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 that upon the recommendation of the Company's Remuneration Committee it has granted options over a total of 1,200,000 ordinary shares of 0.00037p each in the Company ("Ordinary Shares") to Chuck Osborne, Chief Financial Officer (the "Options").
The exercise price for the Options is 15 pence and 25% of the Options shall vest on 29 April 2020, whilst the remaining 75% of the Options shall vest in equal portions on the last day of each calendar month over the period of 36 months, starting on 31 May 2020.
Following the grant of the Options referred to above, there are 22,394,131 outstanding options and warrants over Polarean's Ordinary Shares, representing 18% of the Company's Ordinary Shares and total voting rights on a fully diluted basis.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
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 medical 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 and less harmful to the patient than current methods. The annual burden of pulmonary disease in the US is estimated to be over US$150 billion.
The Group also develops and manufactures high performance MRI radiofrequency (RF) coils which are a required component for imaging 129Xe in the MRI system. The development of these coils by the Group facilitates the adoption of the Xenon technology by providing application-specific RF coils which optimise the imaging of 129Xe in MRI equipment for use as a medical diagnostic as well as a method of monitoring the efficacy of therapeutic intervention.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
Details of the person discharging managerial responsibilities / person closely associated
Charles F Osborne Jr
Reason for the notification
Initial notification /Amendment
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Polarean Imaging Plc ("Polarean")
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
Description of the financial instrument, type of instrument
Options over Polarean's ordinary shares of £0.0037p each (the "Options")
Nature of the transaction
Grant of Options
Price and volumes
Exercise Price - 15p per Option
Volume of Options: 1,200,000
- Aggregated volume
Volume: 1,200,000 Options
Price: Each Option has an exercise price of 15p
Date of the transaction
23 May 2019
Place of the transaction
London Stock Exchange, AIM Market
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