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Polarean Imaging on schedule for US launch of lung function scanner

Snapshot

  • Has enrolled patients for clinical testing
  • A third trial site has been opened in Cincinnati
  • Transplant patients and lung resection cohort enrolling
  • On track to meet regulatory timetable for new drug application
lung

Quick facts: Polarean Imaging PLC

Price: 20 GBX

AIM:POLX
Market: AIM
Market Cap: £22.89 m
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What it does:

MRI scans generally aren’t very useful in assessing lung function, but Polarean Imaging PLC (LON:POLX) is trying to change that.

The company has developed a drug-device combination which uses hyperpolarised 129-Xenon gas MRI. By inhaling and holding a small amount of the gas for just a few seconds, the patient is able to create a much stronger MRI signal, providing doctors with multiple images of lung structure and function.

Polarean, which is looking to sell the gas, the instrument which polarises the gas, and an associated quality assurance device, kicked off a trial of the technology last summer in two sites: Duke University and the University of Virginia and at the University of Cincinnati in June.

The trial is a 'head-to-head' non-inferiority trial testing 129Xe MRI against 133-Xenon (133Xe) scintigraphy.

In early November, the firm completed patient enrolment for Phase III of the trial with 80 patients, 48 of which are in a lung transplant pathway while the remaining 32 are for lung resection, a process where part of the lung tissue is removed. 

The trials will progress through the image and statistical analysis stage, expected to take around 10 weeks, and will conclude with a readout of the trial.

The readout will then form the basis for a pre-new drug application (NDA) meeting with the US Food and Drug Administration (FDA), with a formal application to be lodged in the second quarter of next year.

If approved by the FDA, the commercial launch is expected during the second half of 2020.

What the boss says - Richard Hullihen, chief executive:

"The Company is pleased to have successfully completed enrolment for its Clinical Trials and looks forward to the next stage of statistical analysis ahead of readout and the proposed submission of the NDA.”

 

Executive interview

 

Inflexion points:

  • Latest research unit installed at hospital in Vancouver, Canada
  • Completion of enrolment of patients
  • Trial data and FDA decision
  • Commercial launch in 2020
  • Revenues in half year to June 2018 were US$1mln with a loss of US$2.8mln
  • Raised US$4mln in December.
  • At 19.5p, Polarean is valued at £21.7mln

 

Blue sky:

Pulmonary medicine and lung functions have been left behind in the diagnostic revolution that has seen MRI and CT scanning become the norm in oncology, for example.

COPD, IPF, emphysema, cystic fibrosis can all take years before the real cause of the problem is apparent and by that stage it is often too late.

“The annual burden of pulmonary disease in the US is estimated to be over US$150bn and Polarean expects over US$500mln in system sales just to top-tier institutes,” broker Northland said last year.

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Polarean Imaging PLC begins first day of trading on AIM

Polarean Imaging PLC (LON:POLX) chief executive Richard Hullihen dropped into the Proactive studio as the medtech firm kicked off its first day of trading on AIM. The company raised gross proceeds of £3mln via the placing of 20mln ordinary shares at a price of 15p - representing 27.3% of...

on 30/3/18

3 min read