Polarityte Inc (NASDAQ:PTE) is showing a relief rally after the recent sell-off.
Market Action
On Tuesday, PTE stock surged 8.21% to close at $0.9869. Total volume was 3.25 million shares, below its average volume of 4.85 million shares. The stock opened at $0.93 and moved in a range of $ 0.9152 – 1.0500.
Recent news From PTE
PolarityTE Reports First Quarter Results and Provides Business Update
- Total revenues were $4.71 million in Q1:21 compared to $3.59 million in Q4:20, representing a 31% increase quarter over quarter.
- SkinTE revenues were $1.73 million in Q1:21 compared to $1.20million in Q4:20, representing a 44% increase quarter over quarter (these revenues are not expected to recur in future reporting periods due to wind down of commercial operations)
- Operational cash burn for Q1:21 was $6.61 million representing a 52% reduction from Q1:20, and includes $0.82 million of offering costs associated with capital raises in January 2021.
- Reiterates previous guidance on Investigational New Drug (IND) submission in 2H:21
- Plans to wind down commercial sales of SkinTE® consistent with FDA enforcement discretion period ending on May 31, 2021
- Expects substantial spending cuts in connection with the end of commercial operations and confident in ability to manage cash effectively
- Reported positive top-line data from full 100 patient dataset of SkinTE diabetic foot ulcer (DFU) randomized controlled trial (RCT)
Richard Hague, President & COO, commented, “Our team firmly believes that a successful BLA for SkinTE will create a highly valuable asset based on the clinical data that will support our eventual BLA submission, which should drive widespread adoption, enable favorable payer coverage and clear marketing claims, and provide regulatory exclusivity if SkinTE is deemed a reference product. With over 1,200 clinical uses of SkinTE to date and many positive outcomes, we look forward to submitting an IND and commencing the clinical trials that will support our BLA, so that many more patients can benefit from treatment with SkinTE.”
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