TIDMPOLX
RNS Number : 5523U
Polarean Imaging PLC
06 April 2021
6 April 2021
Polarean Imaging plc
("Polarean" or the "Company")
Result of General Meeting, Open Offer Update
and Total Voting Rights
Result of General Meeting
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 at
the General Meeting held earlier today all Resolutions proposed
were duly passed by shareholders.
Accordingly, following the passing of the Resolutions at the
General Meeting, and conditional on Second Admission and Third
Admission, the Company has raised total gross proceeds of
approximately GBP27 million from the Fundraising and following
Third Admission will have allotted a total of 44,932,142 New
Ordinary Shares.
First Admission of the 2,484,425 Firm Placing Shares occurred on
31 March 2021. Second Admission of 12,515,571 Conditional EIS/VCT
Placing Shares is expected to occur on 7 April 2021 with the
remaining 29,932,146 new Ordinary Shares comprised of the
Subscription Shares, Conditional General Placing Shares and Open
Offer Shares expected to be admitted on 8 April 2021.
Open Offer Update
The Company received valid applications from Qualifying
Shareholders in respect of 5,252,861 Open Offer Shares representing
an oversubscription of approximately 60.9 per cent. over the
available 3,265,489 Open Offer Shares.
Qualifying Shareholders who have validly applied for Open Offer
Shares will receive their full Basic Entitlement. Applications made
under the Excess Application Facility will be scaled back pro-rata
such that Qualifying Shareholders who applied for Excess Shares
through the Excess Application Facility will receive 51.5% per
cent. of the Excess Shares applied for.
Total Voting Rights
Following Third Admission on 8 April 2021, the Company's total
issued ordinary share capital will comprise 208,565,353 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.
A summary of the voting at the General Meeting will be made
available on the Company's website at www.polarean.com.
Unless otherwise stated, the capitalised terms used in this
announcement have the same meanings as in the announcement of the
Fundraise 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
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 10:05 ET (14:05 GMT)
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