Exercise of Warrants
20 October 2020
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 that it has received notification from a warrant holder to exercise warrants representing 64,128 ordinary shares of £0.00037 each in the capital of the Company ("Ordinary Shares"). The exercise price of the warrants was 15p per warrant.
Application has been made for the 64,128 new Ordinary Shares to be admitted to trading on AIM ("Admission"), which is expected to occur at 8.00 a.m. on or around 23 October 2020. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares. The Company does not hold any Ordinary Shares in treasury.
Total Voting Rights
Following Admission, the total issued share capital of the Company will consist of 161,894,135 Ordinary Shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
|Polarean Imaging plc||www.polarean.com / www.polarean-ir.com|
|Richard Hullihen, Chief Executive Officer||Via Walbrook PR|
|Jonathan Allis, Chairman|
|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 (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 (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.