Polarean Imaging PLC Exercise of Options and Total Voting Rights (7131H)
08 April 2022 - 4:00PM
UK Regulatory
TIDMPOLX
RNS Number : 7131H
Polarean Imaging PLC
08 April 2022
Polarean Imaging Plc
("Polarean" or the "Company")
Exercise of Options, PDMR Dealing, Issue of Equity and Total
Voting Rights
Polarean Imaging plc (AIM: POLX), the medical--imaging
technology company, with an investigational drug--device
combination product using hyperpolarised (129) Xenon gas to enhance
magnetic resonance imaging (MRI) in pulmonary medicine, announces
that it has received notification from an option holder, who is
considered by the Company to be a person discharging managerial
responsibility ("PDMR"), to exercise share options ("Share
Options"), over 2,150,960 ordinary shares of GBP0.00037 each in the
Company ("Ordinary Shares"). The exercise price of the Share
Options was an average of US$0.0054 per Share Option. The employee
is a co-founder of the Company and 2,004,000 of the Share Options
have been held for almost 10 years and were due to expire on 11
April 2022.
On 5 April 2022, the employee sold 14,611 of the Ordinary Shares
issued on the exercise of the Share Options, in order to finance
the cost of exercise.
Notifications have been made in accordance with the requirements
of the UK Market Abuse Regulation in respect of the PDMR and
further details can be found by following this link:
https://www.polarean-ir.com/content/investors/shareholder-information
In addition, on 6 April 2022, the Company received notification
from another option holder to exercise Share Options representing
267,200 Ordinary Shares. The exercise price of those Share Options
was $0.0041 per Share Option. These Share Options were due to
expire on 11 April 2022.
The 2,418,160 new Ordinary Shares have been issued and admitted
to trading on AIM pursuant to the Block Listing announced by the
Company on 23 July 2021. The new Ordinary Shares will rank pari
passu with the existing Ordinary Shares.
Total voting rights
Following the issue and allotment of the Ordinary Shares, the
Company's issued share capital comprises 212,043,712 Ordinary
Shares. The Company does not hold any Ordinary Shares in treasury.
Therefore, the total number of voting rights in the Company is
212,043,712.
The figure of 212,043,712 may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change of their
interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Enquiries:
Polarean Imaging plc www.polarean.com / www.polarean-ir.com
Richard Hullihen, Chief Executive Via Walbrook PR
Officer
Jonathan Allis, Chairman
Stifel Nicolaus Europe Limited (NOMAD and
Sole Corporate Broker) +44 (0)20 7710 7600
Nicholas Moore / Samira Essebiyea / William Palmer-Brown
(Healthcare Investment Banking)
Nick Adams / Fred Walsh (Corporate
Broking)
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
741 001
About Polarean (www.polarean.com)
The Company and its wholly owned subsidiary, Polarean, Inc.
(together the "Group") are revenue-generating, investigational
drug-device combination companies operating in the high-resolution
medical imaging research space.
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. (129) Xe gas is currently
being studied for visualisation of gas exchange regionally in the
smallest airways of the lungs, across the alveolar tissue membrane,
and into the pulmonary bloodstream.
In October 2020, the Group submitted a New Drug Application
("NDA") to the FDA for hyperpolarised (129) Xe used to evaluate
pulmonary function and to visualise the lung using MRI. The Group
received a complete response letter on 5 October 2021. On 30 March
2022, the Company filed the resubmission of its NDA with the US
FDA.
The Group operates in an area of significant unmet medical need
and the Group's technology provides a novel investigational
diagnostic approach, offering a non-invasive and radiation-free
functional imaging platform. The annual economic burden of
pulmonary disease in the US is estimated to be over US $150
billion.
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