13th Feb 2023 09:04
(Alliance News) - Polarean Imaging PLC on Monday saw its shares fall, after it said that it was exploring further financing options to fund development following the approval of Xenoview by the US Food & Drug Administration.
Polarean shares were down 17% at 36.80 pence each in London on Monday morning.
The London-based medical imaging technology company said it intends to pursue a dual strategy of using its current cash resources to maximise commercial sales of Xenoview, whilst also pursuing collaborations with pharmaceutical companies and other strategic partners to fund the future commercial applications of its technology.
Xenoview is a hyperpolarised contrast agent for use with magnetic imaging for the evaluation of lung ventilation in adults and paediatric patients aged 12 years and older.
Polarean anticipates converting nine research sites to FDA-approved configuration and clinical use, selling 75 to 100 Xenoview Gas Blend cylinders and 15 to 20 Polarizer systems over the next 24 months.
It also plans to seek regulatory approval for the next indications of Xenoview technology.
The company said that, based on its current cash balance, it would need additional resources to achieve its commercial targets for the next two years. As a result, it is exploring "a broad range of options" to provide further financing, including, but not limited to, equity raises and strategic partnering.
"Having achieved regulatory approval for our first indication, we now need to demonstrate the establishment of commercial traction and clinical adoption beyond our existing global research base according to our consistently stated objectives. We will do that within our existing resources, and strategic sources of non-dilutive financing, and return to markets for future financing to expand clinical indications and geographic territories on an ROI basis if and when appropriate," said Chief Executive Officer Richard Hullihen.
By Holly Beveridge; Alliance News reporter
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