SALT LAKE CITY, Oct. 9, 2018 /PRNewswire/ -- PolarityTE, Inc. (Nasdaq: PTE) announced that multiple regulatory bodies are being notified of suspected significant illegal trading in the Company's securities. Such activities appear to be in strategic coordination with the publication of misleading materials. These activities have brought damages to the Company and the Company's shareholders.
After this information was brought to the Company's attention, the Financial Industry Regulatory Authority (FINRA) was notified. At this time, it appears that a variety of documented trades, conducted by external entities, were specifically orchestrated to coincide with the publication of speculative and misleading information about PolarityTE. Detailed notifications of such documented activities are also being submitted to Nasdaq and the Securities and Exchange Commission (SEC).
For example, some of the recent trades that raised concerns about intentional market manipulation and illegal trading activity occurred from October 1 through October 3, 2018 between prices of $19.74 and $18.00 per share, with unusual volume and timing that coincided with the market close on October 1, 2018 and the market opens on October 2 and October 3, 2018. These block trades appear to have been timed in coordinated manners, directed at certain prices, and are not representative of volume-weighted average price trading.
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.
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, and SKINTE are trademarks or registered trademarks of PolarityTE, Inc.
VP, Investor Relations
LifeSci Advisors, LLC
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SOURCE PolarityTE, Inc.
Released October 9, 2018