13th Jun 2018 10:32
LONDON (Alliance News) - Medical imaging firm Polarean Imaging PLC said Wednesday its 2017 loss deepened due to a sharp rise in administrative costs, the company's maiden full year results after stock listing in March.
In 2017, pretax loss deepened to USD4.0 million from USD1.1 million the year prior. This was despite revenue rising to USD1.2 million from USD880,645 the year before.
Profit performance was hurt by a more than tripling of administrative costs to USD4.1 million from USD1.3 million the year prior.
In March, Polarean raised GBBP3.0 million through an initial public offering. At an IPO price of 15.00 pence per share, Polarean was valued at the time at GBP11.0 million. Shares in Polarean were 2.9% lower at 14.57 pence on Wednesday.
"Following our admission to trading on AIM at the end of the first quarter of 2018, we look forward to commencing our clinical trial and the continued expansion of our installed base of systems through additional sales of research units to academic institutions," Polarean Chief Executive Officer Richard Hullihen said.
"Our R&D focus now progresses to looking at the expanded applications of imaging gas exchange and the regional assessment of lung tissue function, beyond ventilation, using our patent protected techniques developed by the research of our founder and Chief Technology Officer, Bastiaan Driehuys at Duke University," Hullihen added. "The directors have also seen tremendous interest in pulmonary vascular disease as an emerging application, which we believe is good news for the group looking towards the future."
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