Polarean Imaging Announces its Audited Final Results for the Year 2018

Polarean Imaging plc (AIM: POLX), the clinical stage medical-imaging technology company, with a proprietary drug-device combination product for the visualisation of pulmonary function in the magnetic resonance imaging (MRI) market, announces its audited final results for the year ended 31 December 2018.

In addition, Polarean confirms that the Annual Report and Accounts for the year ended 31 December 2018, the Notice of the Annual General Meeting (“AGM”) and a Form of Proxy are now available on the Company’s website (http://www.polarean-ir.com/content/investors/annual-reports.asp) and will be posted to shareholders shortly.

Polarean’s AGM will be held at the offices of Reed Smith LLP at The Broadgate Tower, 20 Primrose Street, London EC2A 2RS at 2.00 p.m. on 25 July 2019.

Highlights

• First patient enrolled in Phase III FDA clinical trial during the period and trials nearing completion
• New licensing agreement with Duke University
• On track to file a New Drug Application with the FDA and to deliver first commercial sales by end of 2020
• Gross fundraise of US$1.064 million (c.£0.8 million) in July 2018 via a placing in response to investor demand
• Gross fundraise of US$4 million (c.£3.125 million) in December 2018 to support the Company’s ongoing Phase III Clinical Trials and significantly strengthening the balance sheet

Post period end

• Two new System Orders from the University of British Columbia and The Hospital for Sick Children in Toronto respectively
• Total number of systems in use or on order now at 24
• Confirmed the third tranche of US$1 million from the US$3 million Small Business Innovation Research grant
• Currently at least 42 clinical trials ongoing into the use of ¹²⁹Xe MRI on the FDA website
• Appointment of new Chief Financial Officer

Richard Hullihen, CEO of Polarean, commented: “We are encouraged with the progress of our Phase III clinical trials and enrolment should conclude during the third quarter of this year. We have continued to invest in our intellectual property portfolio as part of our ongoing R&D and have added new key patent filings involving gas exchange and pulmonary vascular disease. We remain confident and excited for the future of Polarean and are grateful to our investors for their continued support.”

The Company recently held its second successful investor symposium in London. Details can be found on the Company’s website at http://www.polarean-ir.com/content/investors/videos.asp

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

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