TIDMPOLX
RNS Number : 3551D
Polarean Imaging PLC
21 June 2023
Polarean Imaging Plc
("Polarean" or the "Company")
Appointment of Dr. Christopher von Jako as new CEO
Polarean Imaging plc (AIM: POLX), the medical imaging company,
announces that the Company's Board of Directors has appointed
Christopher von Jako, Ph.D. ("Dr. von Jako") as Chief Executive
Officer and director of the Company, effective immediately. Dr. von
Jako succeeds Richard Hullihen, who will be retiring and will be
stepping down as a Director of the Company, effective immediately.
Mr. Hullihen will assist the Company in a transitional position for
the next six months.
Since his appointment as CEO in 2017, Richard has overseen
significant progress for Polarean. He led the Company through its
successful IPO in 2018 and over $60M of capital raises culminating
in Polarean receiving FDA approval for XENOVIEW(TM) (Xenon Xe(129)
hyperpolarized) for use with magnetic resonance imaging (MRI) for
evaluation of lung ventilation in adults and pediatric patients
aged 12 years and older, and the initiation of the Company's
commercial phase.
With 30 years of global healthcare leadership experience, Dr.
von Jako has led both private and publicly listed businesses, with
a proven track record of commercialization while developing and
executing sound business and operating strategies. He has
experience across a multitude of healthcare sectors, including
radiology, pulmonology, and various surgical interventions.
In his most recent executive position, Dr. von Jako served as
President and CEO of BrainsWay from 2020 to 2023. BrainsWay (NASDAQ
& TASE: BWAY), is a global leader in advanced non-invasive
neurostimulation treatments for mental health disorders. At
BrainsWay, he launched five key differentiated products, obtained
numerous reimbursement coverages, and executed an equity investment
with a follow-on raise of over $45m, comprised of top-tier US
MedTech investors.
Prior to this, Dr. von Jako was CEO of Dynatronics (NASDAQ:
DYNT), a medical device company providing restorative products to
accelerate optimal health, from 2018 to 2019, where he developed a
new growth strategy focused on driving sales, business development,
and proactive investor relations. Before joining Dynatronics, Dr.
von Jako served as President and CEO of NinePoint Medical, Inc., a
medical imaging company, where he successfully secured a
significant strategic investment and long-term partnership with
Merit Medical Systems, Inc. He also served as President and CEO of
NeuroTherm, Inc., a pain management business until its acquisition
by St. Jude Medical Corporation. Earlier in his career, Dr. von
Jako worked in senior executive roles of progressive responsibility
with other leading medical device companies such as Integra
LifeSciences, Covidien, Medtronic, and Radionics.
Dr. von Jako will continue to serve as an Independent Director
on the Board of nView medical Inc., a privately held MedTech
imaging company that generates real-time 3D images using advanced
AI solutions for surgery. He earned a double B.S. degree from Bates
College, an M.S. degree from the Massachusetts Institute of
Technology, and a Ph.D. degree from the University of Pe cs Medical
School.
Dr. von Jako does not currently hold an interest in the
Company's share capital however, pursuant to his employment
agreement, Dr. von Jako was granted 5,325,000 stock options to
participate in the Polarean Imaging plc Share Option Plan (the
"Share Options"). 25% of the Share Options will vest on 20 June
2024 with the remaining Share Options vesting in equal portions on
the last day of each calendar month over the period of 36 months
starting on July 31, 2024, subject to his continued employment with
the Company and the exercise price shall be 29p per Share Option,
being equal to the closing market price of an ordinary share of the
Company as at the date of grant.
Kenneth West, Chairman of Polarean, said: "Richard has played a
pivotal role in getting Polarean to the position it is in today,
with XENOVIEW (TM) approved for use by the FDA with MRI for the
evaluation of lung ventilation in adults and pediatric patients
aged 12 years and older, and our commercialization plan underway.
On behalf of the Board, I'd like to thank Richard for his
contribution to the business and we wish him well in his
retirement.
"I would also like to welcome Chris to Polarean. His extensive
experience in leading commercial-stage MedTech companies, and his
training and expertise in radiology will be an excellent fit for
Polarean as we continue our dual strategy of achieving commercial
sales of XENOVIEW (TM) and establishing strategic industry
collaborations to accelerate growth in the US and
internationally."
Dr. Christopher von Jako said: "I am delighted to be joining
Polarean at this exciting stage of the Company's development. I
believe that our current and future advanced imaging platform will
make a big difference to clinicians in helping manage their
patients' lung conditions, and I look forward to working with the
team to roll XENOVIEW(TM) out as widely as possible."
Richard Hullihen, outgoing Chief Executive Officer, said: "I am
very proud of what we have achieved at Polarean since I was
appointed in 2017. The Company is firmly on the path to success,
and as a long-term shareholder, I look forward to seeing it
continue to grow."
Regulatory Disclosures
Save for the information set out above and below, there are no
further disclosures to be made in accordance with Rule 17, Schedule
Two (g) of the AIM Rules for Companies in respect of the
appointment of Dr Christopher Richard von Jako, aged 54.
Current Directorships Past Directorships (previous
5 years)
nView medical, Inc. NinePoint medical, Inc .
Dynatronics, Inc.
BrainsWay USA Inc. (Louisiana)
BrainsWay USA Inc. (Florida)
BrainsWay USA Inc. (Virginia)
BrainsWay USA Inc. (New York)
BrainsWay USA Inc. (California)
BrainsWay USA Inc. (Iowa)
BrainsWay USA Inc. (Washington)
BrainsWay USA Inc. (West Virginia)
------------------------------------
Enquiries:
Polarean Imaging plc www.polarean .com / www.polarean
-ir.com
Dr. Christopher von Jako, Chief Via Walbrook PR
Executive Officer
Kenneth West, Chairman
Stifel Nicolaus Europe Limited (NOMAD and
Sole Corporate Broker) +44 (0)20 7710 7600
Nicholas Moore / Samira Essebiyea / Kate Hanshaw (Healthcare
Investment Banking)
Nick Adams / Nick Harland (Corporate Broking)
Walbrook PR Tel: +44 (0)20 7933 8780 or polarean@walbrookpr.com
Anna Dunphy / Phillip Marriage Mob: +44 (0)7876 741 001 / +44 (0)
7867 984 082
RLF Communications (US media mrash@rlfcommunications.com
enquiries)
Michelle Rash 001 336-823-5501
About Polarean ( www.polarean .com)
The Company and its wholly owned subsidiary, Polarean, Inc.
(together the "Group") are revenue-generating, medical imaging
technology companies operating in the high-resolution medical
imaging space. Polarean aspires to revolutionize pulmonary medicine
by bringing the power and safety of MRI to the respiratory
healthcare community in need of new solutions to evaluate lung
ventilation. This may help diagnose disease, characterize disease
progression, and monitor response to treatment. We will be
researching, developing, and commercializing novel imaging
solutions with a non-invasive and radiation-free functional imaging
platform. Polarean's vision is to help address the global unmet
medical needs of more than 500 million patients worldwide suffering
with chronic respiratory disease. Polarean is a leader in the field
of hyperpolarization science and has successfully developed the
first and only hyperpolarized MRI contrast agent to be approved in
the United States. On Dec. 23, 2022, the FDA granted approval for
Polarean's first drug device combination product, XENOVIEW(TM)
(Xenon Xe(129) hyperpolarized). Xe(129) MRI is also currently being
studied for visualization and quantification of gas exchange
regionally in the smallest airways of the lungs, across the
alveolar tissue membrane, and into the pulmonary bloodstream for
the development of future potential clinical indications.
XENOVIEW IMPORTANT SAFETY INFORMATION
Indication
XENOVIEW(TM), prepared from the Xenon Xe 129 Gas Blend, is a
hyperpolarized contrast agent indicated for use with magnetic
resonance imaging (MRI) for evaluation of lung ventilation in
adults and pediatric patients aged 12 years and older.
Limitations of Use
XENOVIEW has not been evaluated for use with lung perfusion
imaging.
CONTRAINDICATIONS
None.
Warnings and Precautions
Risk of Decreased Image Quality from Supplemental Oxygen:
Supplemental oxygen administered simultaneously with XENOVIEW
inhalation can cause degradation of image quality. For patients on
supplemental oxygen, withhold oxygen inhalation for two breaths
prior to XENOVIEW inhalation, and resume oxygen inhalation
immediately following the imaging breath hold.
Risk of Transient Hypoxia: Inhalation of an anoxic gas such as
XENOVIEW may cause transient hypoxemia in susceptible patients.
Monitor all patients for oxygen desaturation and symptoms of
hypoxemia and treat as clinically indicated.
Adverse Reactions
Adverse Reactions in Adult Patients: The adverse reactions (>
one patient) in efficacy trials were oropharyngeal pain, headache,
and dizziness. Adverse Reactions in Pediatric and Adolescent
Patients: In published literature in pediatric patients aged 6 to
18, transient adverse reactions were reported: blood oxygen
desaturation, heart rate elevation, numbness, tingling, dizziness,
and euphoria. In at least one published study of pediatric patients
aged 6 to 18 years, transient decrease in SpO2% and transient
increase in heart rate was reported following hyperpolarized xenon
Xe 129 administration. XENOVIEW is not approved for use in
pediatric patients less than 12 years of age.
Please see full prescribing information at www.xenoview.net
PLC-RNS-2311
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