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PolarityTE Receives NIH Grant for a Point-of-Care Device to Treat Chronic Wounds

·3 mins read

PolarityTE, Inc. (Nasdaq: PTE) today announced it has received notification of being awarded a Phase I Small Business Innovation Research grant from the National Institutes of Health (NIH) for an application titled, "Fluid Management System for Point of Care Device for Novel Regenerative Treatment for Chronic Wounds." The Phase I grant, which totals approximately $245,000, is funded over a six-month period and will support research to apply for a subsequent larger Phase II grant.

"I’m proud of the hard work the PolarityTE team dedicated to pursuing this grant and we are pleased to see that work validated by an award from the NIH," said David Seaburg, Chief Executive Officer of PolarityTE. Mr. Seaburg continued, "We will continue to leverage our scientific team’s talent and pursue opportunities we believe will add value to the SkinTE™ franchise."

"We are incredibly excited to receive this grant and look forward to working with the NIH to generate research supporting the development of a point-of-care device," said Dr. Nik Sopko, MD, PhD, Chief Scientific Officer. "We believe the ability to use products like SkinTE in a point-of-care setting will help many more patients gain access to novel treatments that can address unmet needs and deliver meaningful improvements to the standard of care."

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. Learn more at www.PolarityTE.com – Welcome to the Shift®.

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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200921005151/en/

Contacts

Investors:
Rich Haerle
VP, Investor Relations
PolarityTE, Inc.
ir@PolarityTE.com
(385) 315-0697