Polarean Imaging PLC (LON:POLX) has announced plans to raise a minimum of £20mln via a placing and open offer of new shares.
The cash will be deployed to commercialise its breakthrough drug-device combination that uses hyperpolarised xenon gas in MRI lung imaging.
At least £17.5mln will come via the share placing, with 7.5% shareholder Bracco Imaging subscribing for a further £2.5mln-worth of the stock.
Tranches of the shares will be available to be bought under the tax-efficient Enterprise Investment Scheme and by venture capital trusts.
Polarean is also running a £2mln open offer of stock for existing investors. The new shares will be sold for 60p each, a modest discount to last night’s close.
The company has what’s called a PDUFA date of October 5, which is the deadline by which the US drug regulatory must decide whether to officially authorise the group’s drug-device combination.
It said the net proceeds of the fundraiser, together with existing cash resources, are expected to extend its cash runway for at least 18 months as it makes preparations for commercialisation.