Polarean Imaging PLC (AIM:POLX, OTC:PLLWF) has provided investors with detailed insight into how it intends to commercialise its groundbreaking XENOVIEW technology - a plan that would require at least $10m in additional investment.
In the update, it said shareholders NUKEM Isotopes and Bracco Imaging are ready to stump up $2.5m and $2m respectively, while HMRC has given what's called advanced assurance over the availability of $2.5m under the Enterprise Investment Scheme.
Its plans for the roll-out of the unique lung imaging system are based on its five-pillar growth strategy, focusing on driving the utilisation of XENOVIEW, expanding its user base, broadening reimbursement coverage, expanding its total addressable market, and developing strategic partnerships.
Supporting this, the new investment would be used to expand and develop the sales team, finalise the anticipated gas exchange clinical trial and provide a financial runway out to 2026. Polarean expects to cross the Rubicon into profitability in late 2027.
"We are very excited to see such a positive update from Polarean," said Daniel Plumpe, Managing Director of NUKEM.
"Our faith in the Polarean team is evident as we recently increased our investment to over 10%, making us the largest shareholder in the company.
"We have a long-standing relationship with Polarean as a provider of their xenon-129 gas, a critical component of the company's pulmonary functional MRI product, and we look forward to seeing continued progress as they look to increase their number of sites."