Current PolarityTE CFO John Stetson will Become Chief Investment Officer of the Company and President of a New Strategic Arm—PolarityIS
SALT LAKE CITY, June 21, 2018 (GLOBE NEWSWIRE) -- PolarityTE, Inc. (Nasdaq:COOL) today announced that Paul Mann of Highbridge Capital Management is the new Chief Financial Officer of the Company effective July 1, 2018. Mr. Mann has nearly 20 years of financial industry experience, most recently as the Healthcare Portfolio Manager at Highbridge Capital Management. Prior to Highbridge, Mr. Mann held positions with Soros Fund Management, UBS Investment Group, Morgan Stanley and Deutsche Bank. Notably, Mr. Mann began his career as a scientist at Proctor and Gamble and is named as an inventor on patent applications for skincare compounds and technologies. Mr. Mann has an MA (Cantab) and an MEng from Cambridge University where he studied Natural Sciences and Chemical Engineering. He is a CFA charterholder.
“Paul is brilliant. From basic science, to healthcare, to corporate strategy, to financial markets—he is simply brilliant,” said Denver M. Lough, MD, PhD, Chairman and Chief Executive Officer of PolarityTE. “This decision to bring Paul onto the Polarity team was easy. His knowledge and experience across the field is phenomenal and his strategic global vision of the market is precisely suited for the Company as we continue to recruit experienced management, clinical and operational talent to further position the Company for growth. We sincerely look forward to an incredible future with him and the new strategic arm, PolarityIS. John Stetson has played a key role in building the company from its inception and we are thrilled to have him serve as Chief Investment Officer and lead PolarityIS, which will focus on driving value through strategic ventures and the monetization of our derivative technologies.”
Paul Mann said, “I met the management team of PolarityTE twelve months ago and I have watched the company and technology evolve over that time. It has become increasingly obvious to me that PolarityTE products have the potential to change the future of medical practice and I am very excited to be part of that process. I strongly believe that we are going to improve the clinical outcomes for millions of patients whilst at the same time, generate fantastic returns for our shareholders.”
Mr. Mann will be attending the upcoming Key Opinion Leader Summit scheduled for Monday, June 25th at 8:00am ET in New York City. Please RSVP in advance if you plan to attend, as space is limited. To reserve a seat click here.
John Stetson, the newly appointed Chief Investment Officer, commented, “I am thrilled to have the opportunity to lead PolarityIS, a new division focused on monetizing PolarityTE’s derivative technologies, developing strategic partnerships, capitalizing on growth acquisitions, and leveraging PolarityTE’s science to create shareholder value. We believe there are significant opportunities for our platform technology and look forward to evaluating many strategic ventures.”
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.
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 regulated by the FDA as an HCT/P solely under Section 361 of the Public Health Service Act and 21 CFR 1271. The FDA has specific regulations governing HCT/Ps. HCT/Ps that meet the criteria for regulation solely under Section 361 of the Public Health Service Act and 21 CFR 1271 (361 HCT/Ps) are not subject to pre-market clearance or approval requirements, but are subject to post-market regulatory requirements.
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, POLARITYIS, and SKINTE are all trademarks or registered trademarks of PolarityTE, Inc.
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