REG - Polarean Imaging PLC - Half-year Report
04/09/2024 07:00
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RNS Number : 7701C Polarean Imaging PLC 04 September 2024
Polarean Imaging plc
("Polarean" or the "Company" or the "Group")
Half-year Report
Polarean Imaging plc (AIM: POLX), a commercial-stage medical device leader in
advanced magnetic resonance imaging ("MRI") of the lungs, announces its
unaudited interim results for the six months ended 30 June 2024.
Highlights
· Group revenues for H1 2024 of US$1.1m (H1 2023: US$0.1m), reflecting
increased commercial traction
· Operating expenses for H1 2024 of US$4.6m (H1 2023 US$7.7m),
reflecting the focus of expenditures in the highest value areas
· Successfully raised gross proceeds of US$12.6m (£9.9m), including
the participation of existing strategic partners NUKEM Isotopes GmbH and
Bracco Imaging S.p.A., and certain Directors and management of the Company,
extending cash runway until at least Q1 2026
· Received de novo Xenon MRI System order from the University of
Alabama at Birmingham ("UAB") Hospital, a top-tier academic medical hospital
in the southeastern region of the U.S.
· Received and installed Cincinnati Children's trade-in agreement
order, which exchanged their existing research hyperpolariser for a new
clinical-grade Xenon MRI hyperpolariser system, thereby providing them
additional flexibility for both research and clinical Xenon MRI scanning
· A significant U.S. patent was granted for dynamic cardiopulmonary
blood flow imaging with Xenon MRI, expanding its utility in the diagnosis and
monitoring of diseases of the pulmonary vasculature
Post period end
· With the H1 2024 revenue and orders received to date, the Company is
raising its revenue guidance for 2024 to a range of $2.5m to $3.0m
· The Company now has 21 sites that have either installed or ordered
hyperpolariser systems and five dedicated salespeople who will continue to
drive sales for the remainder of 2024 and secure orders for 2025
· Received a trade-in agreement order to exchange the University of
Virginia Health System's ("UVA Health") existing two research hyperpolarisers
for two new clinical-grade Xenon MRI hyperpolariser systems
· Received a trade-in agreement order to exchange the University of
Kansas Medical Center's ("KUMC") existing research hyperpolariser for a new
clinical-grade Xenon MRI hyperpolariser system
· Appointed Alan Huang, Ph.D., as Vice President of Sales
· Appointed Chase Hall, M.D., as Chief Medical Advisor
· Submitted a New Drug Application ("NDA") supplement to the US Food
and Drug Administration ("FDA"), to allow the administration of XENOVIEW™ to
paediatric patients aged six years and older
Christopher von Jako, Ph.D., CEO of Polarean, commented: "We are very pleased
with the results for the first half of 2024. The revenue is tangible proof
that our five-pillar growth strategy to revolutionise pulmonary medicine is
starting to produce results. The installation of the new hyperpolariser system
at Cincinnati Children's and the receipt of the de novo order from UAB
Hospital, expected to be installed later this year, are important milestones
for the Company toward achieving the revenue targets laid out in our February
2024 strategy update
(https://ir.q4europe.com/solutions/PolareanImagingLtd/3698/newsArticle.aspx?storyid=16022673)
. Additionally, the orders from UVA Health and KUMC in July 2024 further our
progress toward converting legacy research sites to performing both research
and clinical scans, and this continues to highlight the growing interest in
this important technology from pulmonary clinicians.
"The first half of 2024 was marked by our efforts to successfully raise
capital for the commercialisation of our pulmonary functional Xenon MRI
platform. With gross proceeds of US$12.6m received in June 2024, we are now
well-positioned to expand our sales team, as evidenced by the addition of Dr.
Huang as our new VP of Sales, to help broaden our discussions with prospective
sites. Additionally, we continue to advance the clinical applications of our
technology. If our NDA supplement, filed at the end of July 2024, is approved
by the FDA, it would significantly broaden our XENOVIEW label to include
patients as young as six years old, greatly enhancing our clinical utility in
the critical paediatric population.
"I would like to extend my gratitude to the Polarean team, our customers and
investors who are helping us bring this important technology to patients
suffering from chronic lung conditions."
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) 596/2014, as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018.
Enquiries:
Polarean Imaging plc www.polarean.com / www.polarean-ir.com
Christopher von Jako, PhD, Chief Executive Officer Via Walbrook PR
Charles Osborne, Chief Financial Officer
Stifel (NOMAD and Sole Corporate Broker) +44 (0)20 7710 7600
Nicholas Moore / Nick Harland / Ben Good
Walbrook PR Tel: +44 (0)20 7933 8780 or polarean@walbrookpr.com
(mailto:polarean@walbrookpr.com)
Anna Dunphy / Phillip Marriage Mob: +44 (0)7876 741 001 / +44 (0)7867 984 082
About Polarean
Polarean is a revenue-generating medical imaging technology company
revolutionising pulmonary medicine through direct visualisation of lung
function by introducing the power and safety of MRI to the respiratory
healthcare community. This community is in desperate need of modern solutions
to accurately assess lung function. The Company strives to optimise lung
health and prevent avoidable loss by illuminating hidden disease, addressing
the global unmet medical needs of more than 500 million patients worldwide
suffering from chronic respiratory disease. Polarean is a leader in the field
of hyperpolarisation science and has successfully developed the first and only
hyperpolarised Xenon MRI inhaled contrast agent, XENOVIEW™, which is now
FDA-approved in the United States. Polarean is dedicated to researching,
developing, and commercialising innovative imaging solutions with its
non-invasive and radiation-free pulmonary functional MRI platform. This
comprehensive drug-device platform encompasses the proprietary Xenon gas
blend, gas hyperpolarisation system, as well as software and accessories,
facilitating fully integrated modern respiratory imaging operations. Founded
in 2012, with offices in Durham, NC, and London, United Kingdom, Polarean is
committed to increasing global awareness of and broad access to its XENOVIEW
MRI technology platform. For the latest news and information about Polarean,
please visit www.polarean.com (http://www.polarean.com)
XENOVIEW IMPORTANT SAFETY INFORMATION
Indication
XENOVIEW™, prepared from the Xenon Xe 129 Gas Blend, is a hyperpolarized
contrast agent indicated for use with magnetic resonance imaging (MRI) for
evaluation of lung ventilation in adults and pediatric patients aged 12 years
and older.
Limitations of Use
XENOVIEW has not been evaluated for use with lung perfusion imaging.
CONTRAINDICATIONS
None.
Warnings and Precautions
Risk of Decreased Image Quality from Supplemental Oxygen: Supplemental oxygen
administered simultaneously with XENOVIEW inhalation can cause degradation of
image quality. For patients on supplemental oxygen, withhold oxygen inhalation
for two breaths prior to XENOVIEW inhalation, and resume oxygen inhalation
immediately following the imaging breath hold.
Risk of Transient Hypoxia: Inhalation of an anoxic gas such as XENOVIEW may
cause transient hypoxemia in susceptible patients. Monitor all patients for
oxygen desaturation and symptoms of hypoxemia and treat as clinically
indicated.
Adverse Reactions
Adverse Reactions in Adult Patients: The adverse reactions (> one patient)
in efficacy trials were oropharyngeal pain, headache, and dizziness. Adverse
Reactions in Pediatric and Adolescent Patients: In published literature in
pediatric patients aged 6 to 18, transient adverse reactions were reported:
blood oxygen desaturation, heart rate elevation, numbness, tingling,
dizziness, and euphoria. In at least one published study of pediatric patients
aged 6 to 18 years, transient decrease in SpO2% and transient increase in
heart rate was reported following hyperpolarized xenon Xe 129 administration.
XENOVIEW is not approved for use in pediatric patients less than 12 years of
age.
Please see full prescribing information at www.xenoview.net
(http://www.xenoview.net)
CEO Statement
Introduction
Upon joining Polarean fifteen months ago, my top priorities were clear: craft
a strategy for the successful commercialisation of our innovative pulmonary
functional Xenon MRI platform technology, align our cost structure with the
Company's market development stage, and secure the necessary financing to
support our commercialisation efforts. I am pleased to report that we have
achieved all three objectives, through the support of our shareholders and
employees, as evidenced by our results in the first half of 2024.
Results overview
The results for the first half of 2024 show that we are successfully driving
sales, while strictly controlling costs and focusing on the highest-value
opportunities.
Group revenues for H1 2024 (US$1.1m) were significantly higher than for H1
2023 (US$0.1m), due to the completion of the Cincinnati Children's sale, sales
of clinical and research Xenon gas blend cylinders, and parts and services for
our installed customers.
Operating expenses for H1 2024 (US$4.6m) decreased significantly from H1 2023
(US$7.7m), as we closely controlled costs throughout the organisation.
Research, development, and regulatory expenses for H1 2024 (US$1.8m) decreased
from H1 2023 (US$2.5m) as the 2023 expense included significant FDA
post-approval activities that were completed during 2023. Selling and
distribution expenses for H1 2024 (US$0.8m) also decreased significantly from
H1 2023 (US$2.5m) as the latter included large launch-related expenses that
were not incurred during H1 2024. Share-based expense was a contra-expense of
US$0.1m in H1 2024 versus an expense of US$0.4m in H1 2023 due to the
forfeiture of a large number of stock options in H1 2024.
Finance income in H1 2024 (US$0.1m) was lower than H1 2023 (US$0.2m) due to
lower bank balances during H1 2024.
The overall loss before tax decreased to US$4.0m from US$7.4m in H1 2023, due
to the higher revenue and lower operating expenses. With the proceeds from the
June 2024 financing, the Company held US$15.2m in net cash or cash equivalents
as of 30 June 2024.
Commercial progress
During the first half of the year, we achieved significant sales growth
compared to H1 2023, driven by the sale and completed installation of a new
Xenon MRI hyperpolariser system to Cincinnati Children's and increased Xenon
gas blend cylinder sales. We have been particularly pleased with our progress
in advancing prospects through the sales pipeline, successfully securing sales
in both the clinical and research markets, with a de novo order received from
the UAB Hospital, and two trade-in agreement orders with current research
sites upgrading them to hyperpolarisation systems approved for clinical scans.
The trade-in agreements will result in lower gross margin in H2 2024, but are
an important step towards activating more clinical sites. We now have 21 sites
that have either installed or ordered hyperpolariser systems. Following the
successful completion of our funding round in June 2024, we now have five
dedicated salespeople and will continue to drive sales for the remainder of
2024 and secure orders for 2025.
We now feel confident to raise the previously disclosed lower range for our
2024 revenue target of US$2.0m to US$2.5m, and we are now also actively
working on securing the orders that will allow us to achieve our targets for
2025. Dr. Huang's extensive experience in medical device sales, particularly
with MRI systems and related devices, coupled with his strategic insights into
the radiology market, will be instrumental in driving our commercial efforts
forward. As he begins to engage with our team and strategy, his leadership is
expected to be critical in helping us expand our market reach and deepen
relationships with key stakeholders.
An important part of our growth strategy involves collaboration with industry
partners in both the MedTech and the pharmaceutical sectors. Our ongoing
partnership with Philips continues to evolve, offering valuable cross-selling
opportunities. We also continue to have productive dialogues with both GE
HealthCare and Siemens. Additionally, we are in active discussions with
several pharmaceutical companies to integrate our Xenon MRI platform
technology into their clinical trials. These partnerships not only enhance
awareness of our technology but also allow us to engage with a broader
audience of potential customers, all while maintaining a lean commercial team.
To efficiently execute our strategy, we are leveraging external consultants to
bring in specialised expertise. We recently appointed Dr. Chase Hall as our
Chief Medical Advisor on a consultancy basis, and Dr. Bastiaan Driehuys moved
to a consultancy basis to serve his role as Chief Scientific Officer. Dr.
Hall's extensive background in pulmonary medicine and clinical research with
the Xenon MRI platform technology will be invaluable as we continue to
identify and validate high-value clinical use cases for our technology. In
addition, Dr. Driehuys, with his rich history in Xenon MRI and his clinical
research work at Duke University Hospital, provides us with access to valuable
intellectual property through our exclusive license with Duke Health.
Outlook
As we look to the future, I am very pleased with our progress in 2024 as we
continue to execute our five-pillar growth strategy, which includes driving
utilisation, expanding our user base, enhancing reimbursement coverage and
payment, expanding our total addressable market, and continuing to develop key
industry partnerships.
The sales traction we have achieved so far has been very encouraging,
particularly given my experience with companies pioneering novel imaging
technologies and our limited resources during the first half of the year. With
the recent financing, we are confident in our ability to build an expanded
team that will drive the commercialisation of our innovative pulmonary
functional Xenon MRI platform technology and improve outcomes for even more
patients with chronic lung disease.
We look forward to providing additional updates on our progress as we achieve
future milestones.
Christopher von Jako, Ph.D.
Chief Executive Officer
4 September 2024
POLAREAN IMAGING PLC
Unaudited consolidated statement of comprehensive income
for the six months ended 30 June 2024
Unaudited Unaudited Audited
6 months ended 6 months ended 12 months ended
30 June 2024 30 June 2023 31 December 2023
US$ US$ US$
Note
Revenue 1,119,937 142,384 890,933
Cost of sales (536,889) (60,484) (555,450)
Gross profit 583,048 81,900 335,483
Administrative expenses (1,622,400) (1,865,084) (3,337,836)
Research, development and regulatory expenses (1,827,770) (2,460,547) (4,194,006)
Depreciation (103,423) (165,509) (208,786)
Amortisation (350,468) (306,126) (728,411)
Selling and distribution expenses (832,221) (2,453,477) (3,562,412)
Share based payment expense 132,164 (433,892) (860,195)
Total operating expenses (4,604,118) (7,684,635) (12,891,646)
Loss from operations (4,021,070) (7,602,735) (12,556,163)
Finance income 51,937 192,826 298,899
Finance expense (5,172) (8,945) (15,990)
Other (losses)/gains (38,324) 67,685 388,451
Loss on ordinary activities before taxation 3 (4,012,629) (7,351,169) (11,884,803)
Taxation - -
Loss and total other comprehensive expense (4,012,629) (7,351,169) (11,884,803)
Basic and fully diluted loss per share (US$) 3 (0.014) (0.035) (0.055)
POLAREAN IMAGING PLC
Unaudited consolidated statement of financial position
at 30 June 2024
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December 2023
2024 2023 US$
US$
US$
Assets Note
Non-current assets
Property, plant and equipment 190,182 351,109 288,627
Intangible assets 671,580 1,275,465 969,339
Right-of-use asset 105,420 212,373 158,129
Trade and other receivables 363,961 413,539 387,961
1,331,143 2,252,486 1,804,056
Current assets
Inventories 1,977,581 2,061,931 2,221,823
Trade and other receivables 529,536 1,505,254 685,117
Cash and cash equivalents 15,215,775 9,879,595 6,171,636
17,722,892 13,446,780 9,078,576
Total assets 19,054,035 15,699,266 10,882,632
Equity
Share capital 4 570,336 103,861 104,780
Share premium 70,503,443 59,291,496 59,305,160
Group reorganisation reserve 7,813,337 7,813,337 7,813,337
Share-based payment reserve 5,593,610 5,299,471 5,725,774
Accumulated losses (68,663,236) (60,116,973) (64,650,607)
Total equity 15,817,490 12,391,192 8,298,444
Liabilities
Non-current liabilities
Contract liabilities 54,451 99,596 67,032
Lease liability 5 - 147,667 74,846
Trade and other payables 180,000 300,000 240,000
Contingent consideration - 316,000 -
234,451 863,263 381,878
Current liabilities
Trade and other payables 2,627,568 2,169,530 1,831,587
Lease liability 5 147,667 137,827 141,845
Contract liabilities 226,859 137,454 228,878
3,002,094 2,444,811 2,202,310
Total equity and liabilities 19,054,035 15,699,266 10,882,632
POLAREAN IMAGING PLC
Unaudited consolidated statement of changes in equity
at 30 June 2024
Share premium Group re-organisation
Share capital Share-based payment reserve Accumulated losses Total equity
Balance as at 31 December 2022 (audited)
103,463 59,288,383 7,813,337 4,865,579 (52,765,804) 19,304,958
Loss and total comprehensive income for the period
- - - - (7,351,169) (7,351,169)
Transactions with owners
Issue of shares 398 3,113 - - - 3,511
Share-based payments - - - 433,892 - 433,892
Balance as at 30 June 2023 (unaudited)
103,861 59,291,496 7,813,337 5,299,471 (60,116,973) 12,391,192
Comprehensive income
Loss and total comprehensive income for the period - - - - (4,533,634) (4,533,634)
Transactions with owners
Issue of shares 919 13,664 - - - 14,583
Share-based payments - - - 426,303 - 426,303
Balance as at 31 December 2023 (audited)
104,780 59,305,160 7,813,337 5,725,774 (64,650,607) 8,298,444
Loss and total comprehensive income for the period
- - - - (4,012,629) (4,012,629)
Transactions with owners
Issue of shares 465,556 12,112,876 - - - 12,578,432
Share issue costs (914,593) (914,593)
Share-based payments - - - (132,164) - (132,164)
Balance as at 30 June 2024 (unaudited)
570,336 70,503,443 7,813,337 5,593,610 (68,663,236) 15,817,490
POLAREAN IMAGING PLC
Unaudited consolidated cash flow statement
for the six months ended 30 June 2024
Unaudited Unaudited Audited
6 months ended 6 months ended 12 months ended
30 June 2024 30 June 2023 31 December 2023
US$ US$ US$
Cash flows from operating activities
Loss for the period before taxation (4,012,629) (7,351,169) (11,884,803)
Adjustments for non-cash/non-operating items:
Depreciation of property, plant and equipment 103,423 103,594 208,786
Amortisation of intangible and right-of-use assets 350,468 368,041 728,411
Loss on disposal of property, plant and equipment - - -
Share based payment expense (132,164) 433,892 860,195
Net foreign exchange (gains)/losses 38,324 (67,685) (72,451)
Writeback of contingent consideration - - (316,000)
Finance expense 5,172 8,945 15,990
Finance income (51,937) (192,826) (298,899)
(3,699,343) (6,697,208) (10,758,771)
Changes in working capital:
Decrease/(increase) in inventories 244,242 (350,512) (510,404)
Decrease in trade and other receivables 179,581 57,587 1,024,108
Increase/(decrease) in trade and other payables 393,191 227,538 (267,413)
Increase in contract liabilities 328,191 42,421 77,482
Net cash flows from operating activities (2,554,138) (6,720,174) (10,434,998)
Cash flows from investing activities
Purchase of property, plant and equipment (4,979) (36,205) (78,915)
Interest received 51,937 192,826 298,899
Net cash generated from (used in) investing activities 46,958 156,621 219,984
Cash flows from financing activities
Proceeds from issue of shares 12,578,432 3,511 18,094
Cost of issue (914,593) - -
Interest paid on lease liabilities (5,172) (8,945) (15,990)
Principal elements of lease payments (69,024) (73,344) (142,146)
Net cash generated from (used in) financing activities 11,589,643 (78,778) (140,042)
Net increase/(decrease) in cash and equivalents 9,082,463 (6,642,331) (10,355,056)
Cash and equivalents at beginning of period 6,171,636 16,454,241 16,454,241
Effect of foreign exchange rate changes on cash
and cash equivalents (38,324) 67,685 72,451
Cash and equivalents at end of period 15,215,775 9,879,595 6,171,636
NOTES TO THE INTERIM ACCOUNTS
1. Basis of presentation
This interim consolidated financial information for the six months ended 30
June 2024 has been prepared in accordance with AIM rule 18, 'Half yearly
reports and accounts'. This interim consolidated financial information is not
the Group's statutory financial statements within the meaning of section 434
of the Companies Act 2006 (and information as required by section 435 of the
Companies Act 2006) and should be read in conjunction with the annual
financial statements for the year ended 31 December 2023, which have been
prepared in accordance with UK-adopted International Accounting Standards (UK
IAS) and have been delivered to the Registrar of Companies. The auditors have
reported on those accounts; their report was unqualified, did not include
references to any matters by way of emphasis of matter without qualifying
their report. It did not contain statements under section 498(2) or (3) of the
Companies Act 2006.
The interim consolidated financial information has been prepared in accordance
with the accounting policies adopted in the Group's most recent annual
financial statements for the year ended 31 December 2023. A number of
amendments to IFRS accounting standards have become applicable for the current
reporting period. The Group did not have to change its accounting policies or
make retrospective adjustments as a result of adopting these amended
standards.
The judgements, estimates and assumptions applied in the interim condensed
consolidated financial information, including the key sources of estimation
uncertainty, were the same as those applied in the Group's last annual
financial statements for the year ended 31 December 2023.
The interim consolidated financial information for the six months ended 30
June 2024 is unaudited. In the opinion of the Directors, the interim
consolidated financial information presents fairly the financial position, and
results from operations and cash flows for the period. Comparative numbers for
the six months ended 30 June 2024 are also unaudited.
This interim consolidated financial information is presented in US Dollars
(US$).
2. Going concern
The interim consolidated financial information for the six months ended 30
June 2024 have been prepared on the going concern basis.
The Directors consider the going concern basis of preparation to be
appropriate in preparing the financial statements. In considering the
appropriateness of this basis of preparation, the Directors have received the
Group's working capital forecasts for a minimum of 12 months from the date of
the approval of this financial information and considered the gross proceeds
of US$12.6m (£9.9m) raised in the June 2024 financing. Based on their
consideration the Directors have reasonable expectation that the Group has
adequate resources to continue for the foreseeable future and that carrying
values of intangible assets are supported. Thus, they continue to adopt the
going concern basis of accounting in preparing this financial information.
3. Loss per share
The basic and diluted loss per share for the period ended 30 June 2024 was
US$0.014 (2023: US$0.035) as the warrant and options have an anti-dilutive
effect in the current and prior period. The calculation of loss per share is
based on the loss of US$4,012,629 for the period ended 30 June 2024 (2023:
loss of US$7,351,169) and the weighted average number of shares in issue
during the period for calculating the basic loss per share of 282,847,717
shares (2023: 213,052,247).
4. Called up share capital
Unaudited Unaudited Audited
30 June 2024 30 June 2023 31 December 2023
US$ US$ US$
Allotted, issued and fully paid
Ordinary Shares 570,336 103,861 104,780
The number of shares in issue was as follows: Number of shares
Balance at 1 January 2023 213,047,509
Issued during the period
Exercised warrants 852,822
Balance at 30 June 2023 213,900,331
Issued during the period
Exercised warrants 1,948,262
Balance at 31 Dec 2023 215,848,593
Issued during the period 990,768,532
Exercised options 267,200
Exercised warrants 148,456
Balance at 30 June 2024 1,207,032,781
On 17 June 2024 and 18 June 2024, the Company issued a total of 990,768,532
new ordinary shares in the capital of the Company at the issue price 1 pence
per share in a Placing, Subscription and Open Ofer for total gross proceeds of
£9.9m ($12.6m).
5. Borrowings
Unaudited Unaudited Audited
30 June 2024 30 June 2023 31 December 2023
US$ US$ US$
Non-current
Lease liability - 147,667 74,846
Current
Lease Liability 147,667 137,827 141,845
Total 147,667 285,494 216,691
6. Share based payments
Share Options
The Company grants share options at its discretion to Directors, management
and employees. These are accounted for as equity settled transactions. Should
the options remain unexercised after a period of ten years from the date of
grant the options will expire unless an extension is agreed to by the Board.
Options are exercisable at a price equal to the Company's quoted market price
on the date of grant or an exercise price to be determined by the Board.
Details of share options granted, exercised, forfeited and outstanding in the
period ended 30 June 2024 are as follows:
Number of share options Weighted average exercise price
(US$)
Outstanding at 1 January 2024 24,475,279 0.4567
Granted during period - -
Exercised during period (267,200) 0.0041
Forfeited during period (2,957,314) 0.4693
Outstanding at 30 June 2024 21,250,765 0.4606
Exercisable at 30 June 2024 14,701,714 0.4191
There were no options granted in the period to 30 June 2024. There were
267,200 options exercised and 2,957,314 options forfeited in the period to 30
June 2024. The forfeiture of the 2,957,314 resulted in the reversal of
previous share based payment expense.
The weighted average contractual life of the share options outstanding at the
reporting date is 6 years and 45 days.
Share Warrants
The Company grants share warrants at its discretion to Directors, management,
employees, advisors and lenders. These are accounted for as equity settled
transactions. Terms of warrants vary from agreement to agreement.
Details of warrants granted, exercised, forfeited and outstanding in the
period ended 30 June 2024 are as follows:
Number of Weighted average exercise price (US$)
share warrants
Outstanding at 1 January 2024 249,645 0.12000
Exercised during the period (148,456) 0.00037
Forfeited during the period - -
Outstanding at 30 June 2024 101,189 7.92200
Exercisable at 30 June 2024 101,189 7.92200
There were 148,456 warrants exercised and no warrants forfeited in the six
months ended 30 June 2024. There were no warrants granted during this period.
The weighted average contractual life of the share warrants outstanding at the
reporting date is 2 years and 280 days.
7. Related party transactions
In the first half of 2024, the Company purchased $112,111 of Xenon-129 gas
from NUKEM Isotopes ("NUKEM"), a substantial shareholder. As of 30 June
2024, the Company owed NUKEM $48,038.
8. Events after the reporting period
On 26 July 2024, the Company repriced existing options over ordinary shares
of £0.00037 each in the capital of the Company ("Ordinary Shares") ("Share
Options") over an aggregate of 19,849,965 Ordinary Shares and granted Share
Options over an aggregate 121,022,451 Ordinary Shares to certain Directors,
employees, and consultants of the Company. The repricing and granting of
Share Options is pursuant to the terms of the Company's existing Stock Option
Plan. 25% of the new Share Options will vest on 26 July 2025 with the
remaining Share Options vesting in equal portions on the last day of each
calendar month over the period of 36 months starting on 31 August 2025. The
Share Options will be exercisable at a price of 1.83p each per Ordinary Share,
being the share price as at close of business on Friday 26 July 2024. The
repriced Share Options retain their original vesting and expiration terms.
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. END IR BLGDCBBGDGSXRecent news on Polarean Imaging
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Announcement