logo-loader

Amphion Innovations partner Polarean Imaging begins first day of trading on AIM

Published: 18:20 29 Mar 2018 AEDT

Medical Imaging Displays
Polarean said it expects to achieve a number of key milestones following admission to AIM

Amphion Innovations Plc's (LON:AMP) partner company Polarean Imaging PLC (LON:POLX) began its first day of trading on AIM at 8am on Thursday with the admission of its ordinary shares.

The medtech company said Polarean had also raised gross proceeds of £3mln via the placing of 20mln ordinary shares at a price of 15p in its initial public offering (IPO), representing 27.3% of the company’s share capital.

READ: Amphion Innovations to reap benefits of partner company's AIM listing

Amphion had participated in the placing and holds 23.2% of the company’s shares, maintaining its place as the largest shareholder.

Polarean said it expects to achieve a number of key milestones following admission to AIM, including the successful completion of the US Food and Drug Administration’s (FDA) Phase III clinical trial for its drug-device combination, which is expected to commence early in the second quarter of 2018 and last for around 18 months.

Net proceeds of the placing are expected to be used to complete FDA required documentation, final design automation improvements and the initial production run of polarisers for the Phase III FDA clearance-to-market trials, as well as completion of the Company's Phase III clinical trials to gain clearance to market hyperpolarised Xenon gas (129Xe) as a contrast agent drug and the polariser as a device.

Richard Hullihen, Polarean chief executive, said: "We are encouraged by the extensive work we have undertaken to date and are excited by the prospect of commencing the Phase III trials for the Group's drug-device technology, which will commence as soon as practicable following Admission.

He added: “We believe the products Polarean is developing should greatly increase physicians' ability to diagnose pulmonary conditions and image gas exchange in tissues throughout the body. We look forward to keeping shareholders fully updated of developments as they occur."

In early morning trading, Amphion shares were up 6.6% at 1.6p.

Polarean shares were steady at 16p

--Adds share price--

Amphion Innovations pinning hopes on Polarean Inc after Motif Bio success

Richard Morgan, chief executive of Amphion PLC (LON:AMP), discusses the 'very welcome' Phase III Iclaprim news from Motif Bio. Motif's recently revealed its lead drug, a next generation antibiotic, successfully negotiated a crucial final-stage clinical study, boosting Amphion’s...

on 10/10/17