Salt Lake City-based biotech company PolarityTE Inc. has announced that its board of directors has created an “office of the chief executive” to run the company. The office will consist of a team of three senior executives who will focus and collaborate on commercialization, operational and financial performance and new product development. Members of the office of the chief executive include Richard Hague, chief operating officer; Paul Mann, chief financial officer; and David Seaburg, president of corporate development. Denver Lough remains the chairman of the board and continues on indefinite administrative leave from the offices of CEO and chief research and development officer.
“The board believes the creation of the office of the chief executive is a necessary step to address the business needs of the company, which include commercializing (new product) SkinTE, financial discipline while pursuing sustained growth, and enhancing overall operational efficiency,” said the company’s lead director, Peter Cohen.
“By collaborating on performing the duties of a principal executive officer, our goal is to create an integrated team at PolarityTE that will drive the market adoption of our SkinTE product, build out our portfolio of clinical evidence and reach other developmental, operational and financial goals,” said Seaburg. “In addition, we expect that the steps we are going to take in the office of the chief executive will reduce our near-term cash burn.”
“Our employees are focused on driving forward the development of the transformational PolarityTE technology platform,” said Hague. “Our team has developed what we believe is a game-changing therapy for chronic and traumatic wounds and burns with SkinTE, which has been used to treat hundreds of patients, with patients and providers crediting the product with helping to save lives and limbs. We could not be more excited about what the future holds for our employees and shareholders as we develop additional products from the pipeline.”
Founded in 2004, PolarityTE focuses on discovering, designing and developing a range of regenerative tissue products and biomaterials for the fields of medicine, biomedical engineering and material sciences.