Last checked at 9 Jul 2018 14:41
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN POLAREAN IMAGING PLC OR ANY OTHER ENTITY IN ANY JURISDICTION.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 ("MAR"). In addition, market soundings (as defined in MAR) were taken in respect of the Placing with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR. This inside information is set out in this Announcement. Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to the Company and its securities.
Polarean Imaging Plc
("Polarean" or the "Company")
Proposed Placing to raise a minimum of £0.78 million
Polarean Imaging plc (AIM: POLX), the medical-imaging technology company, with a proprietary drug-device combination product for the magnetic resonance imaging (MRI) market, announces its intention to raise a minimum of £0.78 million (US$1 million), before expenses, via the conditional placing of ordinary shares of £0.00037 each in the capital of the Company (the "Ordinary Shares") with new and existing investors (the "Placing Shares") at price of 16p per Placing Share (the "Placing").
Highlights
· Placing - the Placing is being conducted by way of an accelerated bookbuild exercise, pursuant to which it is intended to raise a minimum of £0.78 million (before expenses). The accelerated bookbuild will be launched immediately following this announcement. The Placing is in response to strong demand from institutional and EIS/VCT investors and is being undertaken by the Company's broker Northland Capital Partners Limited ("Northland") as agent for the Company and will close at such time as Northland and the Company may determine in their absolute discretion.
· Placing Price - The placing price of 16p per Placing Shares represents a discount of approximately 8.6 per cent. to the closing price of 17.5p on 6 July 2018, being the last practicable trading day prior to the release of this announcement.
· Use of proceeds - the net proceeds of the Placing will be used to further support the FDA Phase III clinical trials in the US and further support improvements to the Company's polarisers.
· Admission - The Placing is conditional on, amongst other things, admission of the Placing Shares to trading on AIM ("Admission"). Admission is expected to occur at 8.00 a.m. on 13 July 2018 or such other date as the Company and Northland may agree (being not later than 8.00 a.m. on 27 July 2018).
Richard Hullihen, CEO of Polarean, commented: "We are very pleased by the support we've received from both existing shareholders and new investors. We have completed the initial production run of polarisers for our Phase III FDA clearance-to-market trials and the additional funding will further support these trials in the US."
Enquiries:
Polarean Imaging plc | www.polarean.com / www.polarean-ir.com | ||
Richard Hullihen, Chief Executive Officer | Via Walbrook PR | ||
Richard Morgan, Chairman | |||
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Northland Capital Partners Limited | Tel: +44 (0)20 3861 6625 | ||
David Hignell / Gerry Beaney / Jamie Spotswood (Corporate Finance) Vadim Alexandre / Rob Rees (Corporate Broking) | |||
MC Services (European IR) | Tel: +49 (0)89 210 2280 | ||
Raimund Gabriel | |||
The Life Sciences Division (Financial Adviser) | |||
Navid Malik, Director | Mob: 07957 224 730 | ||
Alia Minhas, CEO | Mob: 07590 696 057 | ||
Walbrook PR | Tel: +44 (0)20 7933 8780 or polarean@walbrookpr.com | ||
Paul McManus / Anna Dunphy Helen Cresswell | Mob: +44 (0)7980 541 893 / +44 (0)7879 741 001 Mob: +44 (0)7841 917 679 | ||
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 (129Xe) 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.
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.
The Group also develops and manufactures high performance MRI radiofrequency (RF) coils which are a required component for imaging 129Xe in the MRI system. The development of these coils by the Group facilitates the adoption of the Xenon technology by providing application-specific RF coils which optimise the imaging of 129Xe in MRI equipment for use as a medical diagnostic as well as a method of monitoring the efficacy of therapeutic intervention.