PolarityTE, a Salt Lake City, UT-based clinical-stage biotechnology company developing regenerative tissue products, raised $22.5M in funding.
Backers included 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 $10M in total term loan capital including a first tranche of $5M funded at closing.
The company intends to use the funds to advance SkinTE’s Phase III Pivotal Study evaluating SkinTE in the treatment of Wagner 1 Diabetic Foot Ulcers (COVER DFUS II).
Led by CEO John Stetson, PolarityTE is a biotechnology company developing regenerative tissue products. Its first regenerative tissue product is SkinTE®. The company has an open investigational new drug application (IND) for SkinTE® with the U.S. Food and Drug Administration (FDA) and is now pursuing the first of two pivotal studies on it needed to support a biologics license application (BLA) for a chronic cutaneous ulcer indication.
FinSMEs
22/05/2024