PolarityTE (NASDAQ: PTE), a biotechnology company developing and commercializing regenerative tissue products and biomaterials, on Thursday announced approval from its board of directors of a short-term shareholder rights agreement following evaluation by its board-established shareholder rights committee. According to the update, the agreement intends to ensure that all PolarityTE shareholders receive fair treatment in any potential transaction, while allowing the board and shareholders adequate time to make informed strategic decisions that the board and the company’s executive management team are currently evaluating. The board approved the agreement as a means to deter any entity, person or group from gaining control of PolarityTE through the open market or private transactions without paying an appropriate control premium or offering fair and adequate value to shareholders.
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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 method is intended to promote and accelerate growth of the patient’s tissues to undergo a form of effective regenerative healing. For more information, visit the company’s website at www.PolarityTE.com.
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