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Apex Trader Funding (ATF) - News

Polarean Raises $12.6 Million in Oversubscribed Financing Round to Accelerate XENOVIEW™ Commercialization and Strategic Growth Initiatives

DURHAM, NC and LONDON, June 20, 2024 (GLOBE NEWSWIRE) -- Polarean Imaging plc (AIM: POLX) ("Polarean" or the "Company"), a commercial-stage medical device leader in advanced Magnetic Resonance Imaging (MRI) of the lungs, announces the closing of a $12.6 million oversubscribed financing via the Alternative Investment Market (AIM) of the London Stock Exchange. The fundraise was co-led by strategic investors NUKEM Isotopes GmbH and Bracco S.p.A., in addition to support from other existing and new investors. Polarean intends to use the funds to accelerate progress across multiple key strategic growth initiatives: Build and expand Polarean's commercial team and infrastructure, targeting top-tier academic medical centers in pulmonary medicine and radiology across the U.S. Continue to broaden reimbursement coverage Lower the minimal indicated age for XENOVIEW™ from 12 to 6 years old, and plan for an adult clinical trial to enter into broader clinical applications by expanding indications to include alveolar gas exchange and pulmonary-vascular hemodynamics Fund continued development of enhanced versions of its XENOVIEW polarizer and additional imaging software products Support efforts to strengthen current partnerships and pursue additional collaborations to amplify the adoption of Polarean's pulmonary imaging platform Polarean recently received its next de novo order of a XENOVIEW polarizer from the University of Alabama at Birmingham Hospital, a top-tier academic hospital in the south-eastern region of the U.S. Polarean will work closely with them as well as other healthcare institutions with clinical-grade polarizers to help develop a strong Xenon MRI program to advance pulmonary imaging. "I am delighted to have secured this financing for the business, which will help us accelerate the commercialization of XENOVIEW as well as drive other key strategic initiatives forward, including driving utilization at our ...