PolarityTE Announces $15.2 Million Above Market Private Placement For Strategic Scale-Up Of Commercial Product And Development Of The Polarity Platform Pipeline
SALT LAKE CITY, Sept. 14, 2017 (GLOBE NEWSWIRE) -- PolarityTE™, Inc. (NASDAQ:COOL) today announced that it has entered into securities purchase agreements with investors for the sale of $15.2 million of Series F Convertible Preferred Stock. The preferred stock shall be convertible into the Company's common stock at a conversion price of $27.50 per share and the investor shall receive one half warrant exercisable at $30.00 per share.
"Our priority is simple—deliver an entirely new form of real and practical regenerative medicine products to the market, physicians and most importantly the patients we serve. In less than one year our physician-led team has rapidly grown in size and momentum in order to deliver SkinTE™ to the market. As we prepare for the staged and progressive release of SkinTE™ to selected medical centers, we are also driving the enhanced technology behind our other core Polarity pipeline products, manufacturing capabilities and other R&D derivative product efforts, which can be found in our newly released Investor Materials at www.PolarityTE.com. It is with this product deployment, evolving and expanding innovative platform, and manufacturing buildout that we begin to look toward the future of the Polarity pipeline, even beyond regenerative tissue constructs. This financing provides our team with the resources to continue executing our vision and to scale commercial capabilities for our pipeline of regenerative products and beyond,” said Dr. Denver Lough, CEO and Chairman of PolarityTE™. “This is just the beginning of what’s to come in the very near future from Polarity, and we look forward to sharing much more with our shareholders shortly—Welcome to the Shift.”
About SkinTE™ and the PolarityTE™ Platform
SkinTE™ is the Company's lead product in development for skin regeneration. Its investigational platform and the Company's namesake, PolarityTE, is being developed to simplify regeneration and allow tissue and cellular elements to function naturally. Using our revolutionary platform, we seek to utilize cell and tissue polarity, in order to create a spectrum of uniquely functional tissues in a way that mirrors the natural development of the human body. Our goal is to apply the platform across all cells, tissues and composite structures, transforming regenerative medicine into what has been envisioned since its inception.
About PolarityTE™
PolarityTE™, Inc. is a regenerative medicine company positioned to be the first to successfully regenerate human skin. The Company's novel regenerative medicine and tissue engineering platform was developed and patented by chairman and chief executive officer, Denver Lough M.D., Ph.D. This radical and proprietary technology employs a patient's own cells for the healing of full-thickness, functionally-polarized tissues. If clinically successful, the PolarityTE™ platform will provide medical professionals with a truly new paradigm in wound healing and reconstructive surgery by utilizing a patient's own tissue substrates for the regeneration of skin, bone, muscle, cartilage, fat, blood vessels and nerves. The PolarityTE™ platform leverages natural and biologically-sound principles which are readily adaptable to a wide spectrum of organ and tissue systems. This revolutionary technology, paired with the Company's world-renowned clinical advisory board, position PolarityTE™ to drastically change the field and future of translational regenerative medicine. More information can be found online at www.PolarityTE.com.
Forward Looking Statements
Certain statements contained in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements contained in this release relate to, among other things, the Company's ongoing compliance with the requirements of The NASDAQ Stock Market and the Company's ability to maintain the closing bid price requirements of The NASDAQ Stock Market on a post reverse split basis. They are generally identified by words such as "believes," "may," "expects," "anticipates," "should'" and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to risk factors and other items described in more detail in the "Risk Factors" section of the Company's Annual Reports and other filings with the SEC (copies of which may be obtained at www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.
Contacts:
Scott Santiamo
Russo Partners LLC
Scott.Santiamo@RussoPartnersLLC.com
(718) 344-5843
David Schull
Russo Partners LLC
David.Schull@RussoPartnersLLC.com
(858) 717-2310