Polarean Imaging plc (AIM: POLX), the medical-imaging technology company, with an investigational drug-device combination product for magnetic resonance imaging (MRI), announces its unaudited interim results for the six months ended 30 June 2021.
· Raised £27 million gross proceeds in an oversubscribed financing, including continued support of strategic investors, Bracco Imaging S.p.A and Nukem Isotopes GmbH as well as institutional investor Amati AIM VCT plc, joined by several new UK and US institutional investors.
· Appointment of Chief Financial Officer, Chuck Osborne, to the Board
· Additional research unit order for a 9820 Xenon Polariser system from the University of British Columbia in Vancouver, Canada
· Installation of its 9820 Xenon Polariser system for the University of Texas MD Anderson Cancer Center
· Presentation of data at both the American Thoracic Society ("ATS") and the International Society for Magnetic Resonance in Medicine ("ISMRM") virtual conferences
· Publication of first peer reviewed COVID-19 research by Professor Fergus Gleeson at the University of Oxford
· Net cash of US$38.2m as of 30 June 2021
· Frequent interactions with the FDA as they review the NDA in advance of our target PDUFA goal date of 5 October 2021
· Preparation for launch of product including recruitment of employees into our sales and marketing organization
· Planning to broaden the awareness of Polarean technology through exhibitions at CHEST and RSNA 2021 and numerous topical conferences
Richard Hullihen, CEO of Polarean, commented: "During the first half of 2021 the Company raised its largest financing to date with its oversubscribed £27 million gross proceeds financing. We appreciate the continued support from our existing strategic, institutional and retail investors and welcome several new significant institutional investors. The proceeds from this round are being used to plan and execute the launch of our product in accordance with our current target PDUFA date of 5 October 2021. We continue to sell new polarisers systems for research use, as the amount of polarised Xenon research continues to increase. We look forward to providing our shareholders with updates regarding further progress and specifically the status of our target PDUFA date of 5 October 2021, and we thank them for their continued support on this exciting journey."