TIDMPOLX
RNS Number : 2697G
Polarean Imaging PLC
22 July 2019
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF IRELAND, THE REPUBLIC OF
SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION IN
WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION,
OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE
OR DISPOSE OF ANY SECURITIES IN POLAREAN IMAGING PLC OR ANY OTHER
ENTITY IN ANY JURISDICTION.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 ("MAR"). In addition,
market soundings (as defined in MAR) were taken in respect of the
Placing with the result that certain persons became aware of inside
information (as defined in MAR), as permitted by MAR. This inside
information is set out in this announcement. Therefore, those
persons that received inside information in a market sounding are
no longer in possession of such inside information relating to the
Company and its securities.
Polarean Imaging Plc
("Polarean", the "Company" or the "Group")
Placing to raise GBP2.1 million
Polarean Imaging plc (AIM: POLX), the medical-imaging technology
company, with a proprietary drug-device combination product for the
magnetic resonance imaging (MRI) market, announces that it has
raised a total of GBP2.1 million (US$2.625 million) (before
expenses) by means of a Placing (the "Placing") via the issue of
11,666,667 ordinary shares of GBP0.00037 (the "Ordinary Shares") in
the capital of the Company with institutional investors (the
"Placing Shares") at a price of 18 pence (the "Placing Price") per
Placing Share.
The Placing was undertaken by the Company's broker SP Angel
Corporate Finance Limited, details of which are set out below.
Highlights:
-- Placing to raise a total of GBP2.1 million (US$2.625 million)
with institutional investors at a price of 18 pence per Placing
Share;
-- Net proceeds will be used to provide additional support for
the Company's ongoing Phase III Clinical Trials (the "Clinical
Trials");
-- Significant strengthening of the Company's balance sheet
ahead of the completion of the Clinical Trials; and
-- Funds will enable product launch planning and the further
development of relationships with potential strategic partners for
the Company.
Richard Hullihen, CEO of Polarean, commented: "We thank our
shareholders for their support on this Placing which will enable
the swift completion of enrolment for the Clinical Trials via the
addition of a third trial site at the University of Cincinnati,
allow us to focus our undivided attention on completion of the New
Drug Application and submission following readout and provide
valuable resource for post submission launch preparation and
planning.
We are now entering a crucial period in Polarean's development
and I look forward to providing our shareholders with further
updates as appropriate."
Background to the Placing
The Group is undertaking the Placing at this time primarily in
response to strong demand from institutional and EIS/VCT investors.
Secondly, the Group has incurred additional costs as a result of
adding a third trial site at the University of Cincinnati ("UC"),
as such the net Placing proceeds will provide additional support
for the Clinical Trials, ensuring the timely completion of patient
enrolment, which is expected by the end of Q3 2019. Finally, the
Placing will strengthen the Group's balance sheet ahead of a
crucial period in Polarean's development, during which the
Directors expect to announce the read-out of the Clinical Trials
and, if the trials are successful, prepare and submit a New Drug
Application to the US Food and Drug Administration.
Use of Proceeds
The net proceeds of the Placing will be used as follows:
-- to provide additional support for the Clinical Trials,
ensuring the timely completion of patient enrolment;
-- to support the preparation and submission of the NDA following readout;
-- to provide additional working capital to build new polarisers for future orders; and
-- to further support the preparation for market launch
following the submission of the NDA and the development of
relationships with potential strategic partners for the
Company.
Clinical Trials Update
The Clinical Trials continue to progress at Duke University and
at the University of Virginia and aim to demonstrate
non-inferiority of the Company's drug-device combination, which
uses hyperpolarised 129-Xenon gas MRI, against an approved
comparator for the evaluation of pulmonary ventilation.
Enrolment for the Clinical Trials has now passed 91.7% in the
lung transplant pathway and 68.8% in the lung resection
pathway.
The Company recently activated a third trial site at UC, which
is already one of the Company's key clinical collaborators. No
patients have been enrolled at UC to date but it is expected that
patients will be enrolled at UC shortly to ensure the timely
completion of the Clinical Trials.
Details of the Placing
The Company has conditionally raised GBP2.1 million (US$2.625
million), before expenses, by way of a Placing to institutional
investors of 11,666,667 Placing Shares at the Placing Price.
The Placing Price represents a discount of 10 per cent. to the
Company's closing price on 19 July 2019. Assuming the issue of all
of the Placing Shares, the Placing Shares will represent
approximately 11.5 per cent. of the existing Ordinary Shares and
will, when issued, represent approximately 10.3 per cent. of the
entire issued ordinary share capital of the Company immediately
following Admission (the "Enlarged Share Capital").
The Placing Shares will, following Admission, rank in full for
all dividends and distributions declared, made or paid in respect
of the issued Ordinary Share capital of the Company and otherwise
rank pari passu in all other respects with the Ordinary Shares.
Application will be made for the Placing Shares to be admitted
to trading on AIM ("Admission") and admission is currently expected
to occur at 8.00a.m. on or around 25 July 2019.
Director Participations in the Placing
Richard Hullihen, CEO of the Company, has subscribed for a total
of 444,445 Placing Shares. Following Admission, his percentage
holding in the total issued share capital of Polarean will increase
as per the table below:
Director Number of Ordinary Number of Placing Holding following Percentage holding
Shares held Shares subscribed Placing of Enlarged
prior to Placing for Share Capital
Richard Hullihen 2,137,354 444,445 2,581,799 2.3%
In addition, Amati Global Investors ("Amati") have subscribed
for 3,888,889 Placing Shares. Following Admission, Amati will hold
12,460,318 Ordinary Shares in the share capital of the Company,
representing 11.0 per cent. of the Company's Enlarged Share
Capital.
Total Voting Rights
Following Admission, the Company will have a total of
113,102,600 Ordinary Shares in issue with each Ordinary Share
carrying the right of one vote. The above figure may be used by
shareholders as the denominator for the calculation by which they
will determine if they are required to notify their interest in, or
change to their interest in, the Company under the FCA's Disclosure
Guidance and Transparency Rules.
Enquiries:
Polarean Imaging plc www.polarean.com / www.polarean-ir.com
Richard Hullihen, Chief Executive Officer Via Walbrook PR
Richard Morgan, Chairman
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
David Hignell / Lindsay Mair / Jamie Spotswood
(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 functional
magnetic resonance imaging market.
The Group develops equipment that enables existing MRI systems
to achieve an improved level of pulmonary function imaging and
specialises in the use of hyperpolarised Xenon gas ((129) Xe) as an
imaging agent to visualise ventilation and 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 operates in an area of significant unmet medical need
and the Group's technology provides a novel diagnostic approach,
offering a non-invasive and radiation-free functional imaging
platform which is more accurate than current methods. The annual
burden of pulmonary disease in the US is estimated to be over
US$150 billion.
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
IOERTMPTMBATMJL
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July 22, 2019 05:00 ET (09:00 GMT)
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