Corporate News

Polarean Imaging plc (AIM: POLX), a clinical stage medical imaging technology company developing a proprietary magnetic resonance imaging (MRI) drug-device combination,  announces the appointment of Mr. Cyrille Petit to the Company's Board as a Non-Executive Director with immediate effect.

Mr. Petit is Chief Corporate Development Officer and Head of Strategic Initiatives of the Bracco Group, a global leader in diagnostic imaging and medical devices (“Bracco”). Bracco recently acquired a 7.6% interest in the ordinary share capital of Polarean as part of the Company’s £8.4m fundraise, which was first announced on 13 March 2020. As such, Cyrille Petit is joining the Board of Polarean as a representative of Bracco.

Cyrille Petit began his career at Goldman Sachs and went on to specialise in external growth, mergers and acquisitions, and strategy at General Electric, where he worked for 15 years. In 2012, he joined the executive committee of Smith & Nephew PLC as Chief Corporate Development Officer, and later added the responsibilities of President, Global Business Services. There, he led the group’s transformation and helped to accelerate growth through a series of transactions worth in excess of US$3B.

Mr. Cyrille Petit will be appointed to the Board on the same basis as regards voting and term of appointment as the Company's existing Non-Executive Directors. He will serve on the Audit Committee. He will be subject to the same requirements as contained in the Articles of Association of the Company for such appointment to be approved at the next Annual General Meeting of the Company, and will be subject to the same requirements for retirement by rotation as the other Directors.

Richard Hullihen, Chief Executive Officer of Polarean, said: “Cyrille’s direct experience is well matched to the markets and upcoming evolution of Polarean. He is welcome on the Board, and I am excited that he has agreed to join us in the Non-Executive Director role. On behalf of the Board, I would like to welcome Cyrille to Polarean and we look forward to the skills and advice he will bring to the Company.”    

Information required under Schedule 2(g) of the AIM Rules for Companies ("AIM Rules")

The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Cyrille Yann Nicolas Petit, aged 50:

Cyrille Petit holds 350,000 ordinary shares in the capital of the Company.

Save as disclosed above, there are no other matters which are required to be disclosed with regards to the appointment of Cyrille Petit in accordance Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies.

Market Abuse Regulation Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR") until the release of this announcement.

Enquiries:

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

About Polarean’s Technology

Polarean's technology produces hyperpolarized inert Xenon gas, used in conjunction with standard MRI to create high-resolution three-dimensional functional maps of the human lung. This technique provides a unique and sensitive way to monitor changes in lung structure and function; it is currently used in basic and clinical research to study lung physiology and to monitor the efficacy of new drugs.

 The central equipment required for hyperpolarized gas MRI is a polarizer. Using circularly polarized laser light, the polarizer transforms the inert, stable noble gas isotope ¹²⁹Xenon into its hyperpolarized state. This process leaves the gas chemically unchanged, while only the nucleus is magnetically aligned. The resulting MRI signal is enhanced by a factor of 100,000, making direct imaging of gas atoms possible.

 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 (¹²⁹Xe) as an imaging agent to visualize ventilation.¹²⁹Xe 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 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 optimize 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.