PolarityTE Issues Statement About Potential Ticker Symbol Confusion

Rhea-AI Summary

PolarityTE, Inc. (Nasdaq: PTE) issued a statement addressing confusion among investors regarding its stock and the unrelated cryptocurrency Peet DeFi, which is often associated with the abbreviation ‘PTE coins’. The company is taking steps to clarify this misunderstanding, which may have impacted its stock trading activity. PolarityTE focuses on developing regenerative tissue products from patients' own tissues, with products like SkinTE currently in development and not approved for clinical use.

Positive

• PolarityTE is actively addressing confusion around its stock, which may stabilize trading.
• The company's innovative approach to regenerative medicine utilizes the patient's own tissue, potentially leading to superior product effectiveness.

Negative

• PolarityTE's products are still in development and not yet approved for clinical use.
• Confusion regarding the stock and cryptocurrency may have adversely affected trading activity.

PolarityTE, Inc. (Nasdaq: PTE) is issuing the following statement:

Based on investor inquiries, it has been brought to the attention of PolarityTE that there may be confusion amongst the investment community related to PolarityTE’s stock and Peet DeFi, which is a crypto currency asset, and the Company is concerned that such confusion may have affected trading in PolarityTE stock. This press release serves to inform investors that PolarityTE, traded on the Nasdaq under ticker symbol “PTE,” and Peet DeFi, often referred to on social media platforms and elsewhere as “PTE coins,” are completely unrelated. The Company is communicating with social media platforms in an effort to mitigate such confusion moving forward.

About PolarityTE®

PolarityTE is 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. Rather than manufacturing with synthetic and foreign materials within artificially engineered environments, PolarityTE manufactures products from the patient's own tissue and uses the patient's own body to support the regenerative process. From a small piece of healthy autologous tissue, the company creates an easily deployable, dynamic, and self-propagating product designed to regenerate the target tissues. PolarityTE's innovative methods are intended to promote and accelerate growth of the patient's tissues to undergo a form of effective regenerative healing. PolarityTE’s products, including SkinTE, are in the development stage, and are not approved or available for clinical use. Learn more at www.PolarityTE.com – Welcome to the Shift®.

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 the impact of the COVID-19 pandemic, future clinical studies, and FDA regulatory matters, which cannot be predicted, and the 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.

POLARITYTE, the POLARITYTE logo, SKINTE, WHERE SELF REGENERATES SELF and WELCOME TO THE SHIFT are registered trademarks of PolarityTE, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210716005343/en/

FAQ

What is the relationship between PolarityTE and Peet DeFi?

PolarityTE and Peet DeFi are completely unrelated, despite both being referred to as 'PTE'.

What steps is PolarityTE taking to address investor confusion?

PolarityTE is communicating with social media platforms to mitigate confusion regarding its stock and the unrelated cryptocurrency.

Are PolarityTE’s products approved for clinical use?

No, PolarityTE's products, including SkinTE, are still in the development stage and are not approved for clinical use.

What is PolarityTE's focus in the market?

PolarityTE is focused on developing regenerative tissue products and biomaterials from patients' own tissues.