SOUTH PLAINFIELD, NJ--(Marketwired - Feb 28, 2017) - PolarityTE™, Inc., (NASDAQ: COOL) today announced it has appointed Burke Powers as Vice President of Product Development. Mr. Powers has extensive experience building and commercializing products both in healthcare and other sectors utilizing artificial intelligence and big data anlytics.
"The addition of Burke Powers to PolarityTE marks yet another major milestone as we assemble the pieces to fulfill our vision to approach tissue engineering from a new perspective. Our plans to use an artificial intelligence platform to synthesize and interpret complex processes will play a crucial role across the entire PolarityTE™ process and pipeline spectrum. We believe innovation requires unique solutions, and Burke's perspective gained over 17 years working with large corporations like PayPal, IBM, and JetBlue will provide solutions to challenges faced by our product development teams. Healthcare is evolving rapidly and we aim to provide products that improve patient outcomes, while delivering them at a lower cost. The only way to achieve these goals is to integrate big data analytics and information technology solutions to medicine, and Mr. Powers has experiences across numerous sectors that can be brought to bear on cognitive computing designed for healthcare solutions. The blending of artificial intelligence with the PolarityTE™ platform optimizes our ability to revolutionize regenerative medicine. I am excited to develop our technology in conjunction with Burke, and to innovate digital health with him using our clinical experience and his complex big data analytics," said Denver Lough, MD, PhD, Chairman and CEO.
Newly appointed Vice President, Burke Powers, remarked, "This is such a marvelous team to be joining. I am both humbled and energized by the vision, passion, expertise, and sheer ability to execute that the team has already demonstrated. Not only is this one of the most exciting companies in regenerative medicine today, PolarityTE™ offers a significant opportunity to integrate the most advanced AI and cognitive computing to create better patient outcomes and superior solutions for doctors, payors, and hospitals. I think that what we are developing now will be truly remarkable both for the medical science and the integration of the data science."
During December 2016 PolarityTE™ entered into an Agreement and Plan of Reorganization to acquire certain intellectual property rights developed by Dr. Lough. Completion of the acquisition is subject to a number of conditions, including stockholder approval. There can be no assurance that the conditions will be met or that the acquisition will be successful. The acquisition, and our business generally, is subject to a number of risks that are more fully described under "Risk Factors" that appear in our filings and reports with the SEC.
About Burke Powers
For 17 years, Mr. Powers has worked on developing and applying cutting edge artificial intelligence and cognitive computing to solve real world problems. During his time at IBM, he developed and released new and innovative artificial intelligence and cognitive computing solutions in cardiology, oncology, imaging, medical device development and evaluation, hospital supply chain management and billing, and payer/reimbursement optimization. Beyond healthcare, he has pioneered techniques and brought products to market for creating superior customer experiences at JetBlue Airways, predicting crime and terrorist attacks for federal and state agencies, as well as product and supply chain optimization in the financial services, retail, and manufacturing industries.
About PolarityTE™, Inc.
PolarityTE™, Inc. is the owner of a novel regenerative medicine and tissue engineering platform developed and patented by Denver Lough MD, PhD. This radical and proprietary technology employs a patients' own cells for the healing of full-thickness functionally-polarized tissues. If clinically successful, the PolarityTE™ platform will be able to provide medical professionals with a truly new paradigm in wound healing and reconstructive surgery by utilizing a patient's own tissue substrates for the regeneration of skin, bone, muscle, cartilage, fat, blood vessels and nerves. It is because PolarityTE™ uses a natural and biologically sound platform technology, which is readily adaptable to a wide spectrum of organ and tissue systems, that the company and its world-renowned clinical advisory board, are poised to drastically change the field and future of translational regenerative medicine. More information can be found online at www.polarityte.com.
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. Forward looking statements contained in this release relate to, among other things, the Company's ongoing compliance with the requirements of The NASDAQ Stock Market and the Company's ability to maintain the closing bid price requirements of The NASDAQ Stock Market on a post reverse split basis. They are generally identified by words such as "believes," "may," "expects," "anticipates," "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.