REG - Polarean Imaging PLC - Exercise of Options and Total Voting Rights

Polarean ImagingAnnouncement

08/04/2022 07:00

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RNS Number : 7131H  Polarean Imaging PLC  08 April 2022

Polarean Imaging Plc

("Polarean" or the "Company")

 

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

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 that it has received notification from an option holder,
who is considered by the Company to be a person discharging managerial
responsibility ("PDMR"), to exercise share options ("Share Options"), over
2,150,960 ordinary shares of £0.00037 each in the Company ("Ordinary
Shares"). The exercise price of the Share Options was an average of US$0.0054
per Share Option. The employee is a co-founder of the Company and 2,004,000 of
the Share Options have been held for almost 10 years and were due to expire on
11 April 2022.

 

On 5 April 2022, the employee sold 14,611 of the Ordinary Shares issued on the
exercise of the Share Options, in order to finance the cost of exercise.

 

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)

 

In addition, on 6 April 2022, the Company received notification from another
option holder to exercise Share Options representing 267,200 Ordinary Shares.
The exercise price of those Share Options was $0.0041 per Share Option.
These Share Options were due to expire on 11 April 2022.

 

The 2,418,160 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.

 

Total voting rights

 

Following the issue and allotment of the Ordinary Shares, the Company's issued
share capital comprises 212,043,712 Ordinary Shares. The Company does not hold
any Ordinary Shares in treasury. Therefore, the total number of voting rights
in the Company is 212,043,712.

 

The figure of 212,043,712 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
 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.

 

 

 

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