PolarityTE Announces Closing of $10.0 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules
January 14 2021 - 4:05PM
Business Wire
PolarityTE, Inc. (Nasdaq: PTE), a company focused on
transforming the lives of patients by discovering, designing, and
developing a range of regenerative tissue products and
biomaterials, announced today the closing of its previously
announced registered direct offering. In the offering the company
sold 6,670,000 shares (the “Shares”) of its common stock, par value
$0.001 per share (the “Common Stock”), pre-funded warrants to
purchase up to 2,420,910 shares of Common Stock (the “Pre-Funded
Warrants”), which have been exercised, and accompanying common
warrants to purchase up to 9,090,910 shares of Common Stock. Each
Share and Pre-Funded Warrant was sold together with a Warrant. The
combined offering price of each Share and accompanying Warrant was
$1.100 and for each Pre-Funded Warrant and accompanying Warrant was
$1.099. The Warrants are immediately exercisable at an exercise
price of $1.20 per share of common stock and will expire five years
from the date of issuance.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The Company intends to use the net proceeds of this offering for
working capital and general corporate purposes.
The securities described above were offered by PolarityTE
pursuant to a “shelf” registration statement on Form S-3 (File No.
333-229584) previously filed with the U.S. Securities and Exchange
Commission (“SEC”) on February 8, 2019 and declared effective by
the SEC on February 22, 2019. Such securities may be offered only
by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. A final
prospectus supplement and the accompanying prospectus relating to
the offering was filed with the SEC and is available on the SEC’s
website at www.sec.gov. Electronic copies of the final prospectus
supplement and the accompanying prospectus may be obtained from
H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY
10022, by email at placements@hcwco.com or by phone at (646)
975-6996.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About PolarityTE®
PolarityTE is focused on transforming the lives of patients by
discovering, designing, and developing a range of regenerative
tissue products and biomaterials for the fields of medicine,
biomedical engineering and material sciences. Rather than
manufacturing with synthetic and foreign materials within
artificially engineered environments, PolarityTE manufactures
products from the patient's own tissue and uses the patient's own
body to support the regenerative process. From a small piece of
healthy autologous tissue, the company creates an easily
deployable, dynamic, and self-propagating product designed to
regenerate the target tissues. PolarityTE's innovative methods are
intended to promote and accelerate growth of the patient's tissues
to undergo a form of effective regenerative healing.
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. They are generally
identified by words such as "believes," "may," "expects,"
"anticipates," "intend," "plan," "will," "would," "should" and
similar expressions and include statements about the intended use
of net proceeds from the offering. 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 the impact of the COVID-19 pandemic and FDA regulatory matters,
which cannot be predicted, and the 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. Our 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).
POLARITYTE, the POLARITYTE logo, SKINTE, WHERE SELF REGENERATES
SELF and WELCOME TO THE SHIFT are trademarks or registered
trademarks of PolarityTE, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20210114005994/en/
Investors: Rich Haerle VP, Investor Relations PolarityTE,
Inc. ir@PolarityTE.com (385) 315-0697
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