Amphion Innovations plc - Pledge of Polarean shares
Polarean Imaging plc (AIM: POLX), the medical‑imaging technology company, with a proprietary drug‑device combination product for the magnetic resonance imaging (MRI) market, notes that its partner company Amphion Innovations plc ("Amphion"), has pledged its holding of 18,372,523 shares in Polarean as additional security against its loan facility with its debt provider (the "Lender").
Amphion has transferred the legal title to, but retains the beneficial interest in, the pledged shares in Polarean. In addition, the Lender has agreed to adhere to the terms of an orderly market agreement for the next 12 months with regards to the 18,372,523 Polarean shares.
The Company and its wholly owned subsidiary, Polarean, Inc. (together the "Group") are revenue generating, medical drug-device combination companies operating in the high resolution functional magnetic resonance imaging market.
The Group develops equipment that enables existing MRI systems to achieve an improved level of pulmonary function imaging and specialises in the use of hyperpolarised Xenon gas (129Xe) as an imaging agent to visualise ventilation and gas exchange regionally in the smallest airways of the lungs, the tissue barrier between the lung and the bloodstream and in the pulmonary vasculature. Xenon gas exhibits solubility and signal properties that enable it to be imaged within other tissues and organs.
The Group operates in an area of significant unmet medical need and the Group's technology provides a novel diagnostic approach, offering a non-invasive and radiation-free functional imaging platform which is more accurate than current methods. The annual burden of pulmonary disease in the US is estimated to be over US $150 billion.
The Group is currently undertaking Phase III Non-Inferiority Clinical Trials for 129Xe at Duke University and University of Virginia.
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