Polarean Imaging PLC (AIM:POLX, OTC:PLLWF) is looking to gain "commercial traction" for its medical imaging product, XENOVIEW, the first and only FDA-approved hyperpolarised MRI contrast agent, said chief executive Richard Hullihen in an investor update.
The company, which finished 2022 with US$16mln in cash, plans to maximise commercial sales of XENOVIEW and pursue collaborations with pharmaceutical and MRI companies and other strategic partners to fund future applications of the company's technology.
Its commercial strategy will focus on securing new installations in leading academic medical institutions in North America and expanding exposure and education in the use of hyperpolarised noble gas imaging in medicine and research.
Polarean aims to convert nine research sites to FDA-approved configurations and sell 75-100 Xenoview gas blend cylinders and 15-20 polariser systems over the next two years.
The company will also focus its business development activities on respiratory drug and radiology contrast agent manufacturers, pulmonary drug clinical trial contract research groups (CROs), and MRI system manufacturers to monetise their use of the company's technology.
In a wide-ranging update, the group said that based on its current cash balance, it will need additional resources to achieve its 24-month commercial targets and to pursue the development of the next indications.
Investors were told Polarean is exploring a broad range of options to provide further financing, including (but not limited to) equity raises and strategic partnering.
"Having achieved regulatory approval for our first indication, we now need to demonstrate the establishment of commercial traction and clinical adoption beyond our existing global research base according to our consistently stated objectives,” said CEO Hullihen.
“We will do that within our existing resources, and strategic sources of non-dilutive financing, and return to markets for future financing to expand clinical indications and geographic territories on an ROI basis if and when appropriate."