REG - Polarean Imaging PLC - Half-year Report
07/09/2023 07:00
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RNS Number : 6338L Polarean Imaging PLC 07 September 2023
Polarean Imaging Plc
("Polarean" or the "Company")
Half-year Report
Polarean Imaging plc (AIM: POLX), a commercial-stage medical device leader in
advanced magnetic resonance imaging ("MRI") of the lungs, announces its
unaudited interim results for the six months ended 30 June 2023.
Highlights
· Secured the first order for a xenon gas blend cylinder for the
production of XENOVIEW™ (xenon Xe 129 hyperpolarised) from Cincinnati
Children's Hospital Medical Center leading to the first clinical scan in North
America, representing a key milestone in the execution of the commercial plan
· Entered into a collaboration agreement with multinational medical
imaging technology company Philips to advance the field of hyperpolarised
Xenon MRI
· Submitted a post-marketing commitment plan to the US Food and Drug
Administration ("FDA") to seek approval prior to 30 June 2024 to expand the
minimum current age of XENOVIEW MRI in children from twelve to six years
· Granted New Chemical Entity designation for XENOVIEW by the FDA, with
a five-year market exclusivity period
· Selected as one of the featured companies at the American Thoracic
Society's 2023 Respiratory Innovation Summit
· Appointed Christopher von Jako, Ph.D. as new Chief Executive Officer
and Board Director
· Net cash of US$9.9m as of 30 June 2023, which based on strategic
decisions, is now expected to fund the Company until the end of Q2 2024
Post-period end
· Upgraded the University of Missouri Health Care polariser system to
a clinical configuration accompanied by the sale of an initial xenon gas blend
cylinder for the production of XENOVIEW
· Received 510(k) clearance from the FDA for the Company's specialised
MRI chest coil to now include Philips 3.0T MRI scanners for the visualisation
of Xenon 129 nuclei
· New reimbursement C-code (C9791) from the US Centers for Medicare
& Medicaid Services ("CMS") for the XENOVIEW MRI technology which
corresponds to a payment range of between US$1,201 to US$1,300
· Requested and granted a formal Type B meeting in October 2023 with
the FDA's Center for Drug Evaluation and Research division to seek guidance on
the clinical plan related to the XENOVIEW indication expansion, which includes
both regional visualisation and quantitative assessment of gas exchange and
microvascular haemodynamics for both pulmonary and cardio-pulmonary diseases
Christopher von Jako, Ph.D., CEO of Polarean, commented: "Today marks 80 days
since I joined the dynamic Polarean team, and I am very excited about our
life-altering imaging platform technology and how we can help individuals
suffering from lung disease. Over the past two months, we began revisiting all
our strategic business initiatives with the intent of creating increased focus
on key business drivers. As a result, we have identified five specific growth
initiatives, which include driving utilisation at our newly established
clinical sites, expanding to our highest priority targeted clinical sites,
developing key industry partnerships, establishing reimbursement coverage and
payment, and expanding our current FDA indication to include the even higher
value interstitial lung and pulmonary vascular diseases.
"I am also delighted that we received a final determination from CMS that our
new C-code is linked to a new technology APC 1551, which corresponds to a
payment range of between US$1,201 to US$1,300. This reimbursement code should
be helpful as we market XENOVIEW for the evaluation of ventilation, which is
highly useful in obstructive lung diseases like asthma, COPD, and cystic
fibrosis.
"Our new focus will also result in reduced operating expenses going forward
which allows us to extend our cash runway until the end of Q2 2024. All our
initiatives are guided by our belief and desire to revolutionise pulmonary and
cardio-pulmonary medicine."
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) 596/2014, as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018.
Enquiries:
Polarean Imaging plc www.polarean.com / www.polarean-ir.com (http://www.polarean-ir.com)
Christopher von Jako, Ph.D, Chief Executive Officer Via Walbrook PR
Charles Osborne, Chief Financial Officer
Stifel Nicolaus Europe Limited (NOMAD and Sole Corporate Broker) +44 (0)20 7710 7600
Nicholas Moore / Samira Essebiyea / Kate Hanshaw (Healthcare Investment
Banking)
Nick Adams / Nick Harland (Corporate Broking)
Walbrook PR Tel: +44 (0)20 7933 8780 or 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, 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. The Company also commercialises
systems (such as the HPX hyperpolarisation system), accessories (such as
Xe-specific chest coils and phantoms), and FDA-cleared post-processing
software (to support ventilation defect analysis), to support fully integrated
modern respiratory imaging operations.
XENOVIEW IMPORTANT SAFETY INFORMATION
Indication
XENOVIEW™, prepared from the Xenon Xe 129 Gas Blend, is a hyperpolarized
contrast agent indicated for use with magnetic resonance imaging (MRI) for
evaluation of lung ventilation in adults and pediatric patients aged 12 years
and older.
Limitations of Use
XENOVIEW has not been evaluated for use with lung perfusion imaging.
CONTRAINDICATIONS
None.
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
CEO Statement
Introduction
I am excited to have recently joined Polarean, and was initially attracted to
the Company's promising functional imaging technology, the large clinical
unmet need that it addresses, and the business model. I am confident that our
technology will be clinically useful for the pulmonary diseases covered by the
current FDA approval in ventilation, including asthma, COPD, and cystic
fibrosis. In addition, it has even greater potential as we expand into the
high-value areas of interstitial lung and pulmonary vascular disease. The
XENOVIEW MRI technology has the potential to transform the visualisation and
measurement of pulmonary and cardio-pulmonary disease.
I have spent the last two months working with the team to understand the
technology and the commercial opportunities. I am very encouraged by the
scientific and medical community's appreciation for the large unmet medical
need in the pulmonary functional imaging space, and we are in the process of
refining our commercialisation strategy to deploy XENOVIEW. My long tenure in
the medical device industry, particularly focused on large capital products,
will be very valuable as we look to ramp up commercial sales.
Results overview
Polarean received FDA approval in December 2022, which enabled the Company to
start selling its products to the clinical market. As per US regulations, we
could not start to market the system and services until we received FDA
approval. Our efforts during the first half of 2023 were mainly focused on
preparing our legacy research sites for the conversion to clinical scanning,
obtaining the required state drug licenses, and beginning the commercial
launch process. Whilst we have been encouraged by the successful clinical
conversion of two of our prominent research sites, and the highly positive
response from physicians in both existing and prospective new sites, the
process has gone more slowly than the Company had originally hoped. The
slower-than-expected early commercial sales are primarily due to the hospital
contracting process, which we continue to actively address. From my
perspective, the early results from this type of first-in-class medical
imaging technology launch are not different than in my past experiences.
Group revenues for the first half were US$0.1m (H1 2022: US$0.8m), based on
sales of xenon gas blend cylinders and parts and service for polarisers
installed at our customer locations. Operating expenses for H1 2023
(US$7.7m) increased from H1 2022 (US$7.0m), as we incurred commercialisation
costs to launch our products. In H1 2023, the Company recognised finance
income of US$0.2m (H1 2022: US$nil), due to interest earned on our bank
deposits. Other gains / (losses) of US$0.1m (H1 2022: US$(0.2m)) were due to
the strengthening of the British pound during the 2023 period versus a
weakening of the British pound during the 2022 period. The overall loss before
tax increased to US$7.4m in H1 2023 (H1 2022: US$6.9m), due to higher
operating expenses, partially offset by the interest income and foreign
exchange gain described above. As of 30 June 2022, the Company held US$9.9m
in net cash or cash equivalents.
Commercialisation plans
We are in the market development phase of our novel functional imaging
technology. In order for hospital administrators to embrace our technology, we
need to focus on the most compelling clinical use cases that lead to
meaningful outcomes for patients. We are working with our experienced research
user-base to continue generating case studies, while also equipping them to
utilise the technology in their clinical practice setting. In addition, we are
in conversations with our highest-priority early adopter sites for new
placements, and exploring ways for them to acquire polariser systems that they
can use for both research and clinical uses of our technology. The recent
reimbursement code issuance should aid the market adoption of the polariser
systems.
An important part of our strategy will be to seek industry partners, which
includes pharmaceutical and medical device companies as well as specific
disease advocacy organisations to expand the uses of our technology and
provide potential sources of resources and funding. In June 2023, we announced
that we had entered into a collaboration with Philips, a global leader in
health technology. The collaboration was featured at the 2023 International
Society for Magnetic Resonance in Medicine Annual Meeting in Toronto, and
facilitates the sharing of technical data and marketing materials to jointly
advance the field of Xenon MRI into the clinical realm. The collaboration was
shortly followed by Polarean receiving an additional 510(k) from the FDA for
our specialised MRI chest coil to now include Philips 3.0T MRI scanners. This
was an important milestone, not only highlighting the value that Philips sees
in the XENOVIEW MRI technology in furthering pulmonary imaging but also in
growing the number of healthcare systems that are able to utilise XENOVIEW
MRI.
Outlook
As I approach my three-month mark as CEO, I strongly believe that the novel
Polarean imaging platform holds the potential to bring significant benefits to
both patients and clinicians. The technology will revolutionise the landscape
of diagnosis and longitudinal monitoring in the fields of pulmonary and
cardio-pulmonary medicine. The recent milestone approval of a new C-code,
which is linked with a new technology APC code featuring a payment range of
US$1,201 to US$1,300, represents another significant achievement by our
Company. This accomplishment establishes a solid foundation for our
reimbursement endeavors within our two targeted fields.
In my 30-year career in high-tech medical devices, I have seen the early days
of several minimally invasive disruptive technologies that have since changed
the course of medicine in their respective fields. Each experience has taught
me the importance of focus and cash efficiency while continuing to build
value. In my experience of selling large capital equipment, I have found that
early sales are often irregular and difficult to forecast whilst the
commercialisation process is still evolving. Therefore, while I am confident
in the demand for our product and its ability to gain commercial traction, we
feel it is sensible to withdraw the previously stated commercial targets at
this time. We will, however, be providing renewed guidance at a suitable time.
We are focusing our efforts and expenditures on activities that we believe can
deliver important milestones within our current cash runway. These activities
have led to the identification of specific growth initiatives, which include:
1) Driving utilisation at our newly established clinical sites;
2) Expanding to our highest-priority targeted clinical sites;
3) Establishing reimbursement coverage and payment;
4) Developing key industry partnerships; and
5) Planning for the expansion of our current FDA labeling to include
visualisation and measurement of gas exchange
The Company is funded until the end of Q2 2024, and the continued progress on
the above initiatives will help support future financing at the appropriate
time.
I look forward to leading Polarean through this exciting journey and
developing this large potential market for our employees and investors.
Together, we are committed to successfully increasing access to the XENOVIEW
MRI technology because so many people are counting on this technology to
improve patients' lives.
Christopher von Jako, Ph.D.
Chief Executive Officer
7 September 2023
POLAREAN IMAGING PLC
Consolidated unaudited statement of comprehensive income
for the six months ended 30 June 2023
Unaudited Unaudited Audited
6 months ended 6 months ended 12 months ended
30 June 2023 30 June 2022 31 December 2022
US$ US$ US$
Note
Revenue 142,384 834,087 1,033,008
Cost of sales (60,484) (539,247) (684,732)
Gross profit 81,900 294,840 348,276
Administrative expenses (1,865,084) (1,480,119) (2,839,544)
Research, development and regulatory expenses (2,460,547) (2,522,166) (5,625,222)
Depreciation (165,509) (139,058) (277,461)
Amortisation (306,126) (392,739) (760,780)
Selling and distribution expenses (2,453,477) (1,738,265) (3,310,592)
Share based payment expense (433,892) (701,832) (1,205.247)
Total operating expenses (7,684,635)93,580) (6,974,179)984,594) (14,018,846)
Loss from operations (7,602,735)0) (6,679,339) (13,670,570)
Finance income 192,826 2,530 35,045
Finance expense (8,945) (12,944) (23,762)
Other gains/(losses)-net 67,685 (228,378) (246,309)
Loss on ordinary activities before taxation 3 (7,351,169) (6,918,131) (13,905,596)
Taxation - -
Loss and total other comprehensive expense (7,351,169) (6,918,131) (13,905,596)
Basic and fully diluted loss per share (US$) 3 (0.035) (0.033) (0.066)
POLAREAN IMAGING PLC
Consolidated unaudited statement of financial position
at 30 June 2023
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December 2022
2023 2022 US$
US$
US$
Assets Note
Non-current assets
Property, plant and equipment 351,109 504,484 418,498
Intangible assets 1,275,465 1,887,717 1,581,591
Right-of-use asset 212,373 336,203 274,288
Trade and other receivables 413,539 5,539 437,539
2,252,486 2,733,943 2,711,916
Current assets
Inventories 2,061,931 1,571,100 1,711,419
Trade and other receivables 1,505,254 1,958,292 1,659,649
Cash and cash equivalents 9,879,595 22,690,308 16,454,241
13,446,780 26,219,700 19,825,309
Total assets 15,699,266 28,953,643 22,537,225
Equity
Share capital 4 103,861 103,194 103,463
Share premium 59,291,496 59,179,376 59,288,383
Group reorganisation reserve 7,813,337 7,813,337 7,813,337
Share-based payment reserve 5,299,471 4,362,164 4,865,579
Accumulated losses (60,116,973) (45,778,339) (52,765,804)
Total equity 12,391,192 25,679,732 19,304,958
Liabilities
Non-current liabilities
Deferred income 99,596 157,702 128,704
Lease liability 5 147,667 285,493 216,691
Trade and other payables 300,000 - 360,000
Contingent consideration 316,000 316,000 316,000
863,263 759,195 1,021,395
Current liabilities
Trade and other payables 2,169,530 2,179,232 1,979,001
Lease liability 5 137,827 144,767 142,146
Deferred income 137,454 190,717 89,725
2,444,811 2,514,716 2,210,872
Total equity and liabilities 15,699,266 28,953,643 22,537,225
POLAREAN IMAGING PLC
Consolidated unaudited statement of changes in equity
at 30 June 2023
Share premium Group re-organisation
Share capital Share-based payment reserve Accumulated losses Total equity
Balance as at 31 December 2021 (audited)
101,642 59,022,919 7,813,337 3,660,332 (38,860,208) 31,738,022
Loss and total comprehensive income for the period
- - - - (6,918,131) (6,918,131)
Transactions with owners
Issue of shares 1,552 156,457 - - - 158,009
Share-based payments - - - 701,832 - 701,832
Balance as at 30 June 2022 (unaudited)
103,194 59,179,376 7,813,337 4,362,164 (45,778,339) 25,679.732
Comprehensive income
Loss and total comprehensive income for the period - - - - (6,987,465) (6,987,465)
Transactions with owners
Issue of shares 269 109,007 - - - 109,276
Share-based payments - - - 503,415 - 503,415
Balance as at 31 December 2022 (audited)
103,463 59,288,383 7,813,337 4,865,579 (52,765,804) 19,304,958
Loss and total comprehensive income for the period
- - - - (7,351,169) (7,351,169)
Transactions with owners
Issue of shares 398 3,113 - - - 3,511
Share-based payments - - - 433,892 - 433,892
Balance as at 30 June 2023 (unaudited)
103,861 59,291,496 7,813,337 5,299,471 (60,116,973) 12,391,192
POLAREAN IMAGING PLC
Consolidated unaudited cash flow statement
for the six months ended 30 June 2023
Unaudited Unaudited Audited
6 months ended 6 months ended 12 months ended
30 June 2023 30 June 2022 31 December 2022
US$ US$ US$
Cash flows from operating activities
Loss for the period before taxation (7,351,169) (6,918,131) (13,905,596)
Adjustments for non-cash/non-operating items:
Depreciation of property, plant and equipment 103,594 139,058 277,461
Amortisation of intangible and right-of-use assets 368,041 392,739 760,780
Loss on disposal of property, plant and equipment - 1,927 2,766
Share based payment expense 433,892 701,832 1,205,247
Net foreign exchange (gains)/losses (67,685) 228,378 246,309
Finance expense 8,945 12,944 23,762
Finance income (192,826) (2,530) (35,045)
(6,697,208) (5,443,783) (11,424,316)
Changes in working capital:
Increase in inventories (350,512) (144,290) (284,609)
Decrease/(increase) in trade and other receivables 57,587 (987,325) (1,120,681)
Increase in trade and other payables 227,538 435,439 607,887
Increase/(decrease) in deferred revenue 42,421 106,358 (36,312)
Net cash flows used in operating activities (6,720,174) (6,033,601) (12,258,031)
Cash flows from investing activities
Purchase of property, plant and equipment (36,205) (10,689) (63,946)
Interest received 192.826 2,530 35,045
Net cash generated from (used in) investing activities 156,621 (8,159) (28,901)
Cash flows from financing activities
Issue of shares 3,511 158,009 267,285
Interest paid on lease liabilities (8,945) (12,944) (23,762)
Principal elements of lease payments (73,344) (59,527) (130,949)
Net cash generated from (used in )financing activities (78,778) 85,538 112,574
Net decrease in cash and equivalents (6,642,331) (5,956,222) (12,174,358)
Cash and equivalents at beginning of period 16,454,241 28,874,908 28,874,908
Effect of foreign exchange rate changes on cash
and cash equivalents 67,685 (228,378) (246,309)
Cash and equivalents at end of period 9,879,595 22,690,308 16,454,241
NOTES TO THE INTERIM ACCOUNTS
1. Basis of presentation
This interim consolidated financial information for the six months ended 30
June 2023 has been prepared in accordance with AIM rule 18, 'Half yearly
reports and accounts'. This interim consolidated financial information is not
the Group's statutory financial statements within the meaning of section 434
of the Companies Act 2006 (and information as required by section 435 of the
Companies Act 2006) and should be read in conjunction with the annual
financial statements for the year ended 31 December 2022, which have been
prepared in accordance with UK-adopted International Accounting Standards (UK
IFRS) and have been delivered to the Registrar of Companies. The auditors have
reported on those accounts; their report was unqualified but drew attention to
a material uncertainty related to going concern. It did not contain statements
under section 498(2) or (3) of the Companies Act 2006.
The interim consolidated financial information has been prepared in accordance
with the accounting policies adopted in the Group's most recent annual
financial statements for the year ended 31 December 2022. A number of
amendments to IFRS accounting standards have become applicable for the current
reporting period. The Group did not have to change its accounting policies or
make retrospective adjustments as a result of adopting these amended
standards.
The judgements, estimates and assumptions applied in the interim condensed
consolidated financial information, including the key sources of estimation
uncertainty, were the same as those applied in the Group's last annual
financial statements for the year ended 31 December 2022.
The interim consolidated financial information for the six months ended 30
June 2023 is unaudited. In the opinion of the Directors, the interim
consolidated financial information presents fairly the financial position, and
results from operations and cash flows for the period. Comparative numbers for
the six months ended 30 June 2022 are also unaudited.
This interim consolidated financial information is presented in US Dollars
(US$).
2. Going concern
The interim consolidated financial information for the six months ended 30
June 2023 have been prepared on the going concern basis.
In considering the appropriateness of this basis of preparation, the Directors
have reviewed the Group's working capital forecasts. It is anticipated that
additional capital will need to be raised by the end of the second quarter of
2024 in order to continue to fund the Group's activities at their planned
levels beyond this date. This represents a material uncertainty that may cast
significant doubt about the Group's and Company's ability to continue as a
going concern. However, the Directors have a reasonable expectation that this
uncertainty can be managed to a successful outcome, and based on that
assessment, the Group has adequate resources to continue for the foreseeable
future. Thus, they continue to adopt the going concern basis of accounting in
preparing these financial statements.
3. Loss per share
The basic and diluted loss per share for the period ended 30 June 2023 was
US$0.035 (2022: US$0.033) as the warrant and options have an anti-dilutive
effect in the current and prior period. The calculation of loss per share is
based on the loss of US$7,351,169 for the period ended 30 June 2023 (2022:
loss of US$6,918,131) and the weighted average number of shares in issue
during the period for calculating the basic loss per share of 213,052,247
shares (2022: 210,921,193).
4. Called up share capital
Unaudited Unaudited Audited
30 June 2023 30 June 2022 31 December 2022
US$ US$ US$
Allotted, issued and fully paid
Ordinary Shares 103,861 103,194 103,463
The number of shares in issue was as follows: Number of shares
Balance at 1 January 2022 209,249,966
Issued during the period
Exercised options 3,190,024
Balance at 30 June 2022 212,439,990
Issued during the period
Exercised options 607,519
Balance at 31 Dec 2022 213,047,509
Issued during the period
Exercised warrants 852,822
Balance at 30 June 2023 213,900,331
5. Borrowings
Unaudited Unaudited Audited
30 June 2023 30 June 2022 31 December 2022
US$ US$ US$
Non-current
Lease liability 147,667 285,493 216,691
Current
Lease Liability 137,827 144,767 142,146
Total 285,494 430,260 358,837
6. Share based payments
Share Options
The Company grants share options at its discretion to Directors, management
and employees. These are accounted for as equity settled transactions. Should
the options remain unexercised after a period of ten years from the date of
grant the options will expire unless an extension is agreed to by the Board.
Options are exercisable at a price equal to the Company's quoted market price
on the date of grant or an exercise price to be determined by the Board.
Details of share options granted, exercised, forfeited and outstanding in the
period ended 30 June 2023 are as follows:
Number of share options Weighted average exercise price
(US$)
Outstanding at 1 January 2023 19,384,571 0.51
Granted during period 5,650,000 0.37
Exercised during period - -
Forfeited during period (329,166) 0.87
Outstanding at 30 June 2023 24,705,405 0.48
Exercisable at 30 June 2023 14,740,960 0.37
There were 5,650,000 options granted in the period to 30 June 2023. There were
no options exercised and 329,166 options forfeited in the period to 30 June
2023.
The weighted average contractual life of the share options outstanding at the
reporting date is 5 years and 84 days.
Share Warrants
The Company grants share warrants at its discretion to Directors, management,
employees, advisors and lenders. These are accounted for as equity settled
transactions. Terms of warrants vary from agreement to agreement.
Details of warrants granted, exercised, forfeited and outstanding in the
period ended 30 June 2023 are as follows:
Number of Weighted average exercise price (US$)
share warrants
Outstanding at 1 January 2023 3,054,129 0.01000
Exercised during the period (852,822) 0.00412
Forfeited during the period (3,400) 0.18000
Outstanding at 30 June 2023 2,197,907 0.02000
Exercisable at 30 June 2023 2,197,907 0.02000
There were 852,822 warrants exercised and 3,400 warrants forfeited in the six
months ended 30 June 2023. There were no warrants granted during this period.
The weighted average contractual life of the share warrants outstanding at the
reporting date is 1 year and 180 days.
7. Related party transactions
The Company paid US$11,650 of consulting fees to board member Daniel Brague in
the six months ending 30 June 2023.
8. Events after the reporting period
On 4 August 2023, the Company issued a total of 1,948,262 shares upon the
exercise of warrants with an exercise price of US$0.00749 per share for total
proceeds of US$14,583.
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