Polarean Imaging (POLX) POLX, a leader in advanced MRI lung imaging technology, said it has signed a representative agreement with Ascend Imaging for the promotion and sale of Polarean products in four US states.
Under the agreement, Ascend will serve as a non-exclusive, independent manufacturer's representative across the four states, supporting the promotion and sales of Polarean's Xenon MRI platform. Polarean's proprietary Xenon MRI technology, XENOVIEW, leverages hyperpolarized Xenon Xe-129 to illuminate hidden lung diseases non-invasively.
Alan Huang, Vice President of Sales at Polarean, commenting: "We are pleased to welcome Ascend Imaging as a strategic sales partner. Their focus on radiology and radiation oncology, combined with a deep understanding of imaging workflows and strong customer relationships, aligns well with our commercial strategy. This partnership enhances our reach in key US regions while maintaining operational efficiency, and we expect it to support meaningful commercial momentum in the second half of 2025 and beyond."
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Polarean has entered a major commercial partnership with Ascend Imaging to market POLX's proprietary Xenon MRI platform XENOVIEW in four US states. Polarean's technology promises to revolutionise medical imaging with the ability to illuminate hidden diseases non-invasively, enabling early intervention. The radiation-free method is now FDA-approved in the US, targeting a significant unmet medical need of 42 million suffering from chronic respiratory disease.
Ascend specialises in radiology and radiation oncology solutions, including advanced imaging hardware and AI technologies. The company is a veteran in the medical imaging field, with long-standing relationships with healthcare providers across its regions. The promotion and sales agreement is expected to accelerate Polarean's US market expansion into H2 2025. Investors reacted positively, sending POLX shares 12% higher on the news.
Polarean's Xenon MRI technology has seen rapid sales growth in recent quarters, poised to accelerate through its growing collaboration with Philips and new partnership with Ascend. Applications span the spectrum of respiratory conditions, including asthma, bronchopulmonary dysplasia, COPD, Covid-19, cystic fibrosis, pulmonary arterial hypertension, radiation-induced lung injury, and post-transplant lung monitoring.
In FY24, POLX's revenue more than tripled to $3.1m across 22 active customers, beating guidance. Backed by a $12.6m fundraising round led by strategic partners, the company's current cash runway should extend at least until Q2 2026. If takeup continues its current trajectory, POLX should see revenues of US$5-6m by end of FY25, with profitability expected by FY27. This does not factor in the partnership with Ascend, which may accelerate revenue growth.
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