SALT LAKE CITY, May 14, 2018 (GLOBE NEWSWIRE) -- PolarityTE™, Inc. (NASDAQ:COOL) announced the acquisition of a preclinical biomedical research facility in order to accelerate research and development of PolarityTE pipeline products. The facility is an already fully-functional, operational and profitable contract research organization (CRO) which is regulated and compliant under both Good Laboratory Practices (GLP) and United States Department of Agriculture (USDA) standards.
“This purchase was a strategically pragmatic way to further expand our already robust research and development programs, and integrate a new arm of the company—PolarityRD—which will function as an advanced CRO to help drive the field of biotechnology to deliver on the promise of exciting emerging technology,” said Denver Lough MD, PhD, CEO and Chairman of PolarityTE. “We look forward to updating the public shortly on PolarityRD and the momentum of our advancing research systems.”
Earlier this year, the Company hired Caroline Garrett, DVM., DACLAM, to serve as Chief Veterinary Officer, and she will be instrumental in helping to further develop the preclinical research program with this acquisition. Dr. Garrett previously served as Assistant Professor in the Department of Molecular and Comparative Pathobiology and Director of Large Animal Clinical Medicine and Surgery at Johns Hopkins University. She is a boarded laboratory animal veterinarian with 10 years of experience executing high impact preclinical biomedical research in academic, government and corporate settings.
Dr. Garrett said, “Research and development are incredibly important to PolarityTE, and I look forward to broadening the scope and magnitude of our preclinical research capabilities with this new facility. The continued growth of and investment in research is critical to bringing each of our pipeline products to reality.”
About PolarityTE™
PolarityTE is a commercial-stage biotechnology and regenerative biomaterials company 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. The PolarityTE platform technology begins with a small piece of the patient’s own, or autologous, healthy tissue, rather than artificially manipulated individual cells. From this small piece of healthy autologous tissue, the company creates an easily deployable, dynamic and self-propagating product designed to enhance and stimulate the patient’s own cells to regenerate the target tissues. Rather than manufacturing with synthetic and foreign materials within artificially engineered environments, PolarityTE manufactures with the patient’s own tissue and uses the patient’s own body to support the regenerative process to create the same tissue from which it was derived. PolarityTE’s innovative method is 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. Forward looking statements contained in this release relate to, among other things, the Company’s ongoing compliance with the requirements of The NASDAQ Stock Market and the Company’s ability to maintain the closing bid price requirements of The NASDAQ Stock Market on a post reverse split basis. 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 and POLARITYRD are all trademarks or registered trademarks of PolarityTE, Inc.
CONTACT
Investors:
John Stetson
InvestorRelations@PolarityTE.com
(385) 237-2365
Hans Vitzthum
LifeSci Advisors, LLC
Hans@LifeSciAdvisors.com
(617) 535-7743
Media:
David Schull
Russo Partners LLC
David.Schull@RussoPartnersLLC.com
(858) 717-2310
Jenna Mathis
jennamathis@polarityte.com
(610) 751-3985