22nd Aug 2018 10:08
LONDON (Alliance News) - Polarean Imaging PLC on Wednesday said its loss widened in the first half of 2018, hurt by costs associated with its admission to AIM on London Stock Exchange.
The medical-imaging technology company reported a pretax loss of USD2.8 million for the six months to the end of June, widened compared to a USD1.8 million loss reported a year earlier, while revenue jumped to USD1.0 million from USD205,085.
The result was hurt by a rise in administrative expenses, which came in year-on-year to USD3.1 million versus USD1.5 million, due in the main to fees associated with the company's AIM admission in March.
During the period, Polarean said it progressed well towards its goal of undertaking and completing the phase III clinical trials for its medical drug-device combination.
This combination enables existing magnetic resonance imaging systems to achieve an improved level of pulmonary function imaging through the use of hyperpolarised 129-Xenon gas as an imaging contrast agent.
In case of success, the company said it will submit a new drug application and will seek US Food & Drug Administration approval to use this system "for the evaluation of pulmonary function, for imaging the lungs" in early 2020.
"We believe our unique medical drug-device combination utilizing hyperpolarised 129-Xenon gas offers the ideal solution for improving pulmonary disease diagnosis and we are confident that this will be borne out during our Phase III trials," said Chief Executive Richard Hullihen.
Shares in Polarean were trading 1.2% lower on Wednesday at 14.70 pence per share.
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