Medical imaging technology company Polarean Imaging (POLX POLX) has completed the installation of an additional Xenon Polariser 9820 at the Center for Pulmonary Imaging Research at the Cincinnati Children's Hospital Medical Center (CCHMC).
Polarean Imaging's drug-device combination product utilises hyperpolarised Xenon-129 gas to enhance MRI imaging. This new approach to MRI imaging can detect functional changes of the lung that impact its ability to properly handle the exchange of gases during inhalation and exhalation.
Polarean initially received the order on 25 April 2022, which is now installed. Richard Hullihen, CEO, commented: "CCHMC runs an exceptional programme for advancing non-invasive hyperpolarised noble gas MR imaging in paediatric research and we are thrilled that we can support them in their endeavours. The CCHMC have made significant progress in their research efforts in early detection, diagnostic development, evaluation and management of serious lung diseases and we believe our partnership can help them improve the outcomes for these most vulnerable of patients."
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Polarean previously announced FY21 results in May, reporting a strong cash position of US$28.9m, up from US$6.3m in FY20 having completed an oversubscribed £27m placing last year to fund its future commercialisation strategy. That means the company can finance its current plans until 2024. Revenues also increased to US$1.18m compared to US$1.05m in FY20.
While FDA approval of the company's Xenon polariser solution is taking a little longer than expected, Polarean has taken the extra time to forge new partnerships. With the FDA approval process underway and Xenon polariser devices being delivered, the company is well-positioned for continued growth.
The company has said interest in its technology is growing among several pharmaceutical companies seeking novel approaches to use quantitative, functional lung imaging in the development of their own drugs. Polarean also announced in May a collaboration with Oxford University Hospitals NHS Foundation Trust that will use Polarean's Xenon polariser system to evaluate the causes of persistent breathlessness in patients with long Covid. And in February, the Company received an order for its Xenon polariser system from McMaster University in Canada for their own research programme.
Polarean is operating in an area of significant unmet medical need as evidenced by continued interest in its product from research organisations, hospitals, and pharmaceutical companies. The annual economic burden of pulmonary disease in the US is estimated to be over US$150 billion.
The shares are down from its peak in September, mostly due to unfavorable market conditions in biotech, and the extra time it has taken to receive FDA approval. But they've still more than doubled in the last 2 years and nearly tripled over the last 3 years. When the company receives FDA approval (current PDUFA date is 30 September 2022), the stock should see further upside.
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