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Polarean Imaging plc.'s technology is for research use only

Corporate News

Result of Placing

10 July 2018

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 THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND 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 (AIM: POLX), the medical-imaging technology company, with a proprietary drug-device combination product for the magnetic resonance imaging (MRI) market, announces the successful completion of the Placing which was announced yesterday to raise £0.8 million (US$1.064 million) (before expenses).

A total of 5,000,000 Placing Shares have been conditionally placed by Northland with new and existing investors at a price of 16 pence per Placing Share to raise a total of £0.8million  for the Company (before expenses). The Placing Shares will represent 6.4 per cent. of the Company's issued Ordinary Share capital as enlarged by the Placing.

Admission, Significant Shareholders and Total Voting Rights
The 5,000,000 Placing Shares will rank pari passu with the Company's existing Ordinary Shares.  Application will be made for the Admission of the Placing Shares and it is expected that such Admission will become effective at 8.00 a.m. on or around 16 July 2018 or such other date as the Company and Northland may agree (being not later than 8.00 a.m. on 27 July 2018).

W.B. Nominees Limited ("WB Nominees"), on behalf of its clients, has subscribed for 1,503,125 Placing Shares. Following Admission W.B. Nominees will, on behalf of its clients, have an interest in 5,070,181 Ordinary Shares, representing 6.5 per cent. of the Company's issued share capital as enlarged by the Placing. 

In addition, entities which are beneficially owned by Michael Hennigan have subscribed for 625,000 Placing Shares. Following Admission Michael Hennigan will, have a beneficial interest in 2,625,000 Ordinary Shares, representing 3.3 per cent. of the Company's issued share capital as enlarged by the Placing.

Following Admission, the Company will have a total of 78,409,464 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.

Unless otherwise indicated, all defined terms in this announcement shall have the same meaning as described in the "Proposed Placing to raise a minimum of £0.78m" announcement which was made on 9 July 2018.

 

Enquiries:

Polarean Imaging plc www.polarean.com / www.polarean-ir.com
Richard Hullihen, Chief Executive Officer Via Walbrook PR
Richard Morgan, Chairman  
   
Northland Capital Partners Limited Tel: +44 (0)20 3861 6625
David Hignell / Gerry Beaney / Jamie Spotswood (Corporate Finance)
John Howes / Rob Rees (Corporate Broking)
 
   
MC Services (European IR) Tel: +49 (0)89 210 2280
Raimund Gabriel  
   
The Life Sciences Division (Financial Adviser)  
Navid Malik, Director Mob: 07957 224 730
Alia Minhas, CEO Mob: 07590 696 057
   
Walbrook PR Tel: +44 (0)20 7933 8780 or polarean@walbrookpr.com
Paul McManus / Anna Dunphy
Helen Cresswell
Mob: +44 (0)7980 541 893 / +44 (0)7879 741 001
+44 (0)7841 917 679

 

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 specialises in the use of hyperpolarised Xenon gas (129Xe) 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 and less harmful to the patient than current methods. The annual burden of pulmonary disease in the US is estimated to be over US$150 billion.

The Group also develops and manufactures high performance MRI radiofrequency (RF) coils which are a required component for imaging 129Xe 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 optimise the imaging of 129Xe in MRI equipment for use as a medical diagnostic as well as a method of monitoring the efficacy of therapeutic intervention.

 

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