$22.5 million was secured by Salt Lake City, Utah-based PolarityTE, a clinical-stage biotechnology business that creates regenerating tissue products.
Investors
- Current stockholders
- Institutional investors
- the Avenue Venture Opportunities Fund, L.P. (also known as “Avenue Venture Debt Fund” or “Avenue”)
- a division of Avenue Capital Group
- Up to $10 million in term loan capital, including a $5 million initial tranche paid at closing, is provided under the credit agreement.
Use of funds
The money will be used by the business to further SkinTE’s Phase III Pivotal Study, which will assess SkinTE’s efficacy in treating Wagner 1 Diabetic Foot Ulcers (COVER DFUS II).
About PolarityTE
PolarityTE is a biotechnology firm that creates regenerated tissue products. John Stetson serves as CEO. SkinTE® is the company’s initial regenerating tissue product. The business is now pursuing the first of two pivotal studies on SkinTE® that are required to support a biologics license application (BLA) for a chronic cutaneous ulcer indication. The company has an open investigational new drug application (IND) with the U.S. Food and Drug Administration (FDA).
