Exercise of Warrants

Polarean Imaging PLC

30 June 2023

 

Polarean Imaging Plc

("Polarean" or the "Company") 

Exercise of Warrants, PDMR Dealing, Issue of Equity and Total Voting Rights

Polarean Imaging plc (AIM: POLX), the medical imaging technology company, announces that it has received notification from Mr. Kenneth West, Chairman of the Company, to exercise 852,822 warrants over ordinary shares in the Company (the "Warrants"). These warrants representing 852,822 ordinary shares of £0.00037 each in the capital of the Company ("Ordinary Shares") had an original expiry date of 2 June 2023 that was extended to 31 July 2023, as announced in an RNS date 2 June 2023.  These warrants have an exercise price of US$0.00412 per Ordinary Share.

After the exercise of the Warrants, Mr. Kenneth West holds a total of 1,328,416 ordinary shares, 1,948,262 warrants over ordinary shares of the Company and options for 2,263,218 ordinary shares.

The 852,822 new Ordinary Shares have been issued and admitted to trading on AIM pursuant to the Block Listing announced by the Company on 23 July 2021. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares.

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.polarean-ir.com/content/investors/shareholder-information

Total voting rights

Following the issue and allotment of the Ordinary Shares, the Company's issued share capital comprises 213,900,331 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 213,900,331.

The figure of 213,900,331 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 of their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Enquiries: 

Polarean Imaging plc			www.polarean.com / www.polarean-ir.com
Christopher von Jako, Chief Executive Officer			Via Walbrook PR
Kenneth West, Chairman
Stifel Nicolaus Europe Limited (NOMAD and Sole Corporate Broker)				[phone]
Nicholas Moore / Samira Essebiyea / Kate Hanshaw (Healthcare Investment Banking)
Nick Adams / Nick Harland (Corporate Broking)
Walbrook PR	Tel: [phone] or [e-mail]
Anna Dunphy / Phillip Marriage		Mob: [phone]

About Polarean (www.polarean.com)

The Company and its wholly owned subsidiary, Polarean, Inc. (together the "Group") are revenue-generating, medical imaging technology companies operating in the high-resolution medical imaging space. Polarean aspires to revolutionise pulmonary medicine by bringing the power and safety of MRI to the respiratory healthcare community in need of new solutions to evaluate lung ventilation, diagnose disease, characterise disease progression, and monitor response to treatment. By researching, developing, and commercialising novel imaging solutions with a non-invasive and radiation-free functional imaging platform. Polarean's vision is to help address the global unmet medical needs of more than 500 million patients worldwide suffering with chronic respiratory disease. Polarean is a leader in the field of hyperpolarisation science and has successfully developed the first and only hyperpolarised MRI contrast agent to be approved in the United States. On Dec. 23, 2022, the FDA granted approval for Polarean's first drug device combination product, XENOVIEW^TM (Xenon Xe¹²⁹ hyperpolarised). Xe¹²⁹ MRI is also currently being studied for visualisation and quantification of gas exchange regionally in the smallest airways of the lungs, across the alveolar tissue membrane, and into the pulmonary bloodstream for future clinical indications.

XENOVIEW IMPORTANT SAFETY INFORMATION

Warnings and Precautions

Risk of Decreased Image Quality from Supplemental Oxygen: Supplemental oxygen administered simultaneously with XENOVIEW inhalation can cause degradation of image quality. For patients on supplemental oxygen, withhold oxygen inhalation for two breaths prior to XENOVIEW inhalation, and resume oxygen inhalation immediately following the imaging breath hold.

Risk of Transient Hypoxia: Inhalation of an anoxic gas such as XENOVIEW may cause transient hypoxemia in susceptible patients. Monitor all patients for oxygen desaturation and symptoms of hypoxemia and treat as clinically indicated.

Adverse Reactions

Adverse Reactions in Adult Patients: The adverse reactions (> one patient) in efficacy trials were oropharyngeal pain, headache, and dizziness.  Adverse Reactions in Pediatric and Adolescent Patients: In published literature in pediatric patients aged 6 to 18, transient adverse reactions were reported: blood oxygen desaturation, heart rate elevation, numbness, tingling, dizziness, and euphoria. In at least one published study of pediatric patients aged 6 to 18 years, transient decrease in SpO2% and transient increase in heart rate was reported following hyperpolarized xenon Xe 129 administration. XENOVIEW is not approved for use in pediatric patients less than 12 years of age.

Please see full prescribing information at www.xenoview.net

PLC-RNS-2313

 

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