PolarityTE, a biotechnology company based in Salt Lake City, UT, has raised $22.5 million in funding. The financing comes from institutional investors and current shareholders. Additionally, the company secured a new senior secured credit facility with Avenue Venture Opportunities Fund, L.P., part of Avenue Capital Group, which provides up to $10 million in term loan capital, with an initial $5 million funded at closing.

The funds will be used to advance the Phase III pivotal study of SkinTE®, PolarityTE’s regenerative tissue product, for treating Wagner 1 diabetic foot ulcers (COVER DFUs II).

Led by CEO John Stetson, PolarityTE is focused on developing regenerative tissue products. SkinTE®, its flagship product, is currently under an investigational new drug (IND) application with the U.S. FDA. The company is pursuing pivotal studies required to support a biologics license application (BLA) for chronic cutaneous ulcer treatment.