Current Report Filing (8-k)
April 25 2019 - 8:01AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): April 22, 2019
POLARITYTE,
INC.
(Exact
name of registrant as specified in its charter)
Delaware
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000-51128
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06-1529524
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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123
Wright Brothers Drive
Salt
Lake City, UT 84116
(Address
of principal executive offices and zip code)
Registrant’s
telephone number, including area code:
(800) 560-3983
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company [ ]
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item
1.01 Entry into a Material Definitive Agreement.
On
April 22, 2019, PolarityTE MD, Inc. (the “Company”), a subsidiary of PolarityTE, Inc., entered into a sublease
agreement with Joseph M. Still Burn Centers, Inc., for 6,307 square feet of manufacturing, laboratory, and office space
located at 3647 J. Dewey Grey Circle, Augusta, Georgia (the “Facility”). The Joseph M. Still Burn Center (the “JMS
Burn Center”) is part of the Doctors Hospital complex in Augusta, Georgia.
The
initial term of the sublease for the Facility is five years commencing April 22, 2019, and the Company has an option to
renew for three years after the initial term and a second option to renew for an additional two years thereafter. The annual base
rental rate during the initial term is $9,986, or a total of $119,833 per year, with a 3% annual increase as determined
by a third-party fair market value analysis. In addition, the Company is obligated to pay (i) maintenance, repairs, replacements,
and restorations to the Facility, (ii) its own utilities, and (iii) its share of operating expenses for the building based on
the ratio of space leased by the Company to the total leasable square footage of the building.
The
Company intends to use the Facility to establish a manufacturing node for SkinTE™, with the potential to manufacture other
regenerative tissue products in the Company’s pipeline. We expect the manufacturing node at the facility will serve patients
of the JMS Burn Center and the JMS Advanced Wound and Burn Clinic at Doctors Hospital, as well as patients of other medical
facilities in the region.
This
is the first manufacturing node we plan to develop for the production of SkinTE. Nodes are fully contained, scalable manufacturing
facilities that the Company intends to build around the country in order to expedite the harvesting, manufacturing and deployment
of SkinTE to patients. Selection criteria include proximity to large healthcare facilities and metropolitan regions with high
patient volumes. The nodes employ the same high standards as PolarityTE’s central manufacturing facility in Salt Lake City.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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POLARITYTE,
INC.
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Dated:
April 25, 2019
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/s/
Paul Mann
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Paul
Mann
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Chief
Financial Officer
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