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PolarityTE plans $55M stock offering to fund regenerative tissue product R&D

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PolarityTE plans $55M stock offering to fund regenerative tissue product R&D

PolarityTE Inc., a developer of regenerative tissue products from patients' own cells, is planning a follow-on offering of $55 million of shares.

The Salt Lake City-based company intends to give the underwriters a 30-day option to purchase up to approximately $8.2 million of additional shares at the offering price. The stock closed on the Nasdaq Capital Market at $27.82 on June 4.

PolarityTE intends to use the net proceeds for research and development of its products and potential products and efforts toward bringing those products to market including registration with or approval from regulatory authorities, and general corporate purposes.

The offering is expected to close on or about June 7, subject to customary closing conditions.

Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering.