Polarean Imaging plc - Half-year Report

Half-year Report

24 September 2019 -- 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 2019.

Highlights

• Significant enrolment in Phase III FDA clinical trials (the “Clinical Trials”) as Clinical Trials near completion
• Third trial site added at University of Cincinnati, in addition to Duke University and the University of Virginia, to improve enrolment rates for its Clinical Trials
• Three new orders for Polarean’s 9820 Xenon Polariser system from the University of British Columbia, The Hospital for Sick Children (“SickKids”) in Toronto and the University of Kansas.
• Third tranche of US$1m confirmed from US$3m Small Business Innovation Research (“SBIR”) grant
• Second London Investor Symposium completed in June 2019
• Appointment of Charles (“Chuck”) Osborne as the Company’s new Chief Financial Officer
• Net cash of US$1.28m at 30 June 2019

Post-period end

· Raised £2.1m (gross) via a placing of 11,666,667 ordinary shares at a placing price of 18p per share in July 2019

• Enrolment for the Clinical Trials has now passed 98% in the lung transplant pathway and 87% in the lung lobe resection pathway, with a total of 80 patients targeted for enrolment
• Delivered and installed a 9820 Xenon Polariser system at SickKids
• Number of Xenon Polariser systems installed or on order is 25

Richard Hullihen, CEO of Polarean, commented: “Our continued global engagement with the expanding base of clinicians and researchers, while extending our technology and discovering new techniques, reinforces our belief that pulmonary medicine patients and their doctors deserve the benefits of our unique three-dimensional, non-invasive, reproducible hyperpolarised xenon gas imaging technology. We have now entered a crucial period for the Company as the Clinical Trials near completion, with the top-line results of the Clinical Trials expected before the end of 2019. We remain confident and excited for the future of Polarean and are grateful to our shareholders and stakeholders for their continued support.”

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

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