Corporate News

Polarean Imaging plc (AIM: POLX), the medical‑imaging technology company, with an investigational drug‑device combination product using hyperpolarised ¹²⁹Xenon gas to enhance magnetic resonance imaging (MRI) in pulmonary medicine, announces that it has received notification from an option holder, who is considered by the Company to be a person discharging managerial responsibility (“PDMR”), to exercise share options (“Share Options”), over 2,150,960 ordinary shares of £0.00037 each in the Company (“Ordinary Shares”). The exercise price of the Share Options was an average of US$0.0054 per Share Option. The employee is a co-founder of the Company and 2,004,000 of the Share Options have been held for almost 10 years and were due to expire on 11 April 2022.

On 5 April 2022, the employee sold 14,611 of the Ordinary Shares issued on the exercise of the Share Options, in order to finance the cost of exercise.

Notifications have been made in accordance with the requirements of the UK Market Abuse Regulation in respect of the PDMR and further details can be found by following this link: https://www.polarean-ir.com/content/investors/shareholder-information

In addition, on 6 April 2022, the Company received notification from another option holder to exercise Share Options representing 267,200 Ordinary Shares. The exercise price of those Share Options was $0.0041 per Share Option.  These Share Options were due to expire on 11 April 2022.

The 2,418,160 new Ordinary Shares have been issued and admitted to trading on AIM pursuant to the Block Listing announced by the Company on 23 July 2021. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares.

Total voting rights

Following the issue and allotment of the Ordinary Shares, the Company's issued share capital comprises 212,043,712 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 212,043,712.

The figure of 212,043,712 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

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

Enquiries:

About Polarean (www.polarean.com)

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

The Group develops equipment that enables existing MRI systems to achieve an improved level of pulmonary function imaging and specialises in the use of hyperpolarised Xenon gas (¹²⁹Xe) as an imaging agent to visualise ventilation. ¹²⁹Xe gas is currently being studied for visualisation of gas exchange regionally in the smallest airways of the lungs, across the alveolar tissue membrane, and into the pulmonary bloodstream.

In October 2020, the Group submitted a New Drug Application (“NDA”) to the FDA for hyperpolarised ¹²⁹Xe used to evaluate pulmonary function and to visualise the lung using MRI. The Group received a complete response letter on 5 October 2021. On 30 March 2022, the Company filed the resubmission of its NDA with the US FDA.

The Group operates in an area of significant unmet medical need and the Group's technology provides a novel investigational diagnostic approach, offering a non-invasive and radiation-free functional imaging platform. The annual economic burden of pulmonary disease in the US is estimated to be over US $150 billion.