Polarean Imaging, a UK-based medical imaging technology company has today provided a wide-ranging company update. It said that after receiving approval from the FDA for its drug device combination product, XenoView, they are set to release a dual strategy aimed at maximising its commercial potential.
With their current cash resources, they aim to drive sales of XenoView while actively seeking collaborations with pharmaceutical companies, MRI providers, Contract Research Organizations (CRO), and other strategic partners to fund the future applications of their leading technology.
The company is gearing up to tackle new frontiers with their commercial strategy, with a focus on securing strategic installations in leading Centers of Excellence in North America that specialise in Pulmonary and Radiology diagnostics and therapies. This effort will be fueled by leveraging their current base of Key Opinion Leaders and institutions to expand exposure and education in the use of Hyperpolarized noble gas imaging in medicine and research.
Polarean Imaging finished 2022 with approximately $16M in cash, which is expected to fund the company until May 2024 and will explore a broad range of options to provide further financing, including, but not limited to, equity raises and strategic partnering.
The company will focus on business development activities with respiratory drug and radiology contrast agent manufacturers, pulmonary drug clinical trial CROs, and MRI system manufacturers to monetize their use of our technology to leverage their commercial activities.
Richard Hullihen, Chief Executive Officer of Polarean said: "Having achieved regulatory approval for our first indication, we now need to demonstrate the establishment of commercial traction and clinical adoption beyond our existing global research base according to our consistently stated objectives. We will do that within our existing resources, and strategic sources of non-dilutive financing, and return to markets for future financing to expand clinical indications and geographic territories on an ROI basis if and when appropriate."
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In the US alone, more than 30 million people suffer from chronic lung disease. Contrast agents can be used to better understand and discern treatment paths for lung disease patients, leading to improved healthcare outcomes.
XenoView is a hyperpolarised contrast agent for use with magnetic imaging for the evaluation of lung ventilation in adults and paediatric patients aged 12 years and older. With the product being the first of its kind to be FDA approved, the XenoView is set to meet with the unmet need of non-invasive diagnostic technology for chronic lung disease patients. The product can provide pulmonologists, surgeons, and other respiratory specialists with regional maps of ventilation in their patients' lungs to assist them in managing their disease.
The growing prevalence of long-term diseases has led to an increase in diagnostic imaging tests, including ultrasound, X-rays, and advanced imaging technology such as MRI and CT scans. The global contrast media market size was valued at $4.04 billion in 2021 and is expected to expand with a CAGR of 3.33% from 2022 to 2030.
With Polarean Imaging’s commercial sales expansion of XenoView, the product will provide a non-invasive imaging solution to lung disease patients, without the risk of exposing patients to harmful ionising radiation. As the company continues it’s dialogue with the FDA for approval of the next indications of XenoView technology, make sure to follow Polarean Imaging to keep up to date with the latest company announcements: