TIDMPOLX
RNS Number : 3411I
Polarean Imaging PLC
14 April 2022
Polarean Imaging Plc
("Polarean" or the "Company")
Appointment of Non-Executive Director
Polarean Imaging plc (AIM: POLX) the medical--imaging technology
company, with an investigational drug--device combination product
using hyperpolarised (129) Xenon gas to enhance magnetic resonance
imaging (MRI) in pulmonary medicine, announces the appointment of
Frank Maria Schulkes, aged 60, to the Company's Board as a
Non-Executive Director with immediate effect.
Mr Schulkes has previously spent 27 years with GE, of which 18
of those was with GE Healthcare, a global medical technology, life
sciences and services organisation, in a variety of increasingly
senior financial and planning roles. In 2007, he was appointed
Executive Vice President and Chief Financial Officer ("CFO") of GE
Healthcare, a position he held for eight years.
Most recently, Mr Schulkes was CFO of ConvaTec Group Plc. , a
global medical products and technologies company focused on
therapies for the management of chronic conditions, with leading
market positions in advanced wound care, ostomy care, continence
& critical care, and infusion care. Prior to that he was CFO of
Wittur Group, a privately-held industrial company based in
Germany.
Mr Schulkes 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 Audit
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 Schulkes. The
Share Options will be exercisable at a price of 55p and will vest
25% on 13 April 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 31 May 2023.
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.polareanir.com/content/investors/shareholder-information
Richard Hullihen, Chief Executive Officer o f Polarean, said:
"Frank is a seasoned financial expert and his broad background in
corporate finance will be a great benefit as he takes the role as
Chair of our Audit Committee. I am delighted that he has agreed to
join us in a Non-Executive Director role, and we look forward to
capitalising on his excellent track record and hearing his
independent views in addition to those already providing guidance
to the management team. On behalf of the Board, I would like to
welcome Frank to the team at Polarean and we look forward to the
skills and advice he will bring to the Company."
Frank Schulkes added: "I am thrilled to join the Polarean Board
and I am keen to use my experience in a long career in finance to
add value to the team."
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 Frank Schulkes:
Current Directorships Directorships held over the
past 5 years
Distalmotion ConvaTec Group Holdings Limited
ConvaTec Finance Holdings
Limited
ConvaTec Group Plc
ConvaTec Services Limited
Save as disclosed above, there are no other matters which are
required to be disclosed with regards to the appointment of Frank
Schulkes 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:
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 / Samira Essebiyea / William Palmer-Brown
(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)7879
741 001
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 ((129) Xe) as an
imaging agent to visualise ventilation. (129) Xe 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 (129) Xe used to evaluate
pulmonary function and to visualise the lung using MRI. The Group
received a complete response letter on 5 October 2021. On 30 March
2022, the Company filed the resubmission of its NDA with the US
FDA.
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.
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END
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