REG - Polarean Imaging PLC - Appointment of Non-Executive Director

Polarean ImagingAnnouncement

14/04/2022 07:16

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220414:nRSN3411Ia&default-theme=true

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
(https://www.polareanir.com/content/investors/shareholder-information)

 

Richard Hullihen, Chief Executive Officer of 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 Officer                Via Walbrook PR
 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.

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOAZZGMDLFMGZZM