13th Mar 2020 14:26
(Alliance News) - Polarean Imaging PLC on Friday said it raised GBP8.4 million through a share placing in a bid to "strengthen the company's balance sheet" as it looks to progress a new drug application to the US Food & Drug Administration.
The medical imaging products developer said it issued 46.6 million shares at 18 pence.
Polarean was trading 26% higher at 23.00p each in London on Friday afternoon.
"The net proceeds of the fundraise will strengthen the company's balance sheet while it focusses on preparing its new drug application, which is planned for submission to the US Food and Drug Administration during the third quarter of 2020," Polarean said.
In January, Polarean reported positive results from two trials of its magnetic resonance imaging drug-device combination product.
The firm said two phase III clinical trials met their primary endpoints. Polarean added at the time that it planned to use the new data from the trials for a pre-new drug application meeting with the US Food & Drug Administration.
By Eric Cunha; [email protected]
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