PolarityTE™ Announces Closing of $17.75 Million Above Market Private Placement
September 21 2017 - 8:19AM
PolarityTE™, Inc. (NASDAQ:COOL) today announced the closing of
$17.75 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.
"We are excited to close this capital raise and
turn our focus to delivering SkinTE™ to selected medical centers
and the development of the Polarity platform pipeline,” said Dr.
Denver Lough, CEO and Chairman of PolarityTE™.
The securities sold in the private placement
have not been registered under the Securities Act of 1933, as
amended, and may not be resold absent registration under or
exemption from such Act.
Cantor Fitzgerald acted as an advisor on the
transaction.
About SkinTE™ and the PolarityTE™
PlatformSkinTE™ 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
StatementsCertain 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 SantiamoRusso Partners
LLCScott.Santiamo@RussoPartnersLLC.com(718) 344-5843
David SchullRusso Partners
LLCDavid.Schull@RussoPartnersLLC.com(858) 717-2310
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