SALT LAKE CITY, March 16, 2022 /PRNewswire/ -- PolarityTE,
Inc. (Nasdaq: PTE) ("PolarityTE" or the "Company"), a biotechnology
company developing regenerative tissue products and biomaterials,
today announced that it has closed its previously announced
registered direct offering with a single healthcare-focused
institutional investor to sell 3,000.000435 shares of Series A
convertible preferred stock and 2,000.00029 shares of Series B
convertible preferred stock and warrants to purchase up to an
aggregate of 16,393,445 shares of common stock. Each share of
Series A and Series B preferred stock has a stated value of
$1,000 per share and a conversion
price of $0.305 per share. The shares of preferred stock
issued in the offering are convertible into an aggregate of
16,393,445 shares of common stock. The warrants have an exercise
price of $0.35 per share, will become
exercisable six months following the date of issuance, and will
expire two years following the original issuance date. Total gross
proceeds from the offering, before deducting the placement agent's
fees and other estimated offering expenses, is approximately
$5.0 million.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The Company also has announced that certain warrants to purchase
an aggregate of 9,090,910 shares of common stock of the Company
that were issued to such investor on January
14, 2021 and 8,016,033 shares of common stock of the Company
that were issued to such investor on January
25, 2021, were amended to have a reduced exercise price of
$0.35 per share, and will be
non-exercisable for six months following the date on which the
offering is consummated.
The Company intends to use the net proceeds from this offering
for working capital and general corporate purposes.
The securities described above were offered pursuant to a
registration statement on Form S-3 (333-229584), which was declared
effective by the Securities and Exchange Commission
on February 22, 2019. The offering was made only by means of a
prospectus supplement and a prospectus that form a part of the
registration statement. A final prospectus supplement and
accompanying prospectus relating to the securities offered has been
filed with the SEC. Electronic copies of the final prospectus
supplement and accompanying prospectus may be obtained on the SEC's
website at http://www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor,
New York, NY 10022, by phone at
(646) 975-6996 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About PolarityTE
PolarityTE, Inc.,
headquartered in Salt Lake City,
Utah, is a biotechnology company developing regenerative
tissue products. PolarityTE's first regenerative tissue
product is SkinTE®. PolarityTE has an open investigational
new drug application (IND) for SkinTE® with the U.S. Food and Drug
Administration (FDA) and is now pursuing the first of two pivotal
studies on SkinTE® needed to support a biologics license
application (BLA) for a chronic cutaneous ulcer indication.
SkinTE® is available for investigational use only. Learn more
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. They are generally identified by words such as
"believes," "may," "expects," "anticipates," "intend," "plan,"
"will," "would," "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 market and other conditions, the impact of the
COVID-19 pandemic, future clinical studies, 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.
POLARITYTE, the POLARITYTE logo, SKINTE, and WHERE SELF
REGENERATES SELF are registered trademarks of PolarityTE, Inc.
Contact:
Investors:
PolarityTE Investor
Relations
ir@PolarityTE.com
(385) 831-5284
Media:
David
Schull or Ignacio Guerrero-Ros
David.schull@russopartnersllc.com
Ignacio.guerrero-ros@russopartnersllc.com
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SOURCE PolarityTE, Inc.