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.
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.
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.