TIDMPOLX
RNS Number : 6338L
Polarean Imaging PLC
07 September 2023
Polarean Imaging Plc
("Polarean" or the "Company")
Half-year Report
Polarean Imaging plc (AIM: POLX), a commercial-stage medical
device leader in advanced magnetic resonance imaging ("MRI") of the
lungs, announces its unaudited interim results for the six months
ended 30 June 2023 .
Highlights
-- Secured the first order for a xenon gas blend cylinder for
the production of XENOVIEW(TM) (xenon Xe 129 hyperpolarised) from
Cincinnati Children's Hospital Medical Center leading to the first
clinical scan in North America, representing a key milestone in the
execution of the commercial plan
-- Entered into a collaboration agreement with multinational
medical imaging technology company Philips to advance the field of
hyperpolarised Xenon MRI
-- Submitted a post-marketing commitment plan to the US Food and
Drug Administration ("FDA") to seek approval prior to 30 June 2024
to expand the minimum current age of XENOVIEW MRI in children from
twelve to six years
-- Granted New Chemical Entity designation for XENOVIEW by the
FDA, with a five-year market exclusivity period
-- Selected as one of the featured companies at the American
Thoracic Society's 2023 Respiratory Innovation Summit
-- Appointed Christopher von Jako, Ph.D. as new Chief Executive Officer and Board Director
-- Net cash of US$9.9m as of 30 June 2023, which based on
strategic decisions, is now expected to fund the Company until the
end of Q2 2024
Post-period end
-- Upgraded the University of Missouri Health Care polariser
system to a clinical configuration accompanied by the sale of an
initial xenon gas blend cylinder for the production of XENOVIEW
-- Received 510(k) clearance from the FDA for the Company's
specialised MRI chest coil to now include Philips 3.0T MRI scanners
for the visualisation of Xenon 129 nuclei
-- New reimbursement C-code (C9791) from the US Centers for
Medicare & Medicaid Services ("CMS") for the XENOVIEW MRI
technology which corresponds to a payment range of between US$1,201
to US$1,300
-- Requested and granted a formal Type B meeting in October 2023
with the FDA's Center for Drug Evaluation and Research division to
seek guidance on the clinical plan related to the XENOVIEW
indication expansion, which includes both regional visualisation
and quantitative assessment of gas exchange and microvascular
haemodynamics for both pulmonary and cardio-pulmonary diseases
Christopher von Jako, Ph.D., CEO of Polarean, commented : "Today
marks 80 days since I joined the dynamic Polarean team, and I am
very excited about our life-altering imaging platform technology
and how we can help individuals suffering from lung disease. Over
the past two months, we began revisiting all our strategic business
initiatives with the intent of creating increased focus on key
business drivers. As a result, we have identified five specific
growth initiatives, which include driving utilisation at our newly
established clinical sites, expanding to our highest priority
targeted clinical sites, developing key industry partnerships,
establishing reimbursement coverage and payment, and expanding our
current FDA indication to include the even higher value
interstitial lung and pulmonary vascular diseases.
"I am also delighted that we received a final determination from
CMS that our new C-code is linked to a new technology APC 1551,
which corresponds to a payment range of between US$1,201 to
US$1,300. This reimbursement code should be helpful as we market
XENOVIEW for the evaluation of ventilation, which is highly useful
in obstructive lung diseases like asthma, COPD, and cystic
fibrosis.
"Our new focus will also result in reduced operating expenses
going forward which allows us to extend our cash runway until the
end of Q2 2024. All our initiatives are guided by our belief and
desire to revolutionise pulmonary and cardio-pulmonary
medicine."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014, as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act
2018.
Enquiries :
Polarean Imaging plc www.polarean.com / www.polarean-ir.com
Christopher von Jako, Ph.D, Chief Via Walbrook PR
Executive Officer
Charles Osborne, Chief Financial
Officer
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
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 revolutionise pulmonary medicine
by bringing the power and safety of MRI to the respiratory
healthcare community in need of new solutions to evaluate lung
ventilation, diagnose disease, characterise disease progression,
and monitor response to treatment. By researching, developing, and
commercialising 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 hyperpolarisation
science and has successfully developed the first and only
hyperpolarised MRI contrast agent to be approved in the United
States. The Company also commercialises systems (such as the HPX
hyperpolarisation system), accessories (such as Xe-specific chest
coils and phantoms), and FDA-cleared post-processing software (to
support ventilation defect analysis), to support fully integrated
modern respiratory imaging operations.
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
CEO Statement
Introduction
I am excited to have recently joined Polarean, and was initially
attracted to the Company's promising functional imaging technology,
the large clinical unmet need that it addresses, and the business
model. I am confident that our technology will be clinically useful
for the pulmonary diseases covered by the current FDA approval in
ventilation, including asthma, COPD, and cystic fibrosis. In
addition, it has even greater potential as we expand into the
high-value areas of interstitial lung and pulmonary vascular
disease . The XENOVIEW MRI technology has the potential to
transform the visualisation and measurement of pulmonary and
cardio-pulmonary disease.
I have spent the last two months working with the team to
understand the technology and the commercial opportunities. I am
very encouraged by the scientific and medical community's
appreciation for the large unmet medical need in the pulmonary
functional imaging space, and we are in the process of refining our
commercialisation strategy to deploy XENOVIEW. My long tenure in
the medical device industry, particularly focused on large capital
products, will be very valuable as we look to ramp up commercial
sales.
Results overview
Polarean received FDA approval in December 2022, which enabled
the Company to start selling its products to the clinical market.
As per US regulations, we could not start to market the system and
services until we received FDA approval. Our efforts during the
first half of 2023 were mainly focused on preparing our legacy
research sites for the conversion to clinical scanning, obtaining
the required state drug licenses, and beginning the commercial
launch process. Whilst we have been encouraged by the successful
clinical conversion of two of our prominent research sites, and the
highly positive response from physicians in both existing and
prospective new sites, the process has gone more slowly than the
Company had originally hoped. The slower-than-expected early
commercial sales are primarily due to the hospital contracting
process, which we continue to actively address. From my
perspective, the early results from this type of first-in-class
medical imaging technology launch are not different than in my past
experiences.
Group revenues for the first half were US$0.1m (H1 2022:
US$0.8m), based on sales of xenon gas blend cylinders and parts and
service for polarisers installed at our customer locations.
Operating expenses for H1 2023 (US$7.7m) increased from H1 2022
(US$7.0m), as we incurred commercialisation costs to launch our
products. In H1 2023, the Company recognised finance income of
US$0.2m (H1 2022: US$nil), due to interest earned on our bank
deposits. Other gains / (losses) of US$0.1m (H1 2022: US$(0.2m))
were due to the strengthening of the British pound during the 2023
period versus a weakening of the British pound during the 2022
period. The overall loss before tax increased to US$7.4m in H1 2023
(H1 2022: US$6.9m), due to higher operating expenses, partially
offset by the interest income and foreign exchange gain described
above. As of 30 June 2022, the Company held US$9.9m in net cash or
cash equivalents.
Commercialisation plans
We are in the market development phase of our novel functional
imaging technology. In order for hospital administrators to embrace
our technology, we need to focus on the most compelling clinical
use cases that lead to meaningful outcomes for patients. We are
working with our experienced research user-base to continue
generating case studies, while also equipping them to utilise the
technology in their clinical practice setting. In addition, we are
in conversations with our highest-priority early adopter sites for
new placements, and exploring ways for them to acquire polariser
systems that they can use for both research and clinical uses of
our technology. The recent reimbursement code issuance should aid
the market adoption of the polariser systems.
An important part of our strategy will be to seek industry
partners, which includes pharmaceutical and medical device
companies as well as specific disease advocacy organisations to
expand the uses of our technology and provide potential sources of
resources and funding. In June 2023, we announced that we had
entered into a collaboration with Philips, a global leader in
health technology. The collaboration was featured at the 2023
International Society for Magnetic Resonance in Medicine Annual
Meeting in Toronto, and facilitates the sharing of technical data
and marketing materials to jointly advance the field of Xenon MRI
into the clinical realm. The collaboration was shortly followed by
Polarean receiving an additional 510(k) from the FDA for our
specialised MRI chest coil to now include Philips 3.0T MRI
scanners. This was an important milestone, not only highlighting
the value that Philips sees in the XENOVIEW MRI technology in
furthering pulmonary imaging but also in growing the number of
healthcare systems that are able to utilise XENOVIEW MRI.
Outlook
As I approach my three-month mark as CEO, I strongly believe
that the novel Polarean imaging platform holds the potential to
bring significant benefits to both patients and clinicians. The
technology will revolutionise the landscape of diagnosis and
longitudinal monitoring in the fields of pulmonary and
cardio-pulmonary medicine. The recent milestone approval of a new
C-code, which is linked with a new technology APC code featuring a
payment range of US$1,201 to US$1,300, represents another
significant achievement by our Company. This accomplishment
establishes a solid foundation for our reimbursement endeavors
within our two targeted fields.
In my 30-year career in high-tech medical devices, I have seen
the early days of several minimally invasive disruptive
technologies that have since changed the course of medicine in
their respective fields. Each experience has taught me the
importance of focus and cash efficiency while continuing to build
value. In my experience of selling large capital equipment, I have
found that early sales are often irregular and difficult to
forecast whilst the commercialisation process is still evolving.
Therefore, while I am confident in the demand for our product and
its ability to gain commercial traction, we feel it is sensible to
withdraw the previously stated commercial targets at this time. We
will, however, be providing renewed guidance at a suitable
time.
We are focusing our efforts and expenditures on activities that
we believe can deliver important milestones within our current cash
runway. These activities have led to the identification of specific
growth initiatives, which include:
1) Driving utilisation at our newly established clinical sites;
2) Expanding to our highest-priority targeted clinical sites;
3) E stablishing reimbursement coverage and payment;
4) D eveloping key industry partnerships; and
5) Planning for the expansion of our current FDA labeling to
include visualisation and measurement of gas exchange
The Company is funded until the end of Q2 2024, and the
continued progress on the above initiatives will help support
future financing at the appropriate time.
I look forward to leading Polarean through this exciting journey
and developing this large potential market for our employees and
investors. Together, we are committed to successfully increasing
access to the XENOVIEW MRI technology because so many people are
counting on this technology to improve patients' lives.
Christopher von Jako, Ph.D.
Chief Executive Officer
7 September 2023
POLAREAN IMAGING PLC
Consolidated unaudited statement of comprehensive income
for the six months ended 30 June 2023
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2023 2022 2022
US$ US$ US$
Note
Revenue 142,384 834,087 1,033,008
Cost of sales (60,484) (539,247) (684,732)
------------------- -------------------- -------------
Gross profit 81,900 294,840 348,276
Administrative expenses (1,865,084) (1,480,119) (2,839,544)
Research, development and regulatory
expenses (2,460,547) (2,522,166) (5,625,222)
Depreciation (165,509) (139,058) (277,461)
Amortisation (306,126) (392,739) (760,780)
Selling and distribution expenses (2,453,477) (1,738,265) (3,310,592)
Share based payment expense (433,892) (701,832) (1,205.247)
------------------- -------------------- -------------
Total operating expenses (7,684,635)93,580) (6,974,179)984,594) (14,018,846)
------------------- -------------------- -------------
Loss from operations (7,602,735)0) (6,679,339) (13,670,570)
Finance income 192,826 2,530 35,045
Finance expense (8,945) (12,944) (23,762)
Other gains/(losses)-net 67,685 (228,378) (246,309)
------------------- -------------------- -------------
Loss on ordinary activities
before taxation 3 (7,351,169) (6,918,131) (13,905,596)
Taxation - -
------------------- -------------------- -------------
Loss and total other comprehensive
expense (7,351,169) (6,918,131) (13,905,596)
Basic and fully diluted loss
per share (US$) 3 (0.035) (0.033) (0.066)
POLAREAN IMAGING PLC
Consolidated unaudited statement of financial position
at 30 June 2023
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2023 2022 2022
US$ US$ US$
Assets Note
Non-current assets
Property, plant and equipment 351,109 504,484 418,498
Intangible assets 1,275,465 1,887,717 1,581,591
Right-of-use asset 212,373 336,203 274,288
Trade and other receivables 413,539 5,539 437,539
------------ ------------ ------------
2,252,486 2,733,943 2,711,916
Current assets
Inventories 2,061,931 1,571,100 1,711,419
Trade and other receivables 1,505,254 1,958,292 1,659,649
Cash and cash equivalents 9,879,595 22,690,308 16,454,241
------------ ------------ ------------
13,446,780 26,219,700 19,825,309
------------ ------------ ------------
Total assets 15,699,266 28,953,643 22,537,225
------------ ------------ ------------
Equity
Share capital 4 103,861 103,194 103,463
Share premium 59,291,496 59,179,376 59,288,383
Group reorganisation reserve 7,813,337 7,813,337 7,813,337
Share-based payment reserve 5,299,471 4,362,164 4,865,579
Accumulated losses (60,116,973) (45,778,339) (52,765,804)
------------ ------------ ------------
Total equity 12,391,192 25,679,732 19,304,958
Liabilities
Non-current liabilities
Deferred income 99,596 157,702 128,704
Lease liability 5 147,667 285,493 216,691
Trade and other payables 300,000 - 360,000
Contingent consideration 316,000 316,000 316,000
------------ ------------ ------------
863,263 759,195 1,021,395
Current liabilities
Trade and other payables 2,169,530 2,179,232 1,979,001
Lease liability 5 137,827 144,767 142,146
Deferred income 137,454 190,717 89,725
------------ ------------ ------------
2,444,811 2,514,716 2,210,872
------------ ------------ ------------
Total equity and liabilities 15,699,266 28,953,643 22,537,225
------------ ------------ ------------
POLAREAN IMAGING PLC
Consolidated unaudited statement of changes in equity
at 30 June 2023
Share-based
Share Share Group payment Accumulated Total
capital premium re-organisation reserve losses equity
--------- ------------ ----------------- ------------- -------------- -------------
Balance as at 31
December 2021 (audited) 101,642 59,022,919 7,813,337 3,660,332 (38,860,208) 31,738,022
Loss and total comprehensive
income for the period - - - - (6,918,131) (6,918,131)
Transactions with
owners
Issue of shares 1,552 156,457 - - - 158,009
Share-based payments - - - 701,832 - 701,832
--------- ------------ ----------------- ------------- -------------- -------------
Balance as at 30
June 2022 (unaudited) 103,194 59,179,376 7,813,337 4,362,164 (45,778,339) 25,679.732
Comprehensive income
Loss and total comprehensive
income for the period - - - - (6,987,465) (6,987,465)
Transactions with
owners
Issue of shares 269 109,007 - - - 109,276
Share-based payments - - - 503,415 - 503,415
--------- ------------ ----------------- ------------- -------------- -------------
Balance as at 31
December 2022 (audited) 103,463 59,288,383 7,813,337 4,865,579 (52,765,804) 19,304,958
Loss and total comprehensive
income for the period - - - - (7,351,169) (7,351,169)
Transactions with
owners
Issue of shares 398 3,113 - - - 3,511
Share-based payments - - - 433,892 - 433,892
Balance as at 30
June 2023 (unaudited) 103,861 59,291,496 7,813,337 5,299,471 (60,116,973) 12,391,192
========= ============ ================= ============= ============== =============
POLAREAN IMAGING PLC
Consolidated unaudited cash flow statement
for the six months ended 30 June 2023
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2023 2022 2022
US$ US$ US$
Cash flows from operating activities
Loss for the period before taxation (7,351,169) (6,918,131) (13,905,596)
Adjustments for non-cash/non-operating
items:
Depreciation of property, plant
and equipment 103,594 139,058 277,461
Amortisation of intangible and
right-of-use assets 368,041 392,739 760,780
Loss on disposal of property,
plant and equipment - 1,927 2,766
Share based payment expense 433,892 701,832 1,205,247
Net foreign exchange (gains)/losses (67,685) 228,378 246,309
Finance expense 8,945 12,944 23,762
Finance income (192,826) (2,530) (35,045)
(6,697,208) (5,443,783) (11,424,316)
Changes in working capital:
Increase in inventories (350,512) (144,290) (284,609)
Decrease/(increase) in trade and
other receivables 57,587 (987,325) (1,120,681)
Increase in trade and other payables 227,538 435,439 607,887
Increase/(decrease) in deferred
revenue 42,421 106,358 (36,312)
------------ ------------ -------------
Net cash flows used in operating
activities (6,720,174) (6,033,601) (12,258,031)
Cash flows from investing activities
Purchase of property, plant and
equipment (36,205) (10,689) (63,946)
Interest received 192.826 2,530 35,045
Net cash generated from (used
in) investing activities 156,621 (8,159) (28,901)
Cash flows from financing activities
Issue of shares 3,511 158,009 267,285
Interest paid on lease liabilities (8,945) (12,944) (23,762)
Principal elements of lease payments (73,344) (59,527) (130,949)
Net cash generated from (used
in )financing activities (78,778) 85,538 112,574
Net decrease in cash and equivalents (6,642,331) (5,956,222) (12,174,358)
Cash and equivalents at beginning
of period 16,454,241 28,874,908 28,874,908
Effect of foreign exchange rate
changes on cash
and cash equivalents 67,685 (228,378) (246,309)
------------ ------------ -------------
Cash and equivalents at end of
period 9,879,595 22,690,308 16,454,241
============ ============ =============
NOTES TO THE INTERIM ACCOUNTS
1. Basis of presentation
This interim consolidated financial information for the six
months ended 30 June 2023 has been prepared in accordance with AIM
rule 18, 'Half yearly reports and accounts'. This interim
consolidated financial information is not the Group's statutory
financial statements within the meaning of section 434 of the
Companies Act 2006 (and information as required by section 435 of
the Companies Act 2006) and should be read in conjunction with the
annual financial statements for the year ended 31 December 2022,
which have been prepared in accordance with UK-adopted
International Accounting Standards (UK IFRS) and have been
delivered to the Registrar of Companies. The auditors have reported
on those accounts; their report was unqualified but drew attention
to a material uncertainty related to going concern. It did not
contain statements under section 498(2) or (3) of the Companies Act
2006.
The interim consolidated financial information has been prepared
in accordance with the accounting policies adopted in the Group's
most recent annual financial statements for the year ended 31
December 2022. A number of amendments to IFRS accounting standards
have become applicable for the current reporting period. The Group
did not have to change its accounting policies or make
retrospective adjustments as a result of adopting these amended
standards.
The judgements, estimates and assumptions applied in the interim
condensed consolidated financial information, including the key
sources of estimation uncertainty, were the same as those applied
in the Group's last annual financial statements for the year ended
31 December 2022.
The interim consolidated financial information for the six
months ended 30 June 2023 is unaudited. In the opinion of the
Directors, the interim consolidated financial information presents
fairly the financial position, and results from operations and cash
flows for the period. Comparative numbers for the six months ended
30 June 2022 are also unaudited.
This interim consolidated financial information is presented in
US Dollars (US$).
2. Going concern
The interim consolidated financial information for the six
months ended 30 June 2023 have been prepared on the going concern
basis.
In considering the appropriateness of this basis of preparation,
the Directors have reviewed the Group's working capital forecasts.
It is anticipated that additional capital will need to be raised by
the end of the second quarter of 2024 in order to continue to fund
the Group's activities at their planned levels beyond this date.
This represents a material uncertainty that may cast significant
doubt about the Group's and Company's ability to continue as a
going concern. However, the Directors have a reasonable expectation
that this uncertainty can be managed to a successful outcome, and
based on that assessment, the Group has adequate resources to
continue for the foreseeable future. Thus, they continue to adopt
the going concern basis of accounting in preparing these financial
statements.
3. Loss per share
The basic and diluted loss per share for the period ended 30
June 2023 was US$0.035 (2022: US$0.033) as the warrant and options
have an anti-dilutive effect in the current and prior period. The
calculation of loss per share is based on the loss of US$7,351,169
for the period ended 30 June 2023 (2022: loss of US$6,918,131) and
the weighted average number of shares in issue during the period
for calculating the basic loss per share of 213,052,247 shares
(2022: 210,921,193).
4. Called up share capital
Unaudited Unaudited Audited
30 June 2023 30 June 2022 31 December 2022
US$ US$ US$
Allotted, issued and fully paid
Ordinary Shares 103,861 103,194 103,463
------------- ------------- ----------------
The number of shares in issue was as follows: Number of shares
Balance at 1 January 2022 209,249,966
Issued during the period
Exercised options 3,190,024
-----------------
Balance at 30 June 2022 212,439,990
Issued during the period
Exercised options 607,519
-----------------
Balance at 31 Dec 2022 213,047,509
Issued during the period
Exercised warrants 852,822
-----------------
Balance at 30 June 2023 213,900,331
-----------------
5. Borrowings
Unaudited Unaudited Audited
30 June 2023 30 June 2022 31 December 2022
US$ US$ US$
Non-current
Lease liability 147,667 285,493 216,691
------------- ------------- ----------------
Current
Lease Liability 137,827 144,767 142,146
------------- ------------- ----------------
Total 285,494 430,260 358,837
------------- ------------- ----------------
6. Share based payments
Share Options
The Company grants share options at its discretion to Directors,
management and employees. These are accounted for as equity settled
transactions. Should the options remain unexercised after a period
of ten years from the date of grant the options will expire unless
an extension is agreed to by the Board. Options are exercisable at
a price equal to the Company's quoted market price on the date of
grant or an exercise price to be determined by the Board.
Details of share options granted, exercised, forfeited and
outstanding in the period ended 30 June 2023 are as follows:
Number of share options Weighted average exercise price
(US$)
Outstanding at 1 January 2023 19,384,571 0.51
Granted during period 5,650,000 0.37
Exercised during period - -
Forfeited during period (329,166) 0.87
-------------------------------- ------------------------ --------------------------------
Outstanding at 30 June 2023 24,705,405 0.48
-------------------------------- ------------------------ --------------------------------
Exercisable at 30 June 2023 14,740,960 0.37
-------------------------------- ------------------------ --------------------------------
There were 5,650,000 options granted in the period to 30 June
2023. There were no options exercised and 329,166 options forfeited
in the period to 30 June 2023.
The weighted average contractual life of the share options
outstanding at the reporting date is 5 years and 84 days.
Share Warrants
The Company grants share warrants at its discretion to
Directors, management, employees, advisors and lenders. These are
accounted for as equity settled transactions. Terms of warrants
vary from agreement to agreement.
Details of warrants granted, exercised, forfeited and
outstanding in the period ended 30 June 2023 are as follows:
Number of Weighted average exercise price (US$)
share warrants
Outstanding at 1 January 2023 3,054,129 0.01000
Exercised during the period (852,822) 0.00412
Forfeited during the period (3,400) 0.18000
Outstanding at 30 June 2023 2,197,907 0.02000
-------------------------------- ---------------- --------------------------------------
Exercisable at 30 June 2023 2,197,907 0.02000
-------------------------------- ---------------- --------------------------------------
There were 852,822 warrants exercised and 3,400 warrants
forfeited in the six months ended 30 June 2023. There were no
warrants granted during this period.
The weighted average contractual life of the share warrants
outstanding at the reporting date is 1 year and 180 days.
7. Related party transactions
The Company paid US$11,650 of consulting fees to board member
Daniel Brague in the six months ending 30 June 2023.
8. Events after the reporting period
On 4 August 2023, the Company issued a total of 1,948,262 shares
upon the exercise of warrants with an exercise price of US$0.00749
per share for total proceeds of US$14,583.
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(END) Dow Jones Newswires
September 07, 2023 02:00 ET (06:00 GMT)
Polarean Imaging (LSE:POLX)
Historical Stock Chart
From Apr 2024 to May 2024
Polarean Imaging (LSE:POLX)
Historical Stock Chart
From May 2023 to May 2024
