Polarean Imaging PLC Proposed Placing to raise a minimum of £0.78m (0512U)
July 09 2018 - 8:41AM
UK Regulatory
TIDMPOLX
RNS Number : 0512U
Polarean Imaging PLC
09 July 2018
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION,
OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE
OR DISPOSE OF ANY SECURITIES IN POLAREAN IMAGING PLC OR ANY OTHER
ENTITY IN ANY JURISDICTION.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 ("MAR"). In addition,
market soundings (as defined in MAR) were taken in respect of the
Placing with the result that certain persons became aware of inside
information (as defined in MAR), as permitted by MAR. This inside
information is set out in this Announcement. Therefore, those
persons that received inside information in a market sounding are
no longer in possession of such inside information relating to the
Company and its securities.
Polarean Imaging Plc
("Polarean" or the "Company")
Proposed Placing to raise a minimum of GBP0.78 million
Polarean Imaging plc (AIM: POLX), the medical-imaging technology
company, with a proprietary drug-device combination product for the
magnetic resonance imaging (MRI) market, announces its intention to
raise a minimum of GBP0.78 million (US$1 million), before expenses,
via the conditional placing of ordinary shares of GBP0.00037 each
in the capital of the Company (the "Ordinary Shares") with new and
existing investors (the "Placing Shares") at price of 16p per
Placing Share (the "Placing").
Highlights
-- Placing - the Placing is being conducted by way of an
accelerated bookbuild exercise, pursuant to which it is intended to
raise a minimum of GBP0.78 million (before expenses). The
accelerated bookbuild will be launched immediately following this
announcement. The Placing is in response to strong demand from
institutional and EIS/VCT investors and is being undertaken by the
Company's broker Northland Capital Partners Limited ("Northland")
as agent for the Company and will close at such time as Northland
and the Company may determine in their absolute discretion.
-- Placing Price - The placing price of 16p per Placing Shares
represents a discount of approximately 8.6 per cent. to the closing
price of 17.5p on 6 July 2018, being the last practicable trading
day prior to the release of this announcement.
-- Use of proceeds - the net proceeds of the Placing will be
used to further support the FDA Phase III clinical trials in the US
and further support improvements to the Company's polarisers.
-- Admission - The Placing is conditional on, amongst other
things, admission of the Placing Shares to trading on AIM
("Admission"). Admission is expected to occur at 8.00 a.m. on 13
July 2018 or such other date as the Company and Northland may agree
(being not later than 8.00 a.m. on 27 July 2018).
Richard Hullihen, CEO of Polarean, commented: "We are very
pleased by the support we've received from both existing
shareholders and new investors. We have completed the initial
production run of polarisers for our Phase III FDA
clearance-to-market trials and the additional funding will further
support these trials in the US."
Enquiries:
Polarean Imaging plc www.polarean.com / www.polarean-ir.com
Richard Hullihen, Chief Executive Officer Via Walbrook PR
Richard Morgan, Chairman
Northland Capital Partners Limited Tel: +44 (0)20 3861
6625
David Hignell / Gerry Beaney / Jamie Spotswood
(Corporate Finance)
Vadim Alexandre / Rob Rees (Corporate Broking)
MC Services (European IR) Tel: +49 (0)89 210
2280
Raimund Gabriel
The Life Sciences Division (Financial Adviser)
Navid Malik, Director Mob: 07957 224 730
Alia Minhas, CEO Mob: 07590 696 057
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
Helen Cresswell 741 001
Mob: +44 (0)7841 917 679
About Polarean (www.polarean.com)
The Company and its wholly owned subsidiary, Polarean, Inc.
(together the "Group") are revenue generating, medical drug-device
combination companies operating in the high resolution medical
imaging market.
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 and gas exchange regionally
in the smallest airways of the lungs, the tissue barrier between
the lung and the bloodstream and in the pulmonary vasculature.
Xenon gas exhibits solubility and signal properties that enable it
to be imaged within other tissues and organs.
The Group operates in an area of significant unmet medical need
and the Group's technology provides a novel diagnostic approach,
offering a non-invasive and radiation-free functional imaging
platform which is more accurate and less harmful to the patient
than current methods. The annual burden of pulmonary disease in the
US is estimated to be over US$150 billion.
The Group also develops and manufactures high performance MRI
radiofrequency (RF) coils which are a required component for
imaging (129) Xe in the MRI system. The development of these coils
by the Group facilitates the adoption of the Xenon technology by
providing application-specific RF coils which optimise the imaging
of (129) Xe in MRI equipment for use as a medical diagnostic as
well as a method of monitoring the efficacy of therapeutic
intervention.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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