London Stock Exchange welcomes Polarean Imaging Plc
London Stock Exchange today welcomes Polarean Imaging Plc (‘Polarean’ or the ‘Company’), a revenue generating medical technology company with a late-stage proprietary drug-device combination for the magnetic resonance imaging (MRI) market, to celebrate the listing of the Company's public shares onto AIM, under the ticker "POLX".
Polarean’s technology enables existing MRI systems to achieve an improved level of pulmonary (lung) function imaging to aid early diagnosis of pulmonary disease which currently affects hundreds of millions of people globally, including approximately 174 million people who suffer chronic obstructive pulmonary disease (COPD), which is responsible for 6% of all deaths worldwide each year. The annual burden of pulmonary disease in the US is estimated to be over US$150 billion.
The Group develops equipment that enables existing MRI systems to achieve an improved level of pulmonary function imaging and specialises in the use of hyperpolarised Xenon gas (129Xe) as an imaging agent to visualise ventilation and gas exchange regionally in the smallest airways of the lungs, the tissue barrier between the lung and the bloodstream and in the pulmonary vasculature. Xenon gas exhibits solubility and signal properties that enable it to be imaged within other tissues and organs.
Polarean operates in an area of significant unmet medical need and the Group’s technology provides a novel diagnostic approach, offering a non-invasive and radiation-free functional imaging platform which is more accurate and less harmful to the patient than current methods.
The Company proposes to raise gross proceeds of £3 million by way of a conditional placing through its nominated adviser and broker, Northland Capital Partners Limited and a conditional subscription. The Company listed on AIM at 8am on the 29 March 2018 and shares trade under the AIM symbol ‘POLX’. Polarean is expected to have a market capitalisation on admission of at least £11 million.
Richard Hullihen, CEO of Polarean, commented: “We would like to thank our existing shareholders and our new institutional investors for providing us with the support to take the business to the next stage of its development through our admission to AIM. This is an exciting time for the Group as we believe we have established a technology that targets a huge unmet medical need to aid the diagnosis of pulmonary diseases and are well positioned to achieve the key milestones we have set out, including the execution of our Phase III clinical trial in the US. The additional funding from the Fundraise will enable us to continue the implementation of our growth strategy and development pipeline. We look forward to providing our shareholders with further updates as we progress.”
To find out more about Polarean visit: www.polarean.com