Benzinga | Jul 12, 2021 08:06AM EDT

PolarityTE Receives Notice of Allowance for Chinese Patent

PolarityTE, Inc. (NASDAQ:PTE) today announced that the China National Intellectual Property Administration (CNIPA) issued a Notification of Allowance for Chinese Patent Application No. 201580075326.3. The allowed claims relate to skin-regenerative compositions utilizing PolarityTE's minimally polarized functional unit (MPFU) technology as well as methods of making a skin-regenerative composition utilizing the MPFU technology. Of note, China recently adopted a new law for patent term extension of up to 5 years to compensate for the time taken for review and approval of a new drug or biologic for marketing, where the total patent term from the approval date of the new drug or biologic shall not exceed 14 years.

This most recent allowance further demonstrates the Company's steady march forward in acquiring patent rights on a global scale and brings the Company's total number of allowed and granted utility patents worldwide to 12 -- 10 abroad and 2 in the United States. The Company continues to pursue additional patent applications in the United States and abroad related to its regenerative technologies, including SkinTE(r).

David Seaburg, Chief Executive Officer, commented, "In less than two years, PolarityTE has grown its worldwide patent portfolio from zero allowed or granted patents to 12." Mr. Seaburg continued, "This most recent achievement further bolsters our intellectual property rights in our MPFU technology, aspects of which are central to SkinTE(r)."