DURHAM – Polarean Imaging, which operates a facility in Durham, is set to raise an additional $4 million in a conditional placing led by the broker Northland Capital Partners Limited.
Polarean, which manufactures, sells, and distributes a proprietary drug-device combination product for the magnetic resonance imaging (MRI) market, is a public company listed on the AIM Market in London.
“We plan to use the proceeds to complete our ongoing Phase III Clinical Trials and to then submit the dossier to the US regulators,” said Richard Hullihen, CEO of Polarean. “The fundraise will also provide Polarean with additional working capital to build new polarisers for impending orders.”
The significantly higher functional resolution provided by the company’s drug-device combination, HP Xe MRI, is important in the to detection of early pulmonary disease and also can identify subtle changes in the progression of lung disease.
The company will issue 22,321,429 ordinary shares of capital in the company funding as fundraise shares priced at 14 pence per share (18 U.S. cents), which the company claims will significantly strengthen their balance sheet and ensure the timely completion of recruitment and read-out to support the preparation and submission of the new drug application to the U.S. Food and Drug Administration (FDA).
Further details of the offering will be disclosed by the company in a circular released on the website today, and will also include a notice of a general meeting held in London on December 28, 2018.
The clinical trials are being hosted at Duke University and the University of Virginia. The company launched in 2012 after acquiring assets from GE Healthcare and completed an initial public offering in March 2016.