(Sharecast News) - Lung-focussed MRI technology developer Polarean Imaging said in an update on Thursday that it has received its first de novo order for a new Xenoview polariser.
The AIM-traded firm said it had secured its first de novo polariser order from a top US academic medical centre, with ongoing negotiations with other institutions.
Efforts to boost clinical use continued at the University of Cincinnati Children's Hospital Medical Center and the University of Missouri Health Care.
Polarean added that its new reimbursement APC-code from the US Centers for Medicare & Medicaid Services offered an improved economic incentive for hospitals.
Elsewhere, Polarean said collaborations with Philips were advancing, with training sessions and plans to introduce Xenoview MRI to Philips' customer base.
Polarean also sponsored a clinical trial in collaboration with a nebuliser device manufacturer to evaluate aerosol drug delivery technologies.
The company was also making progress on expanding Xenoview MRI's age range for children and its indications for pulmonary and cardio-pulmonary diseases.
Finally, Polarean said its current cash runway was expected to last until the third quarter of 2024, with ongoing evaluation of financing options.
"We are delighted to have received our first de novo polariser order from a top-tier academic medical centre, and we look forward to working closely with them to establish the use of Xenoview for their patients living with lung disease," said chief executive officer Christopher von Jako.
"As previously stated, establishing orders for new imaging technologies often takes time, even when clinicians are highly motivated to adopt the technology.
"We continue to have positive meetings with other high priority centres as they work through their budget cycle and value analysis processes, as well our already converted centres and those we expect to convert in 2024, to encourage increased utilisation of the technology in clinic."
Von Jako said the company had made substantial progress in all other areas of the growth initiatives it established in its interim results.
"I believe that we are setting the correct foundations to enable the Xenoview technology to be a commercial success.
"While we are assessing various financing options, I am confident that we will be able to finance the company for the medium term, and would like to extend my thanks to our strategic investors for their continued strong support."
At 1535 GMT, shares in Polarean Imaging were up 27.94% at 6.33p.
Reporting by Josh White for Sharecast.com.
polarean (POLX)