Published on 9 Nov 2022 on Benzinga via Yahoo Finance

PolarityTE Shares Jump After Non-Binding Buyout Offer Of $1.25/Share

PolarityTE Inc (NASDAQ: PTE) shares are surging after it received an unsolicited, non-binding offer (followed by an amended offer) from Michael Brauser to acquire all of the outstanding common stock of the company not owned by him for $1.25 per share in cash.The company's board and a special committee will carefully review the terms and conditions of the offer to determine the course of action that it believes is in the best interest of the company and all Company security holders.If the Board of Directors determines to proceed with the offer, there can be no assurance that all required contingencies will be satisfied and that a transaction will result.Earlier this year, the FDA granted a Regenerative Medicine Advanced Therapy designation to PolarityTE's SkinTE under its open investigational new drug application (IND).PolarityTE is currently pursuing the first of two pivotal studies on SkinTE needed to support a biologics license application (BLA) for a chronic cutaneous ulcer indication.In March, PolarityTE announced that the SkinTE study met its primary and secondary goals for Venous Leg Ulcers (VLU).Price Action: PTE shares are up 7.08% at $0.80 on the last check Wednesday.

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