Polarean Imaging (POLX) , a commercial-stage MRI technology company, announced a collaboration with SimonMed Imaging, one of the largest outpatient medical imaging providers in the US, to expand access to Polarean's Xenon MRI platform across North America.
Polarean's Xenon MRI technology XENOVIEW uses hyperpolarised Xenon Xe-129 to illuminate hidden lung diseases non-invasively. SimonMed operates in over 170 facilities across 11 US states, offering comprehensive medical imaging featuring advanced technologies, including AI. The collaboration will integrate Polarean's XENOVIEW into SimonMed's network, materially enhancing diagnostic capabilities and advancing the standard of care for patients with pulmonary diseases.
Christopher von Jako, CEO of Polarean, commenting: "SimonMed's dedication to making imaging technologies widely accessible mirrors Polarean's vision of optimising lung health and illuminating hidden disease, making SimonMed an ideal collaboration partner. Together, we aim to bring a much-needed imaging tool to clinicians, enabling them to see lung function with unprecedented clarity and precision to help them manage their patients' disease. We look forward to establishing a strong program in Scottsdale to serve as a model for potential expansion to several additional SimonMed's sites."
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Polarean announces a major collaboration with SimonMed, one of the largest medical imaging providers in the US. The partnership will see Polarean's proprietary Xenon MRI technology XENOVIEW deployed across SimonMed's network. In total, SimonMed operates in over 170 facilities, representing significant future upside for POLX. Markets welcomed the news, sending POLX shares 9% higher.
The first SimonMed site to adopt Polarean's Xenon MRI platform will be in Scottsdale, Arizona, which is expected to be installed later in 2025, with scope to increase the number of sites as the collaboration matures. The integration of Polarean's XENOVIEW into SimonMed's network represents a significant new business opportunity to expand the availability of functional lung imaging, where POLX is a pioneer.
Polarean's Xenon MRI platform promises to revolutionise medical imaging with the ability to illuminate hidden diseases non-invasively. This can enable early intervention and significantly improve patient outcomes. The technology provides an unmatched ability to visualise lung function, offering critical insights for patients with respiratory conditions such as asthma, COPD, and unexplained dyspnea.
Current customers of Polarean's Xenon MRI platform include the University of Kansas Medical Center, the world-renowned Cincinnati Children's Hospital Medical Center, the University of Virginia Health System, University of Missouri Health Care, and University of Alabama at Birmingham Hospital. The technology drove significantly higher sales in 1H24, set to accelerate through the partnership with SimonMed.
If takeup continues its current trajectory, by end of 2025 POLX's total installed clinical base should be 12-14 systems with scans performing 5-6 scans/week and revenues of US$5-6m. Profitability would then be expected by 2027.
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