Avita Medical (TASE: BLWV ), Inc. (NASDAQ: RCEL ) reported Monday it has entered into a placement agreement with MST Financial Services Pty Limited for the sale of 17,201,886 CHESS Depositary Interests (CDIs) to Australian institutional and professional investors. The CDIs will be issued at approximately AU$1.32 per CDI, with five CDIs representing one share of common stock. The company, currently trading at $5.55, has seen its stock decline over 56% year-to-date, with InvestingPro data showing significant cash burn and short-term liquidity challenges. The company expects to receive gross proceeds of about US$15 million (A$22.7 million) from the placement. Placement agent fees totaling approximately US$0.8 million will be paid in a combination of cash and CDIs. The transaction is expected to close on or about August 19. Despite recent challenges, the company maintains a strong gross profit margin of 84% and has achieved 38% revenue growth over the last twelve months.