Polarean closes on $12.6M funding round

Polarean Imaging, a commercial-stage medical device developer for lung MRI, has closed a $12.6 million financing round through the Alternative Investment Market (AIM) of the London Stock Exchange.

The funding was co-led by Nukem Isotopes GmbH and Bracco S.p.A., in addition to support from other existing and new investors.

Polarean intends to use the funds to accelerate progress across the following growth initiatives:

• Build and expand Polarean’s commercial team and infrastructure, targeting top-tier academic medical centers in pulmonary medicine and radiology across the U.S.
• Continue to broaden reimbursement coverage.
• Lower the minimal indicated age for Xenoview from 12- to 6-years-old, and plan for an adult clinical trial to enter into broader clinical applications by expanding indications to include alveolar gas exchange and pulmonary-vascular hemodynamics.
• Fund continued development of enhanced versions of its Xenoview polarizer and additional imaging software products.
• Support efforts to strengthen current partnerships and pursue additional collaborations for the adoption of Polarean’s pulmonary imaging platform.

Polarean said it recently received its next de novo order of a Xenoview polarizer from the University of Alabama at Birmingham Hospital. Polarean will work closely with the hospital as well as other healthcare institutions with clinical-grade polarizers to help develop a Xenon MRI program to advance pulmonary imaging.