Corporate News

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 the Group has made an application to the London Stock Exchange for a block listing of 8,000,000 new ordinary shares of £0.00037 each in the capital of the Company in the capital of the Company ("Ordinary Shares") to be admitted to trading on AIM.

The Ordinary Shares will be issued from time to time pursuant to the Group's existing share plans including outstanding options already issued but not yet exercised to employees of the Group.

When issued, the Ordinary Shares under this block listing will rank pari passu with the Company's existing issued Ordinary Shares. It is expected that admission will be effective on or around 29 July 2021.

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

Enquiries:

About Polarean (www.polarean.com)

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.