Corporate News

Grant of Options and Director Compensation Reduction

09 July 2021

Polarean Imaging plc (AIM: POLX), the medical-imaging technology company, with an investigational proprietary drug-device combination product for the magnetic resonance imaging (MRI) market, announces that upon the recommendation of the Company’s Remuneration Committee it has granted options over an aggregate 5,250,000 shares of £0.00037 each in the capital of the Company to certain Directors and employees of the Company pursuant to the terms of the Company’s Stock Option Plan (the “Share Options”).  In addition, the Company announces that the Chairman and Non-Executive Directors have agreed to reduce their annual cash compensation. 

4,450,000 Share Options have been granted to the ten PDMR’s listed in the table below and 800,000 Share Options have been granted to eight non-PDMR employees. The Share Options will be exercisable at a price of 93p and will vest 25% on 7 July 2022 with the remaining Share Options vesting in equal portions on the last day of each calendar month over the period of 36 months starting on 31 August 2022.

Name Share Options Granted Total no. of options over ordinary shares now held
Richard Hullihen 1,000,000 3,135,440
Jonathan Allis    500,000 1,034,400
Cyrille Petit    500,000    500,000
Charles Osborne    500,000 1,700,000
Kenneth West    350,000 2,263,218
Bastiaan Driehuys    350,000 1,686,000
Juergen Laucht    350,000    884,400
Kiarash Emami    300,000 3,185,548
Neil Wadehra    300,000 1,568,988
Alexander Dusek    300,000 1,500,000

Notifications have been made in accordance with the requirements of the EU Market Abuse Regulation in respect of the PDMRs and further details can be found by following this link:

Dr. Jonthan Allis has agreed to reduce his annual cash compensation from $100,000 to $70,000.  Dr. Bastiaan Driehuys, Mr. Kenneth West, Mr. Cyrille Petit and Mr. Juergen Laucht have agreed reduce their base annual cash compensation from $45,000 to $31,500.  Dr. Bastiaan Driehuys, Mr. Kenneth West, Mr. Cyrille Petit and Mr. Juergen Laucht will continue to receive an additional $5,000 per year for each Board Committee on which they serve.

Following the grant of Share Options referred above, there are 26,438,451 outstanding options and warrants over Polarean’s Ordinary Shares, representing 12.6% of the Company’s total voting rights.


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



Polarean Imaging plc /
Richard Hullihen, Chief Executive Officer Via Walbrook PR
Jonathan Allis, Chairman  
Stifel Nicolaus Europe Limited (NOMAD and Sole Corporate Broker)+44 (0)20 7710 7600
Nicholas Moore / Ben Maddison / Samira Essebiyea (Healthcare Investment Banking)  
Nick Adams / Fred Walsh (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 (

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

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. 129Xe gas is currently being studied for visualisation of gas exchange regionally in the smallest airways of the lungs, across the alveolar tissue barrier, and into the pulmonary bloodstream.

In October 2020, the Group submitted a New Drug Application (“NDA”) to the FDA for hyperpolarised 129Xe used to evaluate pulmonary function and to visualise the lung using MRI. In December 2020, the Group received confirmation of acceptance of its NDA by the FDA, with a target PDUFA action date of 5 October 2021.

The Group operates in an area of significant unmet medical need and the Group's technology provides a novel investigational diagnostic approach, offering a non-invasive and radiation-free functional imaging platform. The annual burden of pulmonary disease in the US is estimated to be over US$150 billion.

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