GCIPolarean Imaging gains on agreement with UVA Health for advanced Xenon MRI systems
() , a UK-based MRI technology company, announced a trade-in agreement with the University of Virginia Health System (UVA Health) to exchange its existing two research hyperpolarisers for two new clinical-grade systems using Polarean's proprietary Xenon MRI technology.
UVA Health's world-renowned medical centre includes a Level 1 Trauma Centre, an NCI-designated Comprehensive Cancer Center, and UVA Health Children's - the number one pediatric hospital in Virginia. UVA Health's Hyperpolarized Gas MR Imaging Center pioneered the application of Xenon MRI for a variety of lung diseases, including asthma, cystic fibrosis, and bronchopulmonary dysplasia.
Christopher von Jako, PhD, CEO of Polarean, commenting: "We are delighted to see UVA Health upgrade both of their hyperpolariser systems to clinical grade. This milestone underscores the increasing adoption of Polarean's technology and the continued progress in our strategy to convert previously research-only centres to clinical-grade, in addition to establishing de novo sites. We look forward to working with the team at UVA Health to ensure that their implementation of our Xenon MRI technology is successful as it continues to advance research and move into clinical use."
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Polarean announces another partnership with a leading US medical institution to replace its hyperpolarisers with clinical-grade ones using Polarean's proprietary Xenon MRI technology. UVA Health aims to solidify its leadership position in the Mid-Atlantic as a centre of NIH grants, industry-sponsored trials, and clinical patient referrals for Xenon MRI. Polarean expects to install the new systems later in 2024.
's Xenon MRI platform promises to revolutionise medical imaging with the ability to illuminate hidden diseases non-invasively. This can enable early intervention and significantly improve patient outcomes. Current customers include University of Alabama at Birmingham Hospital, Cincinnati Children's Hospital Medical Center, and University of Missouri Health Care.
Polarean has made significant commercial strides in advancing its Xenon MRI technology "XENOVIEW" (Xenon Xe 129 hyperpolarised), notably the receipt of a new reimbursement C-code from US Medicare with a payment range of $1,201 to $1,300, enhancing the technology's economic viability for hospitals.
also recently secured a key US patent for Xenon MRI imaging, expanding the utility of its technology in the diagnosis and monitoring of diseases of the pulmonary vasculature. To fully avail of the new patent, is working to secure a gas exchange indication for XENOVIEW from the FDA, with an associated clinical trial expected soon.
Additionally, is working with the FDA to lower the approved patient age range for XENOVIEW from 12 to 6 years old to further expand the market. The FDA has already granted XENOVIEW a New Chemical Entity designation, providing a 5-year market exclusivity period, and issued 510(k) clearance for a specialised MRI chest coil compatible with Philips 3.0T MRI scanners.
's recent US$10m fundraise extended its cash runway into Q1 2026. Management projects US$2.5m of revenues in FY24 while active discussions are ongoing with more academic and medical institutions as XENOVIEW sales continue to gain momentum. In FY23, narrowed its pre-tax loss to US$11.9m from $13.9m LY. By end of FY24, should have a total installed clinical base of 5-7 systems with sites performing 3-4 scans/week, enabling them to earn a positive ROI on XENOVIEW.
Furthermore, as mentioned revenues of US$2-3m are expected this year, compared to less than US$1m in 2023. If takeup continues its current trajectory, by end of 2025 's total installed clinical base should be 12-14 systems with scans performing 5-6 scans/week and revenues of US$5-6m. Profitability would then be expected by 2027 provided the FDA approves the gas exchange application for XENOVIEW, which is highly likely.
shares gained 4.3% on today's announcement.
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