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Polarean Imaging reports slightly higher revenues and lower costs

"We have begun early discussions with potential strategic partners in the pharmaceutical industry and in other geographic markets that could lead to important developments in new applications and uses for our technology"

mri
Images from MRI scans could be improved with Polarean technology

Polarean Imaging PLC (LON:POLX) said it remained “confident and excited for the future” as it reported slightly higher revenues and lower costs than expected for the past calendar year.

The AIM-listed company is currently taking its drug-and-device technology through late-stage clinical trials and said it is “on track” to apply for regulatory permission in the US next year and deliver first commercial sales by end of the year.

WATCH: Polarean Imaging updates on clinical trials ahead of investor symposium

Polarean’s novel process involves patients inhaling and holding a small amount of hyperpolarised 129-Xenon gas for a few seconds while undergoing an MRI scan, creating a much stronger picture of lung structure and function for doctors.

Although still in the clinical stage, revenues were doubled to US$2.4mln, while an increase in admin expenses amid the ramping up of trials was the main reason for pre-tax losses increasing to £5.3mln from £3.9mln.

Polarean raised a gross US$1mln via a placing last July to satisfy investor demand and at the end of December there was £0.9mln of cash in the bank. Another US$4mln placing was put in place in December, though the company said it received the main part of the proceeds in the new financial year.

READ: Polarean Imaging receives system order from Canadian children’s hospital

Chief executive Richard Hullihen said he was encouraged with clinical progress and was confident that enrolment of the Phase III trials will conclude during the third quarter of this year.

“We have continued to invest in our intellectual property portfolio as part of our ongoing R&D and have added new key patent filings involving gas exchange and pulmonary vascular disease,” he said.

As well as the trials, he said there have been early-stage discussions with “potential strategic partners in the pharmaceutical industry and in other geographic markets that could lead to important developments in new applications and uses for our technology, expansion into new territories, and which may bring economic benefits to the group going forward”.

Polarean shares were up 5% to 20.5p on Thursday morning.

Quick facts: Polarean Imaging PLC

Price: 19 GBX

AIM:POLX
Market: AIM
Market Cap: £21.74 m
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Polarean Imaging eagerly awaiting readouts from its key phase III clinical...

Polarean Imaging PLC's (LON:POLX) Richard Hullihen speaks to Proactive London's Andrew Scott following the news they've now completed patient enrolment for the phase III clinical trials of its MRI lung scan technology. He says the trials are now in the image and statistical analysis stage, a...

on 7/11/19

2 min read