SALT LAKE CITY, June 3, 2019 /PRNewswire/ -- PolarityTE, Inc. (Nasdaq: PTE) today announced that the Board of Directors has created the Office of the Chief Executive, consisting of a team of three senior executives who will focus and collaborate on commercialization, operational and financial performance, and new product development. Members of the Office of the Chief Executive include Richard Hague, Chief Operating Officer, Paul Mann, Chief Financial Officer and David Seaburg, President of Corporate Development. Dr. Denver Lough remains the Chairman of the Board and is on indefinite administrative leave from the offices of Chief Executive Officer and Chief Research & Development Officer.
"The Board believes the creation of the Office of the Chief Executive is a necessary step to address the business needs of the Company, which include commercializing SkinTE™, financial discipline while pursuing sustained growth, and enhancing overall operational efficiency," said the Company's lead director, Peter Cohen. David Seaburg, President of Corporate Development, added: "By collaborating on performing the duties of a Principal Executive Officer, our goal is to create an integrated team at PolarityTE that will drive the market adoption of our SkinTE product, build out our portfolio of clinical evidence, and reach other developmental, operational and financial goals. We are excited about the projects the Company has within its pipeline, but recognize the need to focus squarely on the commercialization of SkinTE, which is paramount in our plan to generate substantial returns for shareholders. In addition, we expect that the steps we are going to take in the Office of the Chief Executive will reduce our near-term cash burn."
The Office of the Chief Executive brings together Mr. Mann, Mr. Seaburg, and Mr. Hague, who collectively bring more than 60 years of experience in the life sciences, capital markets, and finance industries. The Board believes the Office of the Chief Executive best addresses the immediate business needs of the Company as it transitions from product development to product commercialization, but will be replaced by a more traditional management structure in the future as the goals set for the Office of the Chief Executive advance.
"Our employees are focused on driving forward the development of the transformational PolarityTE technology platform. Our team has developed what we believe is a game-changing therapy for chronic and traumatic wounds and burns with SkinTE, which has been used to treat hundreds of patients, with patients and providers crediting the product with helping to save lives and limbs. We could not be more excited about what the future holds for our employees and shareholders as we continue to build clinical evidence for SkinTE and develop additional products from the pipeline," said Richard Hague.
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 method is 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®.
SkinTE is a human cellular and tissue-based product derived from a patient's own skin intended for the repair, reconstruction, and replacement of skin tissue.
SkinTE is intended to be used by physicians or other appropriate healthcare providers for homologous uses of skin tissues/integument. Patients who have suffered from an event, disease, process or acquired deficit that results in the functional loss or void of skin/integument systems can receive SkinTE as an adjunct and/or in place of split-thickness skin grafting, full-thickness grafting, temporizing skin coverage and/or skin substitute products. SkinTE is for autologous use only. Aseptic technique during harvest and deployment of SkinTE is mandatory. SkinTE is marketed as an HCT/P regulated by the FDA solely under Section 361 of the Public Health Service Act and 21 CFR 1271.
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 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, WHERE SELF REGENERATES SELF, WELCOME TO THE SHIFT and SKINTE are trademarks or registered trademarks of PolarityTE, Inc.
VP, Investor Relations
LifeSci Advisors, LLC
SOURCE PolarityTE, Inc.