Polarean Imaging announces new Board appointment

Francesca Morgan
Vox Newswire
09:07, 22nd February 2021

Polarean Imaging (POLX FOLLOW) has informed investors of the Company’s latest appointment of Charles ("Chuck") Fremont Osborne Jr. who will join the Board with immediate effect.

The medical imaging technology firm said Chuck, who had previously joined Polarean back in April 2019 as Chief Financial Officer, has become an “invaluable addition” to the team. 

Having acquired a Bachelor of Science degree in Business Administration, Chuck is also a Certified Public Accountant who began his accounting career at Deloittie & Touche in 1988. 

Prior to joining the team at Polarean, Chuck was previously at Innocrin Pharmaceuticals Inc a privately held oncology therapeutics company where he was CFO since 2015. Prior to this role, Chuck was also CFO of Scynexis, an anti-infective company between 2003 and 2015. 

“Chuck has significant capital markets experience coupled with a strong knowledge of financial operations within the pharmaceutical industry, and we welcome him to the Board ahead of the next phase of Polarean's lifecycle,” said Richard Hullihen, Polarean’s CEO.

He acknowledged that, "Chuck has been an invaluable addition to the team since his appointment in 2019, and this next step to take a position on the Board is a natural one.”

Shares in POLX have more than doubled in value since the beginning of August 2020, despite the delay incurred in the Group’s Standard Review timetable from the US FDA. More recently, shares have been trading within a tight range of 65p and 75p.

POLX price chart

Reasons to Follow POLX

The Group and its wholly owned subsidiary, Polarean, Inc. are revenue generating, medical drug-device combination companies operating in the high-resolution medical imaging market.

Polarean’s equipment enables existing MRI systems to achieve an improved level of pulmonary function imaging and specialises in the use of hyperpolarised Xenon gas (129Xe).

The Group utilises the hyperpolarised Xenon gas (129Xe) as an imaging agent in order to visualise ventilation and gas exchange regionally in the smallest airways of the lungs, the tissue barrier between the lung and the bloodstream and in the pulmonary vasculature. 

Polarean operates in an area of significant unmet medical need and its technology aims to provide a diagnostic approach, offering a non-invasive and radiation-free functional imaging platform which is more accurate and less harmful to the patient than current methods. 

The annual burden of pulmonary disease in the US is estimated to be over US$150 billion.

In December 2020, Polarean confirmed that the US FDA had accepted the Group’s new drug application (NDA) for its drug device combination product using hyperpolarised xenon-129 gas.The US regulator informed the Group that the NDA will follow a “standard time frame”.

This means that the target Prescription Drug User Fee Act or PDUFA date is now 5 October 2021 - this being the deadline by which the FDA must review all new drug applications.

Hullihen told investors, "FDA acceptance for the filing of Polarean's NDA represents another important step forward for the Company's platform. If approved, Polarean's drug-device technology could provide a new diagnostic option for patients with pulmonary disease.”

Polarean told investors that following the achievement of this latest milestone, that it plans to make ‘full use of this time with regards to commercialisation and launch preparation.’

For more news and updates on Polarean ImagingFOLLOW

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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