Biotech Co. Didn't Disclose Rejected Patent, Investors Say

Law360 (July 9, 2018, 6:37 PM EDT) -- PolarityTE Inc. closed on a $104 million deal to buy a pending patent covering skin regeneration technology without telling investors that the U.S. Patent and Trademark Office had rejected the patent application, a potential class of shareholders have told a Utah federal court.

Inventor Denver Lough had received a nonfinal notice that his patent was going to be rejected on March 31, 2017, a week before the deal closed, investor Yedid Lawi said Friday. However, shareholders didn't find out about the patent failure until it was disclosed in a Citron Research report more than a year later, causing PolarityTE's stock to...

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