Corporate News

Polarean Imaging plc (AIM: POLX), the medical‑imaging technology company, with an investigational drug‑device combination product using hyperpolarised ¹²⁹Xenon gas to enhance magnetic resonance imaging (MRI) in pulmonary medicine, announces the following changes to the Board with immediate effect.

Jonathan Allis is retiring from his Chairmanship of the Company, Chairmanship of the Remuneration Committee and from the Board of Directors. Kenneth West (“Ken”), currently a Non-Executive Director, will assume the role of the Chairman. Ken is an experienced member of the Board having been involved with Polarean for the last nine years.  

Separately, Daniel Myron Brague (“Dan”), aged 54, will join the Board as a Non-Executive Director and Chairman of the Remuneration Committee. Dan is a highly accomplished executive leader focused on enterprise growth, business turnaround, and value creation. With over 20 years of experience in the global diagnostic imaging industry, Dan has a proven track record in strategy and company vision, P&L management, sales growth and product innovation. He has a broad background in pharmaceutical companies, most recently as the North America Chief Executive Officer of Curium Pharma, the world’s largest nuclear medicine company.

Richard Hullihen, CEO of Polarean Imaging plc said: “We are delighted to welcome Dan onto the Board and look forward to benefiting from his experience in the launch and growth of innovative medical imaging products worldwide, including pulmonary diagnostics. His specific background in the US healthcare environment, reimbursement, and market development will be invaluable. I’d also like to welcome Ken to his new role as Chairman; Ken’s experience with the Company since the outset means he’s excellently placed to serve in this role at an important time for Polarean. With the recent addition of Frank Schulkes and Dan Brague to the Board, we have a management team with extensive experience in successfully commercialising medical technologies.

“On behalf of the Board and the whole Polarean team, I would like to thank Jonathan for his expert guidance and chairmanship and wish him well in his retirement.”

Jonathan Allis, outgoing Chairman of Polarean Imaging plc added: “As I transition to full retirement, I am confident that Polarean is well positioned for the future.  I also have every confidence that Dan will step smoothly into his role in Polarean, and will be an invaluable and independent member of the Board guiding Polarean through the next phases of its development for the benefit of investors. I’d like to wish Ken, and the entire team, all the best in the future.”

Mr Brague 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, and will serve as the Chair of the Renumeration 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.

500,000 Share Options have been granted to Mr Brague. The Share Options will be exercisable at a price of 52p and will vest 25% on 4 May 2023 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 30 June 2023.

All existing options granted to Jonathan Allis will vest, be exercisable and lapse in accordance with the terms of the share option arrangements pursuant to which they were granted.

Notifications have been made in accordance with the requirements of the UK Market Abuse Regulation in respect of the PDMR and further details can be found by following this link:  https://www.polarean-ir.com/content/investors/shareholder-information

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 Dan Brague:

Save as disclosed above, there are no other matters which are required to be disclosed with regards to the appointment of Dan Brague 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:

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 membrane, 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. The Group received a complete response letter on 6 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 economic burden of pulmonary disease in the US is estimated to be over US $150 billion.

Polarean Imaging plc (AIM: POLX), the medical‑imaging technology company, with an investigational drug‑device combination product using hyperpolarised ¹²⁹Xenon gas to enhance magnetic resonance imaging (MRI) in pulmonary medicine, announces the following changes to the Board with immediate effect.

Jonathan Allis is retiring from his Chairmanship of the Company, Chairmanship of the Remuneration Committee and from the Board of Directors. Kenneth West (“Ken”), currently a Non-Executive Director, will assume the role of the Chairman. Ken is an experienced member of the Board having been involved with Polarean for the last nine years.  

Separately, Daniel Myron Brague (“Dan”), aged 54, will join the Board as a Non-Executive Director and Chairman of the Remuneration Committee. Dan is a highly accomplished executive leader focused on enterprise growth, business turnaround, and value creation. With over 20 years of experience in the global diagnostic imaging industry, Dan has a proven track record in strategy and company vision, P&L management, sales growth and product innovation. He has a broad background in pharmaceutical companies, most recently as the North America Chief Executive Officer of Curium Pharma, the world’s largest nuclear medicine company.

Richard Hullihen, CEO of Polarean Imaging plc said: “We are delighted to welcome Dan onto the Board and look forward to benefiting from his experience in the launch and growth of innovative medical imaging products worldwide, including pulmonary diagnostics. His specific background in the US healthcare environment, reimbursement, and market development will be invaluable. I’d also like to welcome Ken to his new role as Chairman; Ken’s experience with the Company since the outset means he’s excellently placed to serve in this role at an important time for Polarean. With the recent addition of Frank Schulkes and Dan Brague to the Board, we have a management team with extensive experience in successfully commercialising medical technologies.

“On behalf of the Board and the whole Polarean team, I would like to thank Jonathan for his expert guidance and chairmanship and wish him well in his retirement.”

Jonathan Allis, outgoing Chairman of Polarean Imaging plc added: “As I transition to full retirement, I am confident that Polarean is well positioned for the future.  I also have every confidence that Dan will step smoothly into his role in Polarean, and will be an invaluable and independent member of the Board guiding Polarean through the next phases of its development for the benefit of investors. I’d like to wish Ken, and the entire team, all the best in the future.”

Mr Brague 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, and will serve as the Chair of the Renumeration 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.

500,000 Share Options have been granted to Mr Brague. The Share Options will be exercisable at a price of 52p and will vest 25% on 4 May 2023 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 30 June 2023.

All existing options granted to Jonathan Allis will vest, be exercisable and lapse in accordance with the terms of the share option arrangements pursuant to which they were granted.

Notifications have been made in accordance with the requirements of the UK Market Abuse Regulation in respect of the PDMR and further details can be found by following this link:  https://www.polarean-ir.com/content/investors/shareholder-information

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 Dan Brague:

Save as disclosed above, there are no other matters which are required to be disclosed with regards to the appointment of Dan Brague 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:

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 membrane, 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. The Group received a complete response letter on 6 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 economic burden of pulmonary disease in the US is estimated to be over US $150 billion.

Polarean Imaging plc (AIM: POLX), the medical‑imaging technology company, with an investigational drug‑device combination product using hyperpolarised ¹²⁹Xenon gas to enhance magnetic resonance imaging (MRI) in pulmonary medicine, announces the following changes to the Board with immediate effect.

Jonathan Allis is retiring from his Chairmanship of the Company, Chairmanship of the Remuneration Committee and from the Board of Directors. Kenneth West (“Ken”), currently a Non-Executive Director, will assume the role of the Chairman. Ken is an experienced member of the Board having been involved with Polarean for the last nine years.  

Separately, Daniel Myron Brague (“Dan”), aged 54, will join the Board as a Non-Executive Director and Chairman of the Remuneration Committee. Dan is a highly accomplished executive leader focused on enterprise growth, business turnaround, and value creation. With over 20 years of experience in the global diagnostic imaging industry, Dan has a proven track record in strategy and company vision, P&L management, sales growth and product innovation. He has a broad background in pharmaceutical companies, most recently as the North America Chief Executive Officer of Curium Pharma, the world’s largest nuclear medicine company.

Richard Hullihen, CEO of Polarean Imaging plc said: “We are delighted to welcome Dan onto the Board and look forward to benefiting from his experience in the launch and growth of innovative medical imaging products worldwide, including pulmonary diagnostics. His specific background in the US healthcare environment, reimbursement, and market development will be invaluable. I’d also like to welcome Ken to his new role as Chairman; Ken’s experience with the Company since the outset means he’s excellently placed to serve in this role at an important time for Polarean. With the recent addition of Frank Schulkes and Dan Brague to the Board, we have a management team with extensive experience in successfully commercialising medical technologies.

“On behalf of the Board and the whole Polarean team, I would like to thank Jonathan for his expert guidance and chairmanship and wish him well in his retirement.”

Jonathan Allis, outgoing Chairman of Polarean Imaging plc added: “As I transition to full retirement, I am confident that Polarean is well positioned for the future.  I also have every confidence that Dan will step smoothly into his role in Polarean, and will be an invaluable and independent member of the Board guiding Polarean through the next phases of its development for the benefit of investors. I’d like to wish Ken, and the entire team, all the best in the future.”

Mr Brague 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, and will serve as the Chair of the Renumeration 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.

500,000 Share Options have been granted to Mr Brague. The Share Options will be exercisable at a price of 52p and will vest 25% on 4 May 2023 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 30 June 2023.

All existing options granted to Jonathan Allis will vest, be exercisable and lapse in accordance with the terms of the share option arrangements pursuant to which they were granted.

Notifications have been made in accordance with the requirements of the UK Market Abuse Regulation in respect of the PDMR and further details can be found by following this link:  https://www.polarean-ir.com/content/investors/shareholder-information

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 Dan Brague:

Save as disclosed above, there are no other matters which are required to be disclosed with regards to the appointment of Dan Brague 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:

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 membrane, 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. The Group received a complete response letter on 6 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 economic burden of pulmonary disease in the US is estimated to be over US $150 billion.

2020

Polarean Imaging plc (AIM: POLX), the medical‑imaging technology company, with an investigational drug‑device combination product using hyperpolarised ¹²⁹Xenon gas to enhance magnetic resonance imaging (MRI) in pulmonary medicine, announces the following changes to the Board with immediate effect.

Jonathan Allis is retiring from his Chairmanship of the Company, Chairmanship of the Remuneration Committee and from the Board of Directors. Kenneth West (“Ken”), currently a Non-Executive Director, will assume the role of the Chairman. Ken is an experienced member of the Board having been involved with Polarean for the last nine years.  

Separately, Daniel Myron Brague (“Dan”), aged 54, will join the Board as a Non-Executive Director and Chairman of the Remuneration Committee. Dan is a highly accomplished executive leader focused on enterprise growth, business turnaround, and value creation. With over 20 years of experience in the global diagnostic imaging industry, Dan has a proven track record in strategy and company vision, P&L management, sales growth and product innovation. He has a broad background in pharmaceutical companies, most recently as the North America Chief Executive Officer of Curium Pharma, the world’s largest nuclear medicine company.

Richard Hullihen, CEO of Polarean Imaging plc said: “We are delighted to welcome Dan onto the Board and look forward to benefiting from his experience in the launch and growth of innovative medical imaging products worldwide, including pulmonary diagnostics. His specific background in the US healthcare environment, reimbursement, and market development will be invaluable. I’d also like to welcome Ken to his new role as Chairman; Ken’s experience with the Company since the outset means he’s excellently placed to serve in this role at an important time for Polarean. With the recent addition of Frank Schulkes and Dan Brague to the Board, we have a management team with extensive experience in successfully commercialising medical technologies.

“On behalf of the Board and the whole Polarean team, I would like to thank Jonathan for his expert guidance and chairmanship and wish him well in his retirement.”

Jonathan Allis, outgoing Chairman of Polarean Imaging plc added: “As I transition to full retirement, I am confident that Polarean is well positioned for the future.  I also have every confidence that Dan will step smoothly into his role in Polarean, and will be an invaluable and independent member of the Board guiding Polarean through the next phases of its development for the benefit of investors. I’d like to wish Ken, and the entire team, all the best in the future.”

Mr Brague 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, and will serve as the Chair of the Renumeration 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.

500,000 Share Options have been granted to Mr Brague. The Share Options will be exercisable at a price of 52p and will vest 25% on 4 May 2023 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 30 June 2023.

All existing options granted to Jonathan Allis will vest, be exercisable and lapse in accordance with the terms of the share option arrangements pursuant to which they were granted.

Notifications have been made in accordance with the requirements of the UK Market Abuse Regulation in respect of the PDMR and further details can be found by following this link:  https://www.polarean-ir.com/content/investors/shareholder-information

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 Dan Brague:

Save as disclosed above, there are no other matters which are required to be disclosed with regards to the appointment of Dan Brague 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:

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 membrane, 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. The Group received a complete response letter on 6 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 economic burden of pulmonary disease in the US is estimated to be over US $150 billion.

Polarean Imaging plc (AIM: POLX), the medical‑imaging technology company, with an investigational drug‑device combination product using hyperpolarised ¹²⁹Xenon gas to enhance magnetic resonance imaging (MRI) in pulmonary medicine, announces the following changes to the Board with immediate effect.

Jonathan Allis is retiring from his Chairmanship of the Company, Chairmanship of the Remuneration Committee and from the Board of Directors. Kenneth West (“Ken”), currently a Non-Executive Director, will assume the role of the Chairman. Ken is an experienced member of the Board having been involved with Polarean for the last nine years.  

Separately, Daniel Myron Brague (“Dan”), aged 54, will join the Board as a Non-Executive Director and Chairman of the Remuneration Committee. Dan is a highly accomplished executive leader focused on enterprise growth, business turnaround, and value creation. With over 20 years of experience in the global diagnostic imaging industry, Dan has a proven track record in strategy and company vision, P&L management, sales growth and product innovation. He has a broad background in pharmaceutical companies, most recently as the North America Chief Executive Officer of Curium Pharma, the world’s largest nuclear medicine company.

Richard Hullihen, CEO of Polarean Imaging plc said: “We are delighted to welcome Dan onto the Board and look forward to benefiting from his experience in the launch and growth of innovative medical imaging products worldwide, including pulmonary diagnostics. His specific background in the US healthcare environment, reimbursement, and market development will be invaluable. I’d also like to welcome Ken to his new role as Chairman; Ken’s experience with the Company since the outset means he’s excellently placed to serve in this role at an important time for Polarean. With the recent addition of Frank Schulkes and Dan Brague to the Board, we have a management team with extensive experience in successfully commercialising medical technologies.

“On behalf of the Board and the whole Polarean team, I would like to thank Jonathan for his expert guidance and chairmanship and wish him well in his retirement.”

Jonathan Allis, outgoing Chairman of Polarean Imaging plc added: “As I transition to full retirement, I am confident that Polarean is well positioned for the future.  I also have every confidence that Dan will step smoothly into his role in Polarean, and will be an invaluable and independent member of the Board guiding Polarean through the next phases of its development for the benefit of investors. I’d like to wish Ken, and the entire team, all the best in the future.”

Mr Brague 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, and will serve as the Chair of the Renumeration 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.

500,000 Share Options have been granted to Mr Brague. The Share Options will be exercisable at a price of 52p and will vest 25% on 4 May 2023 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 30 June 2023.

All existing options granted to Jonathan Allis will vest, be exercisable and lapse in accordance with the terms of the share option arrangements pursuant to which they were granted.

Notifications have been made in accordance with the requirements of the UK Market Abuse Regulation in respect of the PDMR and further details can be found by following this link:  https://www.polarean-ir.com/content/investors/shareholder-information

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 Dan Brague:

Save as disclosed above, there are no other matters which are required to be disclosed with regards to the appointment of Dan Brague 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:

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 membrane, 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. The Group received a complete response letter on 6 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 economic burden of pulmonary disease in the US is estimated to be over US $150 billion.

Polarean Imaging plc (AIM: POLX), the medical‑imaging technology company, with an investigational drug‑device combination product using hyperpolarised ¹²⁹Xenon gas to enhance magnetic resonance imaging (MRI) in pulmonary medicine, announces the following changes to the Board with immediate effect.

Jonathan Allis is retiring from his Chairmanship of the Company, Chairmanship of the Remuneration Committee and from the Board of Directors. Kenneth West (“Ken”), currently a Non-Executive Director, will assume the role of the Chairman. Ken is an experienced member of the Board having been involved with Polarean for the last nine years.  

Separately, Daniel Myron Brague (“Dan”), aged 54, will join the Board as a Non-Executive Director and Chairman of the Remuneration Committee. Dan is a highly accomplished executive leader focused on enterprise growth, business turnaround, and value creation. With over 20 years of experience in the global diagnostic imaging industry, Dan has a proven track record in strategy and company vision, P&L management, sales growth and product innovation. He has a broad background in pharmaceutical companies, most recently as the North America Chief Executive Officer of Curium Pharma, the world’s largest nuclear medicine company.

Richard Hullihen, CEO of Polarean Imaging plc said: “We are delighted to welcome Dan onto the Board and look forward to benefiting from his experience in the launch and growth of innovative medical imaging products worldwide, including pulmonary diagnostics. His specific background in the US healthcare environment, reimbursement, and market development will be invaluable. I’d also like to welcome Ken to his new role as Chairman; Ken’s experience with the Company since the outset means he’s excellently placed to serve in this role at an important time for Polarean. With the recent addition of Frank Schulkes and Dan Brague to the Board, we have a management team with extensive experience in successfully commercialising medical technologies.

“On behalf of the Board and the whole Polarean team, I would like to thank Jonathan for his expert guidance and chairmanship and wish him well in his retirement.”

Jonathan Allis, outgoing Chairman of Polarean Imaging plc added: “As I transition to full retirement, I am confident that Polarean is well positioned for the future.  I also have every confidence that Dan will step smoothly into his role in Polarean, and will be an invaluable and independent member of the Board guiding Polarean through the next phases of its development for the benefit of investors. I’d like to wish Ken, and the entire team, all the best in the future.”

Mr Brague 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, and will serve as the Chair of the Renumeration 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.

500,000 Share Options have been granted to Mr Brague. The Share Options will be exercisable at a price of 52p and will vest 25% on 4 May 2023 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 30 June 2023.

All existing options granted to Jonathan Allis will vest, be exercisable and lapse in accordance with the terms of the share option arrangements pursuant to which they were granted.

Notifications have been made in accordance with the requirements of the UK Market Abuse Regulation in respect of the PDMR and further details can be found by following this link:  https://www.polarean-ir.com/content/investors/shareholder-information

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 Dan Brague:

Save as disclosed above, there are no other matters which are required to be disclosed with regards to the appointment of Dan Brague 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:

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 membrane, 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. The Group received a complete response letter on 6 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 economic burden of pulmonary disease in the US is estimated to be over US $150 billion.