Polarean Imaging plc (AIM: POLX), the medical-imaging technology company, with a proprietary drug-device combination product, announces that upon the recommendation of the Company's Remuneration Committee it has granted options over a total of 1,410,750 ordinary shares of £0.00037 in the capital of the Company (the "Ordinary Shares") to certain employees of the Company pursuant to the terms of the Company's Stock Option Plan (the "Share Options").
1,200,000 Share Options have been granted to Mr. Alexander Dusek, the Company's recently appointed Vice-President of Commercialisation. These Share Options will be exercisable at a price of 23p. 300,000 of the Share Options will vest on 23 October 2020 with the remaining 900,000 Share Options vesting in equal portions on the last day of each calendar month over the period of 36 months starting on 30 November 2020.
The remaining 210,750 Share Options will be exercisable at a price of 23p, with 25% of the options vesting on 3 June 2020 and the remaining 75% of the options vesting in equal portions on the last day of each calendar month over the period of 36 months starting on 31 July 2020.
Following the grant of the Share Options referred to above, there are 22,445,072 outstanding options and warrants over Polarean's Ordinary Shares, representing 16.4% of the Company's Ordinary Shares and total voting rights on a fully diluted basis.
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.
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