PolarityTE clinical-stage biotechnology company developing regenerative tissue products secures $22.5million in equity financing from institutional investors and current shareholders.
In addition, the Company closed on a new senior secured credit facility with the Avenue Venture Opportunities Fund, L.P. (“Avenue Venture Debt Fund” or “Avenue”), part of Avenue Capital Group.
The credit agreement provides up to $10 million in total term loan capital including a first tranche of $5 million funded at closing. Proceeds will be used to advance SkinTE’s Phase III Pivotal Study evaluating SkinTE in the treatment of Wagner 1 Diabetic Foot Ulcers (COVER DFUS II).
John Stetson, CEO of PolarityTE said, “We are very excited to secure this financing and partner with Avenue Capital, a well-known institutional investor, as we continue to advance our Phase III trial, This financing strengthens our balance sheet and provides sufficient capital to reach key data readouts on our current trial.”
About PolarityTE
PolarityTE, headquartered in Salt Lake City, Utah, is a biotechnology company developing regenerative tissue products. It’s first regenerative tissue product is SkinTE®. PolarityTE has an open investigational new drug application (IND) for SkinTE® with the U.S.
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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.
