Polarean Imaging (POLX) , a UK-based medical imaging technology company, announced a new partnership with VIDA Diagnostics to accelerate the adoption of Polarean's xenon 129 MRI platform. VIDA specialises in medical imaging software based on digital biomarkers.
The collaboration is intended to support the integration of Polarean's xenon 129 MRI into clinical workflows to establish a clinical trial network for pharma-sponsored drug and device development using xenon 129 MR image acquisition and data-sharing methods, and to create automated image processing workflows and algorithms.
The new products and services would be used to expand access to xenon 129 MRI as a lung imaging service and to investigate new indications and biomarkers in broader populations with unmet medical needs.
Christopher von Jako, PhD CEO of Polarean, commented: "Polarean continues to cultivate partnerships with entities that enhance our core capabilities. We are excited to form this partnership with VIDA, a world-renowned organisation in the field of lung imaging software platform solutions and biomarker development, to capitalise on their complementary expertise. Furthermore, this partnership perfectly aligns with our objective of extending the reach of XENOVIEW MRI, to provide tools to physicians that treat patients suffering from chronic lung disease."
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Polarean's new partnership with VIDA should benefit both companies in their quest to commercialise advanced medical imaging solutions that can be highly beneficial in diagnosing and monitoring lung and pulmonary diseases among others. VIDA has already deployed its imaging management platform to over 1,000 clinical and research sites globally. It is a cloud-native AI solution that drives standardisation and efficiencies in clinical trial imaging by utilising high-quality imaging biomarkers.
Polarean has also been deploying its proprietary XENOVIEW technology that enables visualisation of lung ventilation without exposing patients to ionising radiation and associated risks. Since receiving FDA approval in December 2022, the company has made rapid operational progress that should be further supported by the new partnership with VIDA. The two companies' technologies are highly complimentary which should yield further research collaboration opportunities.
Polarean's commercial efforts have just begun as its focus in 1H23 was on preparing legacy research sites for conversion to clinical scanning and obtaining required state drug licenses. Based on initial deployments, industry interest, and today's announcement, there is good reason to believe in XENOVIEW's long-term success. The recent approval of a new C-code from US Medicare, corresponding to a payment range of US$1,201 to US$1,300, represents a significant milestone, establishing a solid foundation for reimbursement endeavors within the targeted fields.
Polarean's ongoing cost reduction measures should keep it funded until Q2 2024 when its expansion and utilisation initiatives should begin to pay off on the back of existing operational and permitting progress. The company's new CEO is optimistic about meeting ambitious utilisation and expansion goals, setting up Polarean for a potential value inflation point in the near term.
Stifel yesterday reiterated its BUY rating and 105p target price for Polarean - over 9x POLX current share price.
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