TIDMPOLX

RNS Number : 6569B

Polarean Imaging PLC

03 February 2020

Polarean Imaging Plc

("Polarean" or the "Company")

Directorate Change

Jonathan Allis, Ph.D. assumes Chairman role

Polarean Imaging plc (AIM: POLX), a clinical stage medical imaging technology company developing a proprietary magnetic resonance imaging (MRI) drug-device combination, announces that Jonathan Allis, Non-Executive Director, has assumed the role of Chairman with immediate effect. Dr. Allis has a wealth of direct knowledge in healthcare and the medical imaging contrast agent industry and is currently the Founder and Chief Executive Officer of Blue Earth Diagnostics ("Blue Earth"), which was recently acquired by Bracco Imaging for US$450 million.

Jonathan Allis' appointment follows the resignations of both Richard Morgan the Company's Non - Executive Chairman and Robert Bertoldi, Non - Executive Director, from the Company's Board of Directors with immediate effect (the "Resignations").

The Company has also commenced the search for a new Non - Executive Director and will make a further announcement in due course.

Both Mr. Morgan and Mr. Bertoldi hold options over 534,400 ordinary shares in the capital of the Company ( "Options"). As per the Company's announcement of 20 April 2018, these Options vest in equal portions on an annual basis on 29 March, being the anniversary of the Company's Admission to trading on AIM and expire on 29 March 2028. Following the Resignations all of the Options will vest and any unexercised Options will lapse on 31 December 2020.

Richard Hullihen, Chief Executive Officer of Polarean said: "The Board would like to sincerely thank Richard and Bob for their guidance and service during the intense process of the Company's formation, launch and early stage development. Their leadership was invaluable in listing, the fundraising process and the successful completion of the Company's Phase III clinical trials. We wish them well in their future endeavours.

"The Company welcomes Jonathan Allis stepping up to Chairman ahead of the next phase of Polarean's lifecycle as we move toward regulatory submission and proposed commercial launch. Prior to founding Blue Earth, Jonathan was the General Manager for PET at GE Healthcare Life Sciences and in previous roles with GE, was responsible for their hyperpolarised Xenon business, which is now owned by Polarean."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Contacts:

 
 Polarean Imaging plc                                   www.polarean.com / www.polarean-ir.com 
 Richard Hullihen, Chief Executive                                             Via Walbrook PR 
  Officer 
  Jonathan Allis, Chairman 
 
 SP Angel Corporate Finance LLP Nomad                                 Tel: +44 (0)20 3470 0470 
  and Broker 
 David Hignell / Soltan Tagiev (Corporate 
  Finance) 
 Vadim Alexandre / Rob Rees (Corporate 
  Broking) 
 
 Walbrook PR                               Tel: +44 (0)20 7933 8780 or polarean@walbrookpr.com 
 Paul McManus / Anna Dunphy                             Mob: +44 (0)7980 541 893 / +44 (0)7879 
                                                                                       741 001

About Polarean (www.polarean.com)

The Company and its wholly owned subsidiary, Polarean, Inc. (together the "Group") are revenue-generating, medical drug-device combination companies operating in the high-resolution medical imaging market.

The Group develops equipment that enables existing MRI systems to achieve an improved level of pulmonary function imaging and specializes in the use of hyperpolarized Xenon gas ((129) Xe) as an imaging agent to visualize ventilation.(129) Xe gas is currently being studied for visualization of gas exchange regionally in the smallest airways of the lungs, the tissue barrier between the lung, and the bloodstream and in the pulmonary vasculature. Xenon gas exhibits solubility and signal properties that enable it to be imaged within other tissues and organs.

The Group also develops and manufactures high performance MRI radiofrequency (RF) coils which are a required component for imaging (129) Xe in the MRI system. The development of these coils by the Group facilitates the adoption of the Xenon technology by providing application-specific RF coils which optimize the imaging of (129) Xe in MRI equipment for use as a medical diagnostic as well as a method of monitoring the efficacy of therapeutic intervention.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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February 03, 2020 02:01 ET (07:01 GMT)

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