December 15, 2018

2126 Lyndale Ave S #6

Minneapolis, MN 55405

Ms. Minnie Baylor-Henry, Trustee

Board of Trustees
Howard University
2400 Sixth St NW
Washington, DC 20059

RE: PolarityTE (Ticker symbol: PTE)

Dear Ms. Minnie Baylor-Henry,

I note that you have recently joined the BOD of PTE. While one might ordinarily offer
congratulations upon such an appointment, you will soon see why that is not appropriate in this
case. Instead, it appears that you have been recruited so that your name and reputation can be
used to cover up a series of frauds with potential criminal consequences.

Early in my own business career, a mentor advised me to evaluate ethical dilemmas as

follows: - Imagine how your decision would be described on the front page of the Wall Street
Journal. You have probably heard the same thing from your own mentors. Now you are in a
situation where that advice is way closer to reality than you might think.

Borrowing from an online presentation that can be found at

https://hbfiles.blob.core.windows.net/files/4cb9e5aa-efa8-43ec-8961-1145f628ee24.pdf

Corporate Governance Responsibilities Reasonable Inquiry

• Cannot be passive
• Must make reasonable inquiries when “Red Flags” come to the director’s attention
• Healthy skepticism and questioning
• Clarification regarding issues and impact of decisions
• What would an ordinarily prudent person want to know under the circumstances?

You are certainly aware of some of the many red flags that I point out below. You would
have to have done zero due diligence in order to not know about the SEC charges against
Stetson, Frost, Hong and others; Stetson's resignation; the Form 483 from the FDA; the
questions about the 361 pathway; the lack of clinical studies; the lack of peer-reviewed
publications; the reimbursement issues; and the last public financial statements.

Frost and his gang lied to me for over a year before I knew they were lying. Frost gang
members are very good at lying. They are also good at co-opting regular people into their

1
frauds. Many of the regular people get sucked in by greed, and before they know it there is no
good way out.

I suggest that you examine the following issues actively, reasonably, and with healthy
skepticism and questioning.

1. The Frost gang - Team Honig are "fraudsters" according to the SEC.
(a) SEC press release: "SEC Charges Microcap Fraudsters for Roles in Lucrative Market
Manipulation Schemes," Litigation Release No. 24262 / September 7, 2018
https://www.sec.gov/litigation/litreleases/2018/lr24262.htm
(b) Securities and Exchange Commission v. Barry C. Honig, et al., No. 18-civ-08175 (S.D.N.Y.,
filed September 7, 2018)
https://www.sec.gov/litigation/complaints/2018/comp24262.pdf

2. The Frost gang - Team Honig are fraudsters according to my own personal experience.
(a) Pederson v Frost - amended complaint filed February 14 - 2018
https://www.scribd.com/document/374185521/Pederson-v-Frost-amended-complaint-filed-
February-14-2018

3. The Frost gang- Team Honig have conducted pump and dump (P&D) securities frauds at a
number of companies. (See items 1 and 2 above, for example. There is an enormous amount of
additional information about the frauds at other companies, but you don't need all of it in order to
make your decision about PTE.)

4. There is substantial credible evidence that PolarityTE (COOL/PTE) was launched as a vehicle
for a Frost gang - Team Honig P&D securities fraud.
(a) "Cool Mara Riot, Part Two: Securities-fraud case against South Florida group reverberates
through additional companies"
http://sharesleuth.com/category/investigations

5. One component of a Frost gang - Team Honig P&D fraud is a fake story about the company's
business. There is substantial credible evidence that the reality of PTE's SkinTE product is far
different than portrayed by the company;
(a) "PolarityTE's Many Deceptions" by Research Noir, Sep. 11, 2018
https://seekingalpha.com/instablog/49608862-research-noir/5210078-polaritytes-many-
deceptions
(b) "SkinTE and the FDA's 361 Pathway" by Ozgur Ogut, July 23, 2018
https://www.ozgurogut.com/thoughts/2018/7/19/skinte-and-the-361-pathway
(c) Contact Jennifer Burdman, PTE's Chief IP Officer, regarding a series of letters I have written
to her.
(d) "PolartityTE: This Game Is Over! Price Target -$2" by Citron Research, October 18, 2018.
https://citronresearch.com/wp-content/uploads/2018/10/PolartityTE-This-Game-Is-Over-Price-
Target-2.pdf (This describes the Form 483 sent to PTE by the FDA.)

6. Another component of a Frost gang - Team Honig P&D fraud is materially misleading
promotions to investors to pump up the stock price and trading volume.

2
7. The stock structure of PTE was designed for a P&D fraud, and not a profitable operating
company.

8. Federal investigations by the SEC and DOJ are ongoing.

I have volumes of additional information about the Frost gang - Team Honig, plus
considerably more information about COOL/PTE. However, you now have enough to begin to
fulfil your responsibility as a BOD member. I suggest that an independent investigation led by
an attorney not affiliated with the Frost gang or PTE management is your best ethical choice.
Resignation from the BOD is another option.

This letter is being bcc'd by email to individual investigators at the SEC, the FBI and the
U.S. Attorneys Office. This letter is also being bcc'd by email to a number of investigative
journalists.

Regards,

Lee Pederson