TIDMPOLX
RNS Number : 4620U
Polarean Imaging PLC
06 April 2021
Polarean Imaging Plc
("Polarean" or the "Company")
Result of Open Offer
Polarean Imaging plc (AIM: POLX), the medical--imaging
technology company, with a proprietary drug--device combination
product using hyperpolarised xenon-129 gas to enhance magnetic
resonance imaging (MRI) in pulmonary medicine, announces that it
has conditionally raised total gross proceeds of GBP2.0 million
through the Open Offer announced on 15 March 2021, representing the
full amount proposed under the Open Offer.
Accordingly, the Company has conditionally raised total gross
proceeds of approximately GBP27.0 million (before expenses) in
aggregate by way of the Placing, Subscription and Open Offer.
Applications have been made to the London Stock Exchange for the
admission of 44,932,142 New Ordinary Shares to trading on AIM. This
comprises: (i) 2,484,425 Firm Placing Shares; (ii) 12,515,571
Conditional EIS/VCT Placing Shares; (iii) 4,530,666 Subscription
Shares; (iv) 22,135,991 Conditional General Placing Shares; and (v)
3,265,489 Open Offer Shares. The New Ordinary Shares will rank pari
passu with the Existing Ordinary Shares.
Admission of the Firm Placing Shares occurred on 31 March 2021.
Admission of the Conditional EIS/VCT Placing Shares is expected to
occur on 7 April 2021 with admission of the Conditional General
Placing Shares, Subscription Shares and Open Offer Shares expected
to occur on 8 April 2021. Admission of all of the New Ordinary
Shares other than the Firm Placing Shares is subject to
Shareholders passing the Resolutions at the General Meeting to be
held today.
Richard Hullihen, Chief Executive Officer of Polarean,
commented: "Our thanks go to the shareholders that participated in
this Open Offer, which has resulted in a total of GBP27 million
gross proceeds being raised in this significantly over-subscribed
fundraising. The net proceeds of the Fundraise will allow us to
prepare for commercialisation and launch post approval of our
proprietary drug-device combination in the United States, and we
are very excited to pursue this next chapter in the Company's
journey."
Following admission of the Firm Placing Shares on 31 March 2021,
the Company's issued total ordinary share capital comprises
166,117,636 Ordinary Shares, which may be used by Shareholders as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the voting rights of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Unless otherwise stated, the capitalised terms used in this
announcement have the same meanings as in the announcement of the
Transaction made by the Company on 15 March 2021.
Enquiries:
Polarean Imaging plc www.polarean.com / www.polarean-ir.com
Richard Hullihen, Chief Executive Via Walbrook PR
Officer
Chuck Osborne, Chief Financial
Officer
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 polarean@walbrookpr.com
Paul McManus / Anna Dunphy Mob: +44 (0)7980 541 893 / +44 (0)7876
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 medical
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 ((129) Xe) 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.
In October 2020, the Group submitted a New Drug Application
("NDA") to the FDA for hyperpolarised (129) Xe 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 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.
Cautionary statements
This announcement may contain and the Company may make verbal
statements containing "forward-looking statements" with respect to
certain of the Company's plans and its current goals and
expectations relating to its future financial condition,
performance, strategic initiatives, objectives and results.
Forward-looking statements sometimes use words such as "aim",
"anticipate", "target", "expect", "estimate", "intend", "plan",
"goal", "believe", "seek", "may", "could", "outlook" or other words
of similar meaning. By their nature, all forward-looking statements
involve risk and uncertainty because they relate to future events
and circumstances which are beyond the control of the Company. As a
result, the actual future financial condition, performance and
results of the Company may differ materially from the plans, goals
and expectations set forth in any forward-looking statements. Any
forward-looking statements made in this announcement by or on
behalf of the Company speak only as of the date they are made. The
information contained in this announcement is subject to change
without notice and except as required by applicable law or
regulation, the Company expressly disclaims any obligation or
undertaking to publish any updates or revisions to any
forward-looking statements contained in this announcement to
reflect any changes in the Company's expectations with regard
thereto or any changes in events, conditions or circumstances on
which any such statements are based.
Neither the content of the Company's website (or any other
website) nor the content of any website accessible from hyperlinks
on the Company's website (or any other website) is incorporated
into or forms part of this announcement.
IMPORTANT NOTICES
This announcement has been issued by, and is the sole
responsibility of, the Company. No representation or warranty,
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by the
directors or the Company, or by any of its or their respective
partners, employees, advisers, affiliates or agents as to or in
relation to, the accuracy or completeness of this announcement or
any other written or oral information made available to or publicly
available to any interested party or its advisers, and any
liability therefore is expressly disclaimed.
Stifel Nicolaus Europe Limited ("Stifel"), which is authorised
and regulated in the United Kingdom by the FCA, is acting for the
Company and no-one else in connection with the transactions and
arrangements described in this announcement and will not regard any
other person (whether or not a recipient of this announcement) as a
client in relation to the transactions and arrangements described
in this announcement.
Stifel has not authorised the contents of, or any part of, this
document and no liability whatsoever is accepted by Stifel, for the
accuracy of any information or opinions contained in this
announcement or for the omission of any information, nor does it
make any representation or warranty, express or implied, as to the
accuracy of any information or opinions contained in this
announcement or for the omission of any information. Stifel
expressly disclaims all and any responsibility or liability whether
arising in tort, contract or otherwise which it might otherwise
have in respect of this announcement. Stifel, as nominated adviser
and broker to the Company, owes certain responsibilities to the
London Stock Exchange which are not owed to the Company or the
Directors.
This announcement is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This announcement is not an offer of securities for sale into the
United States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States,
except pursuant to an applicable exemption from registration. No
public offering of securities is being made in the United
States.
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END
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April 06, 2021 02:00 ET (06:00 GMT)
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