Polarean Imaging hits funding target in open offer

Polarean Imaging PLC (LON:POLX), the medical imaging technology company, has conditionally raised its target total of £2mln through the open offer announced last month.

Combined with the money raised by the share placing and subscription, the company has conditionally raised around £27mln, which has been earmarked for the commercialisation of its breakthrough drug-device combination that uses hyper-polarised xenon gas in magnetic resonance imaging (MRI) lung imaging.

READ Polarean Imaging plans to raise at least £20mln to help fund breakthrough drug-device

“Our thanks go to the shareholders that participated in this open offer, which has resulted in a total of £27 million gross proceeds being raised in this significantly over-subscribed fundraising. The net proceeds of the fundraise will allow us to prepare for commercialisation and launch post-approval of our proprietary drug-device combination in the United States, and we are very excited to pursue this next chapter in the company’s journey,” said Richard Hullihen, the chief executive officer of Polarean.

The shares were priced at 60p in the open offer and currently trade at 64p, down a penny on the day.

Story by ProactiveInvestors