Corporate News

Jonathan Allis, Ph.D. assumes Chairman role

Polarean Imaging plc (AIM: POLX), a clinical stage medical imaging technology company developing a proprietary magnetic resonance imaging (MRI) drug-device combination, announces that Jonathan Allis, Non-Executive Director, has assumed the role of Chairman with immediate effect. Dr. Allis has a wealth of direct knowledge in healthcare and the medical imaging contrast agent industry and is currently the Founder and Chief Executive Officer of Blue Earth Diagnostics (“Blue Earth”), which was recently acquired by Bracco Imaging for US$450 million. 

Jonathan Allis’ appointment follows the resignations of both Richard Morgan the Company’s Non - Executive Chairman and Robert Bertoldi, Non – Executive Director, from the Company’s Board of Directors with immediate effect (the “Resignations”).

The Company has also commenced the search for a new Non – Executive Director and will make a further announcement in due course.

Both Mr.  Morgan and Mr.  Bertoldi hold options over 534,400 ordinary shares in the capital of the Company ( “Options”). As per the Company’s announcement of 20 April 2018, these Options vest in equal portions on an annual basis on 29 March, being the anniversary of the Company’s Admission to trading on AIM and expire on 29 March 2028. Following the Resignations all of the Options will vest and any unexercised Options will lapse on 31 December 2020.

Richard Hullihen, Chief Executive Officer of Polarean said: “The Board would like to sincerely thank Richard and Bob for their guidance and service during the intense process of the Company’s formation, launch and early stage development.  Their leadership was invaluable in listing, the fundraising process and the successful completion of the Company’s Phase III clinical trials.  We wish them well in their future endeavours. 

“The Company welcomes Jonathan Allis stepping up to Chairman ahead of the next phase of Polarean’s lifecycle as we move toward regulatory submission and proposed commercial launch. Prior to founding Blue Earth, Jonathan was the General Manager for PET at GE Healthcare Life Sciences and in previous roles with GE, was responsible for their hyperpolarised Xenon business, which is now owned by Polarean.”

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Contacts:

About Polarean (www.polarean.com)

The Company and its wholly owned subsidiary, Polarean, Inc. (together the "Group") are revenue-generating, medical drug-device combination companies operating in the high-resolution medical imaging market.

The Group develops equipment that enables existing MRI systems to achieve an improved level of pulmonary function imaging and specializes in the use of hyperpolarized Xenon gas (¹²⁹Xe) as an imaging agent to visualize ventilation.¹²⁹Xe gas is currently being studied for visualization of gas exchange regionally in the smallest airways of the lungs, the tissue barrier between the lung, and the bloodstream and in the pulmonary vasculature. Xenon gas exhibits solubility and signal properties that enable it to be imaged within other tissues and organs.

The Group also develops and manufactures high performance MRI radiofrequency (RF) coils which are a required component for imaging ¹²⁹Xe in the MRI system. The development of these coils by the Group facilitates the adoption of the Xenon technology by providing application-specific RF coils which optimize the imaging of ¹²⁹Xe in MRI equipment for use as a medical diagnostic as well as a method of monitoring the efficacy of therapeutic intervention.