REG - Polarean Imaging PLC - Directorate appointment

Polarean ImagingAnnouncement

26/08/2022 07:00

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RNS Number : 2883X  Polarean Imaging PLC  26 August 2022

Polarean Imaging Plc

("Polarean" or the "Company")

 

Director appointment

 

Polarean Imaging plc (AIM: POLX), the medical‑imaging technology company,
with a proprietary drug‑device combination product using hyperpolarised
xenon-129 gas to enhance magnetic resonance imaging (MRI) in pulmonary
medicine, announces the appointment of Dr. Marcella ("Marcie") Ruddy as a
Non-Executive Director with immediate effect.

 

Dr. Ruddy has over 15 years of experience in the development of respiratory
and other therapeutic compounds across all stages of clinical development from
translational through post approval. She has held multiple senior management
positions over her career to date, including Merck & Co., Inc., Alnylam
Pharmaceuticals, Inc, Regeneron Pharmaceuticals, Inc and at Tectonic
Therapeutic where she has been employed as Chief Medical Officer since July
2021.

 

Dr. Ruddy is a board-certified pulmonologist who prior to entry into drug
development, held a staff position in the Pulmonary Unit at Massachusetts
General Hospital/Harvard Medical School where she founded and directed the
Adult Cystic Fibrosis Programme. Earlier in her career, she completed her
Internal Medicine Residency and Pulmonary Critical Care Fellowship training at
Harvard Medical School and associated medical centres.

 

Dr. Ruddy holds an AB (Bachelor of Arts) from Princeton University and an MD
(Doctor of Medicine) from Washington University, St Louis.

 

Additional Information

 

The following information is disclosed pursuant to Rule 17 and Schedule Two
paragraph (g) of the AIM Rules for Companies in relation to Marcella Kuhlman
Ruddy, aged 60:

 

 Current Directorships   Previous Directorships
 MKRuddy Consulting LLC  None

Dr. Ruddy 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. She
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 Dr. Ruddy. The Share Options will
be exercisable at a price of 61p and will vest 25% on 25 August 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 30 September 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.polarean-ir.com/content/investors/shareholder-information
(https://www.polarean-ir.com/content/investors/shareholder-information)

 

Save as disclosed above there are no additional disclosures to be made in
accordance with Rule 17 or Schedule Two paragraph (g) of the AIM Rules for
Companies.

 

Richard Hullihen, CEO of Polarean, said: "Marcie is a recognised leader in the
clinical development with experience across a broad range of indications,
including respiratory therapeutics. Her broad expertise in all stages of drug
development as well as her demonstrated capability in building and leading
clinical development teams will be invaluable to us and we look forward to her
guidance and specific insights into the industry. She has a wealth of
experience and knowledge and I believe Polarean will greatly benefit having
her on the Board."

 

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 (http://www.polarean.com) / www.polarean-ir.com
                                                          (http://www.polarean-ir.com)
 Richard Hullihen, Chief Executive Officer                Via Walbrook PR
 Kenneth West, 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 / Nick Harland (Corporate Broking)

 Walbrook PR        Tel: +44 (0)20 7933 8780 or polarean@walbrookpr.com
                    (mailto:polarean@walbrookpr.com)
 Anna Dunphy /Phillip Marriage         Mob: +44 (0)7876 741 001 / +44 (0) 7867 984 082

 

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 and has received a PDUFA date of Sept 30, 2022.

 

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.

 

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