The AVITA Therapeutics Inc (ASX: AVH) share price is pushing higher on Monday following the release of an announcement.
At the time of writing, the regenerative medicine company's shares are up over 2.5% to $6.10.
Why is the AVITA share price pushing higher?
Investors have been buying the company's shares this morning after it announced a preclinical research collaboration with Houston Methodist Research Institute.
According to the release, the collaboration will see the pairing of AVITA's proprietary Spray-On Skin Cells with Houston Methodist Research Institute's expertise in reversing cellular ageing.
The project is ultimately seeking to establish proof-of-concept for the development of a novel approach to reverse ageing and rejuvenate skin. It also includes the potential for broader applicability, such as scar revision and wound healing.
In addition to this, AVITA has entered into an option agreement to negotiate an exclusive, worldwide license to this patented technology for skin applications. It also has the first right of negotiation to technologies emerging from the collaboration for potential further development and commercialisation.
Management commentary.
AVITA Therapeutics' Chief Executive Officer, Dr. Mike Perry, commented: "The Houston Methodist Research Institute is at the forefront of developing cutting-edge approaches for reversing cellular aging, and we look forward to working together on the exploration of combining their technology with AVITA Therapeutics' proprietary Spray-on Skin Cells to rejuvenate aging skin."
"This collaboration expands our pipeline to include exploration of modified-cells delivery and is another milestone in our commitment to harnessing the promise of regenerative medicine and unlocking the full potential of our technology platform to improve patients' lives through skin restoration," he added.
This sentiment was echoed by the Houston Methodist Research Institute.
The Institute's Chair of the Department of Cardiovascular Sciences, John Cooke, M.D., Ph.D., commented: "AVITA Therapeutics' innovative platform has advanced care for burn patients, and we are encouraged by the progress we have seen with our technology in improving cell function through our progeria research."
"We look forward to collaborating with AVITA to combine our respective technology platforms to explore a potential new approach to reverse aging and improve functionality of skin. Our experience in RNAbased methods to regenerate blood vessels and reverse age-related endotheliopathy is directly relevant to skin repair and rejuvenation," he concluded.
