Polarean Imaging PLC (LON:POLX)

Polarean Imaging PLC (LON:POLX)

Share Price
19.50 p
1.25 (6.85 %)
Market Cap
£19.78 m
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Polarean Imaging PLC

Located in the Research Triangle Park area of North Carolina, Polarean Imaging PLC. designs and manufactures equipment for production of hyperpolarized xenon or helium gas.

When used in conjunction with MRI, these gases offer a fundamentally new and non-invasive functional imaging platform. Current investigational uses include identifying early diagnoses of respiratory diseases as well...

Market: AIM:POLX
52-week High/Low: 20.00p / 13.50p
Sector: Tech
Market Cap: £19.78 m
Website: www.polarean.com
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Big Picture – A Deep Dive Examination of Polarean Imaging PLC

Polarean Imaging PLC Snapshot

Polarean Imaging plc., located in the Research Triangle Park area of North Carolina, launched in January 2012, after securing all of GE Healthcare’s assets in the field of hyperpolarized gas MRI, including the exclusive rights to approximately 30 patent families. Although operating as a new corporate entity, the Polarean Imaging plc. team has a combined 50 years of experience in the design, development, production and service of hyperpolarized equipment.

Polarean Imaging plc.’s technology is currently for investigational use only. Polarean Imaging plc. is pursuing regulatory approval for clinical use, and also sells its hyperpolarizers and related equipment to academic research institutions worldwide. Polarean Imaging plc. systems are installed at academic research institutions worldwide, including the United States, Canada, UK, Germany, and Sweden. In addition to providing academic researchers with this equipment and support, Polarean Imaging plc. offers access to the intellectual property that provides freedom-to-operate in this technology area.

Productions and Services 

Polarean Imaging plc is opening new research avenues for functional and physiological imaging with its hyperpolarized gas products and services.

Initially developed by GE Healthcare to standard requirements for medical devices and high-end lab equipment, Polarean Imaging plc has exclusively obtained all intellectual property rights to manufacture, sell and service hyperpolarizers and ancillary equipment for biomedical imaging research. Polarean Imaging plc polarizers are fully documented, built to exact specifications and adhere to UL & IEC 61010 standards governing laboratory equipment and international safety requirements.

Our products are currently in use at research institutions worldwide and the Polarean Imaging plc support team is highly experienced in all aspects of installation, training and maintenance. We are also ready to assist with documentation required for proper adherence to regulatory standards.


Polarean 9820 129Xe Hyperpolarizer

9800 129Xe Hyperpolarizer

Polarean 9600 3He Hyperpolarizer

Polarean 3777 129Xe Hyperpolarizer Upgrade Module

Polarean 2881 Polarization Measurement Station

Add Xenon Capability to Your Helium Polarizer

Regulatory Filling Support

Extended Service Contracts


Repairs and Spare Parts


Polarean Imaging plc. key executives include
Bastiaan Driehuys, Ph.D.

Founder and Chief Technology Officer
Dr. Driehuys was a co-inventor of hyperpolarized gas MRI while completing his Doctorate in atomic Physics at Princeton University in the 1990’s. In 1996, Dr. Driehuys helped to start MITI, a company founded to commercialize hyperpolarized gas technology. In 1999, Dr. Driehuys became CEO of the company, managed its acquisition by Amersham Health and he remained with the company as Director of the Research Triangle Park Facility until 2003. In this senior management position he oversaw all hyperpolarized gas physics and applications research. He served on the Amersham global imaging management team, which was broadly responsible for the company’s diagnostic imaging research pipeline, spanning all modalities and disease areas. In 2004, Dr. Driehuys returned to academia where is now an Associate Professor of Radiology, Medical Physics, and Biomedical Engineering at Duke University. His research program has been focused on driving the clinical translation of hyperpolarized 129Xe MRI, and exploiting the unique properties of this atom for molecular imaging.

Dr. Driehuys completed his post-doctoral work and Ph.D. in atomic physics at Princeton University after receiving his BA summa cum laude in physics from Franklin & Marshall College in Lancaster, PA. He has authored more than 50 publications in the areas of hyperpolarization physics and biological applications. He holds 32 granted US patents and is a co-recipient of the Thomas Alva Edison Patent Award, as well as the Tibbetts Award for Outstanding small business scientific accomplishment.

Richard Hullihen

Mr. Hullihen has over 30 years in medical imaging with GEC-Picker International, and Marconi Medical systems creating their CT and MR businesses before moving to start m2m imaging with Amphion Innovations. He has broad experience in medical imaging technology management, engineering, sales and marketing, manufacturing, and business development, in the US and internationally. He served as the CEO of m2m Imaging since its formation.

Mr. Hullihen holds a BS in Electrical Engineering from Western Michigan University, and an MBA from the Weatherhead School of Case Western Reserve University.

Kenneth West

Mr. West’s began his career with Fortune 200 FMC Corporation in the 1980’s, where he was Director of Marketing and Business Development for a division that supplied excipient products to the pharmaceutical industry. Since that time, Mr. West has been involved at a senior level with 5 successful new companies in the medical technology field. He held senior management positions at three venture-capital backed start-ups, including Vice President of Sales, Marketing and Business Development at Embrex, Inc. a drug delivery company that went public and then was acquired by Pfizer; COO at VetInsite, a health care information technology company that was acquired by MediMedia; and Biolex, a transgenic protein company, where he was a founder and the first President/ COO. The company raised more than $180 million in venture capital and was acquired by Synthon. Mr. West has also led the US subsidiaries of two European medical device companies as they entered the US market, including Curasan AG and Tem International. As President of each of these US companies, Mr. West built and managed the US organizations, growing them into multi-million dollar subsidiaries with direct sales forces to physician offices and hospitals.

Mr. West holds a B.S. degree in chemical engineering from Cornell University and an MBA from the Wharton School of the University of Pennsylvania.

Kiarash Emami, Ph.D.
Vice President, Technology and Applications

For the past ten years, Dr. Emami has been both a user and developer of HP gas technology and a leader of a number of HP gas projects at the Radiology Department of the University of Pennsylvania, a leading center for HP gas MRI. These projects have included a project to develop a multi-breath ventilation imaging protocol to measure specific ventilation distribution in lungs, and a passive HP gas delivery device, which enables metered administration consecutive HP gas breaths to conscious human subjects (patent pending).

While at the University of Pennsylvania, Dr. Emami was a Fellow of the University’s technology transfer center and Dr. Emami was also a co-founder of Spinhance, LLC, a company that designed and built the first fully automated 3He polarizer system to support a multi-site COPD ancillary study to be funded by NIH. Since joining Polarean Imaging plc. in 2012, he has directed all aspects of Polarean Imaging plc.’s technical efforts, including building, upgrading, installing, training and servicing 129Xe hyperpolarization systems around the world.

Dr. Emami holds a BS in mechanical engineering from KNT University of Technology (Tehran), an MS in bioengineering and a PhD in electrical and systems engineering; both form University of Pennsylvania.

Shareholder Information

Shares Issued

As at 11 December 2018, the number of shares in issue was 100,730,893

Significant Shareholders

Shareholder Number Ordinary
Shares %
Amphion 18,372,524 18.2
Bastiaan Driehuys 12,267,503 12.2
Nukem 11,234,208 11.2
W.B. Nominees Limited 8,736,697 8.7
Amati Global Investors 8,571,429 8.5
John Sudol 6,206,121 6.2
David & Monique Newlands 3,052,000 3.03

Director Shareholdings

Director Number Ordinary
Shares %
Bastiaan Driehuys 12,267,503 12.2
Richard Hullihen 2,137,354 2.1
Kenneth West 475,594 0.5
Richard Morgan 419,018 0.4
Robert Bertoldi 93,333 0.1
Jonathan Allis - -
Juergen Laucht - -


Physical Address:
2500 Meridian Pkwy #175,
Durham, NC 27713
United States

Mailing Address:
PO Box 14805,
Research Triangle Park, NC 27709-4805
United States

Cleveland Location:
Polarean Imaging plc.
26351 Curtiss Wright Pkwy
Suite F
Cleveland, OH 44143

Phone:    +1-(919)-206-7900

Fax:          +1-(919)-206-7901

[email protected]

Media & Investor Relations:
Walbrook PR Ltd
Phone: +44 (0)20 7933 8780
[email protected]

Request Information or Quote
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Company Secretary
Stephen Austin

Nominated Adviser and Broker
SP Angel Corporate Finance LLP
Prince Frederick House
35-39 Maddox Street
London, W1S 2PP

Legal advisers to the Company
Reed Smith LLP
The Broadgate Tower
20 Primrose Street
London, EC2A 2RS

Auditors and reporting accountants
Crowe Clark Whitehill LLP
St Bride's House
10 Salisbury Square
London, EC4Y 8EH

Independent Expert
Pharma Ventures Limited
1300 Parkway Court
John Smith Drive
Oxford Business Park South
Oxford, OX4 2JY

Financial PR and Investor Relations
Walbrook PR
4 Lombard Street
London, EC3V 9HD

Tel: 020 7933 8780
Email: [email protected]

Share Registrars Limited
Suite E, First Floor
9 Lion and Lamb Yard
Surrey, GU9 7LL

Principal Banker
Silicon Valley Bank
Alphabeta Building
14-18 Finsbury Square
London, EC2A 1BR

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