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(Alliance News) - Polarean Imaging PLC on Thursday posted a widened annual loss on administrative expenses as it works to start phase three clinical trials of its technology.
Shares in Polarean were up 5.2% at 20.51 pence shortly before midday.
The medical imaging technology firm posted a USD5.5 million pretax loss for 2018, widened from a USD4.0 million loss the year before.
This was predominantly the result of administrative expenses, which climbed to USD6.2 million from USD4.1 million. Chief Executive Richard Hullihen said administrative expenses were "slightly lower than expected".
The company's amortisation also increased to USD616,852 from USD361,746 and finance expense reached USD188,055 versus just USD334,056 year-on-year.
Hullihen also noted revenue was higher than expected, doubling to USD2.4 million.
Polarean enrolled its first patient in a phase three US Food & Drug Administration clinical trial during 2018, after completing a pilot study. The firm plans to complete enrolment in the trial in the third quarter of 2019.
"We are encouraged with the progress of our phase 3 clinical trials and enrolment should conclude during the third quarter of this year. We have continued to invest in our intellectual property portfolio as part of our ongoing [research and development] and have added new key patent filings involving gas exchange and pulmonary vascular disease. We remain confident and excited for the future of Polarean and are grateful to our investors for their continued support," Hullihen said.
