Polarean Imaging PLC (AIM:POLX, OTC:PLLWF) said the focus will be on executing its five pillars strategy after securing just under £10 million of new investment.
So, in the current year, it will aim to drive the utilisation of its groundbreaking MRI lung function technology, grow its user base and broaden reimbursement. Along with that, it aims to expand the addressable market and further develop partnerships for its XENOVIEW.
"The fundraise will enable us to substantially progress implementation of our five-pillar growth strategy in pursuit of its mission to revolutionise pulmonary medicine," said CEO Christopher von Jako.
The update was provided in commentary alongside prelims for the year ended December 31.
Among the highlights of that period was the submission of a post-marketing commitment plan to the US Food and Drug Administration (FDA) to seek approval to expand the minimum current age of XENOVIEW MRI in children from twelve to six years.
It is also speaking to the American regulator's Center for Drug Evaluation and Research division for guidance on a clinical plan for XENOVIEW, which would allow the company to expand potential use cases.
"[This] includes both regional visualisation and quantitative assessment of gas exchange and microvascular haemodynamics for both pulmonary and cardio-pulmonary diseases," Polarean said.
The financials for the period reveal the company booked a loss of around $11.9 million, down from almost $14 million a year earlier.
"Thus far in 2024, we have completed sales and received orders that could result in revenues of $2.5 million. We expect further sales and additional resulting revenue for the year, particularly with our ability to expand our commercial team as a result of a successful fundraise," said von Jako.