PolarityTE Announces $10.0 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules
12 January 2021 - 11:00PM
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 that it has entered into a securities
purchase agreement with a single healthcare-dedicated institutional
investor providing for the purchase and sale of 9,090,910 shares of
its common stock (or pre-funded warrants to purchase common stock
in lieu thereof) and accompanying warrants to purchase up to
9,090,910 shares of common stock. Each share of common stock (or
pre-funded warrant in lieu thereof) is being sold together with one
warrant to purchase one share of common stock at a combined
purchase price of $1.10. The securities are being offered in a
registered direct offering priced at-the-market under Nasdaq rules.
The warrants will be immediately exercisable at an exercise price
of $1.20 per share of common stock and will expire five years from
the date of issuance. The shares of common stock or the pre-funded
warrants, and the accompanying warrants, can only be purchased
together in the offering but will be issued separately and will be
immediately separable upon issuance.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The offering is expected to result in gross proceeds to
PolarityTE of approximately $10.0 million before deducting
placement agent and other offering expenses payable by PolarityTE.
The Company intends to use the net proceeds of this offering for
working capital and general corporate purposes.
The registered direct offering is expected to close on or about
January 14, 2021, subject to the satisfaction of customary closing
conditions.
The securities described above are being 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 will be filed with the SEC and will be available on
the SEC’s website at www.sec.gov. Alternatively, when available,
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 completion of
the registered direct offering, the satisfaction of customary
closing conditions related to the offering and 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/20210112005383/en/
Investors: Rich Haerle VP, Investor Relations PolarityTE,
Inc. ir@PolarityTE.com (385) 315-0697
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