Polarean receives first de novo order for XENOVIEW MRI amid growing adoption
() , a UK-based medical imaging technology company, announced its first de novo order for a new XENOVIEW polariser in an update on growth progress since its interim results.
Polarean received the order from a "top-tier academic medical centre" located in the US northeast, while reporting good progress in ongoing negotiations with other academic medical centres across the US and expecting growing adoption. Polarean's proprietary XENOVIEW MRI technology enables visualisation of lung ventilation without exposing patients to ionising radiation and associated risks.
Polarean's equipment was recently deployed at the University of Cincinnati Children's Hospital Medical Center and the University of Missouri Health Care where the company reported multiple clinical scans and continuing efforts to increase utilisation in patients with chronic lung disease.
Furthermore, the imaging technology company said it is working closely with multiple medical centres who are anticipated to come online in 2024, to ensure a smooth integration of XENOVIEW MRI into their infrastructure.
As previously reported, a new reimbursement code issued by US Medicare in August for the XENOVIEW MRI technology corresponds to a payment range of between US$1,201 to US$1,300. The new code, along with additional existing codes for the XENOVIEW MRI process, enables hospitals to request a total reimbursement of approx. $2,500, which translates to a significantly improved economic incentive for them.
Furthermore, Polarean reported excellent progress in its seeking US FDA approval to expand the minimum current age of XENOVIEW MRI in children from 12 down to 6 years old.
Polarean's collaboration with Philips continues to develop, with the former holding a training session on its technology in October 2023 for the Philips US MRI sales force. Philips continues to work with Polarean to introduce XENOVIEW MRI to its customer base.
Polarean's current cash runway is expected to last into Q3 2024 with options currently considered for further financing.
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