Polarean Imaging plc (AIM: POLX), the medical-imaging technology company, with a proprietary drug-device combination product for the magnetic resonance imaging (MRI) market, announces its unaudited interim results for the six months ended 30 June 2018.
Highlights
- Successful admission to trading on AIM on 29 March 2018
- £3m (gross) raised via a placing of 20,000,000 ordinary shares at a placing price of 15p in March 2018
- Delivery of Xenon Polarisers to Cincinnati Children’s Hospital and University of Virginia
– University of Virginia Polariser to be used exclusively for Phase III Clinical Trials - Financial performance in-line with management expectations:
– Revenues of US $0.75m (H1 ’17: US $0.17m);
– Operating gross margins, including grants, at over 70% margin - Net cash at 30 June 2018 of US $1.22m
Post-period end
- Completion of successful Pilot Study prior to commencement of Phase III Trials
- Phase III FDA Clinical Trials to commence shortly
- US Patent Notice of Allowance received for polarization enhancing technology
- Placing to raise £0.8m (gross) at 16p completed on 10 July 2018
Richard Hullihen, CEO of Polarean, commented: “The burden of pulmonary disease in the USA is approximately US $150bn, with pulmonary disease widespread and growing, affecting nearly 40 million Americans. Given the limitations of existing methods of diagnosis and lung disease monitoring, we believe that there is a significant unmet need for non-invasive, quantitative, and cost-effective image-based diagnosis technology. We believe that our unique medical drug-device combination utilizing 129Xe offers the ideal solution for improving pulmonary disease diagnosis and we are confident that this will be borne out during our Phase III trials.”
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