February 12, 2020

Ms. Minnie Baylor-Henry

Director at PolarityTE (PTE)
c/o Ms. Maggie Dalton
Stoel Rives LLC

Cc:
SEC OIG
Joe Dixon (attorney for Phillip Frost)

Bcc:
Federal law enforcement agents
Journalists and business writers
Other interested people

Re: Observations and Opinions about PTE

Dear Ms. Baylor-Henry,

This is my 24th letter to you since I started writing to you in December of

2018, shortly after you joined the PTE BOD. As always, I share my observations
and opinions regarding PTE.

It appears that you now may have decided to participate, or at least be

complicit, in the frauds at PTE. If so, that is a shame. Securities fraud is still a
federal crime, punishable by up to 20 years in prison. In addition to frauds that
have already been committed at PTE, the events of the last few weeks are setting
another 5-year statute of limitations for new frauds. I won’t bother to recap the old
frauds. Those frauds are well documented, and you are aware of the details. Let’s
jump right in on the new frauds.

PTE has never retracted the false narrative that was the basis for the original
P&D, namely that SkinTE™ is both patentable and exempt from the requirement
for FDA approval. Along the same lines, PTE has never published the materials
and methods behind SkinTE or corrected the false representations about SkinTE
materials and methods that the company has made in the past. PTE continues to
boast about its technology, without disclosing exactly what its supposed
technology is. PTE is selling snake oil.

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 PTE is running out of cash. The company has not disclosed its revenues for
4Q19. Another Seeking Alpha appeared on January 19. That SA article was by
the same writer who has been pumping PTE in the past. Insiders have been selling
at prices above $3 per share: Hague, Mann, Hoyler, Seaburg, Lough. You have
recently been awarded 38K shares. Today PTE announced that a new round of
financing had priced:

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These new frauds are not going unnoticed:

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 Ms. Baylor-Henry, I hope that you find this information to be useful as you
carry out your duties as a director at PTE. As usual, I am posting this letter on
ScribD with a link from Twitter.

Regards,
Lee Pederson