serious burns, invented with colleague Marie Stoner, uses a patient’s own skin cells to help restore damaged skin and significantly reduce permanent scarring. This treatment was instrumental in saving many lives in the aftermath of the Bali bombing in 2002.
Wood played a pivotal role in bringing this life-saving West Australian invention to the world through the establishment of Avita Medical Inc, which has expanded RECELL’s approval for clinical use to over 30 countries including the US. Avita Medical has a market cap of more than A$450 million and expects commercial revenue for the full year 2023 in excess of $50 million.
Wood is currently a consultant plastic surgeon at Fiona Stanley Hospital and Perth Children’s Hospital, and the Winthrop Professor of Surgery at the University of Western Australia. She is also co-founder of the Wood Foundation, which continues her research into the treatment of burns, and is a board member of the Royal Flying Doctor Service, among others.
Strong potential to revolutionise treatment
Wood said: “I am very excited to be joining the leadership team at Orthocell, having been involved with the company in its earliest stages when the first products were being conceived. I believe Orthocell’s nerve repair medical device has strong potential to revolutionise treatment of complex nerve injuries and to be utilised globally to regain motor and sensor function.
“I very much look forward to working with the team to support this important phase of global commercialisation – this is a proud national achievement, as Orthocell takes life-changing, Australian made products to the world."
Orthocell chair John Van Der Wielen said: “We are delighted to welcome Professor Wood to the Orthocell board. Professor Wood is a globally recognised plastic and reconstructive surgeon and one of Australia’s most innovative and respected surgeons and researchers.
“Professor Wood has an unrivalled track record in the development of tissue related medical devices and drugs, including the successful RECELL 'spray on skin' treatment for burns. It says a great deal about our company to secure the services of such a globally recognised professional.”
Orthocell has agreed that in addition to director’s fees, it will issue Wood with 2,000,000 options, with an exercise price of $0.40, expiring five years after the date of issue.
Board and management changes
Wood’s appointment coincides with the retirement of Mr Qi Xiao Zhou, who has served on Orthocell’s board since 2012, and the transition of Dr Stewart Washer from executive director to non-executive director, with all changes effective November 1, 2023.
The changes follow the recent appointment of experienced chairman John Van Der Wielen, and independent non-executive USA-based director Dr Ravi Thadhani.
Following Professor Woods’s appointment and the resignation of Mr Zhou, the Orthocell board has six directors comprising four non-executive directors and two executive directors.
With an experienced board and management team, market leading products and strong balance sheet, the company says it is well positioned to grow product sales alongside distribution partners, BioHorizons and Device Technologies, and to execute its US market access program and commercialisation strategies for its breakthrough nerve repair medical device.