REG - Polarean Imaging PLC - Directorate Change

Polarean ImagingAnnouncement

05/05/2022 07:00

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RNS Number : 3728K  Polarean Imaging PLC  05 May 2022

Polarean Imaging Plc

("Polarean" or the "Company")

 

Directorate changes

 

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 following changes to the Board with immediate effect.

 

Jonathan Allis is retiring from his Chairmanship of the Company, Chairmanship
of the Remuneration Committee and from the Board of Directors. Kenneth West
("Ken"), currently a Non-Executive Director, will assume the role of the
Chairman. Ken is an experienced member of the Board having been involved with
Polarean for the last nine years.

 

Separately, Daniel Myron Brague ("Dan"), aged 54, will join the Board as a
Non-Executive Director and Chairman of the Remuneration Committee. Dan is a
highly accomplished executive leader focused on enterprise growth, business
turnaround, and value creation. With over 20 years of experience in the global
diagnostic imaging industry, Dan has a proven track record in strategy and
company vision, P&L management, sales growth and product innovation. He
has a broad background in pharmaceutical companies, most recently as the North
America Chief Executive Officer of Curium Pharma, the world's largest nuclear
medicine company.

 

Richard Hullihen, CEO of Polarean Imaging plc said: "We are delighted to
welcome Dan onto the Board and look forward to benefiting from his experience
in the launch and growth of innovative medical imaging products worldwide,
including pulmonary diagnostics. His specific background in the US healthcare
environment, reimbursement, and market development will be invaluable. I'd
also like to welcome Ken to his new role as Chairman; Ken's experience with
the Company since the outset means he's excellently placed to serve in this
role at an important time for Polarean. With the recent addition of Frank
Schulkes and Dan Brague to the Board, we have a management team with extensive
experience in successfully commercialising medical technologies.

 

"On behalf of the Board and the whole Polarean team, I would like to thank
Jonathan for his expert guidance and chairmanship and wish him well in his
retirement."

 

Jonathan Allis, outgoing Chairman of Polarean Imaging plc added: "As I
transition to full retirement, I am confident that Polarean is well positioned
for the future.  I also have every confidence that Dan will step smoothly
into his role in Polarean, and will be an invaluable and independent member of
the Board guiding Polarean through the next phases of its development for the
benefit of investors. I'd like to wish Ken, and the entire team, all the best
in the future."

 

Mr Brague 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 Renumeration 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 Brague. The Share Options will
be exercisable at a price of 52p and will vest 25% on 4 May 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 June 2023.

 

All existing options granted to Jonathan Allis will vest, be exercisable and
lapse in accordance with the terms of the share option arrangements pursuant
to which they were granted.

 

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)

 

 

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 Dan Brague:

 

 Current Directorships  Directorships held over the past 5 years
 Brague Consulting LLC  Curium US LLC
                        Curium Canada Inc
                        Curium Netherlands Holding BV

 

Save as disclosed above, there are no other matters which are required to be
disclosed with regards to the appointment of Dan Brague 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
 Ken 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 (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
6 October 2021.

 

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.

 

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