GCIPolarean Imaging shares rise on new agreement with University of Kansas Medical Center
() , a UK-based MRI technology company, announced a new trade-in agreement with the University of Kansas Medical Center (KUMC) to exchange its existing research hyperpolariser for a new clinical-grade system using Polarean's proprietary Xenon MRI technology.
The purchase is part of a device trade-in programme where KUMC will exchange an older research hyperpolariser for the latest FDA-approved system, which is suitable for clinical scans. Polarean expects to install the new system later this year. will then work closely with KUMC to advance clinical imaging, NIH-funded research, and pharmaceutical-sponsored trials at the facility.
Christopher von Jako, PhD, CEO of Polarean, commenting: "The team at KUMC has been a valued champion of our pulmonary functional Xenon MRI platform technology for a number of years, pioneering its use across multiple disease areas with their research-grade hyperpolariser. We are delighted to see KUMC upgrading its hyperpolariser as part of its broader expansion of pulmonary imaging capabilities. This underscores the growing importance that top-tier institutions are placing on Xenon MRI technology."
Mario Castro, MD, MPH at KUMC, commenting: "My team and I have been using Xenon MRI for research purposes for nearly eight years now. We believe that it offers unique insights into disease characterization and monitoring response to treatment. I look forward to receiving the upgraded Polarean hyperpolariser, continuing our research, and planning clinical scans in the future."
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Polarean gains another customer in the University of Kansas Medical Center, a top-tier academic centre that has pioneered the application of Xenon MRI across multiple therapeutic areas. Polarean will replace KUMC's older polariser with a clinical-grade one using Polarean's proprietary Xenon MRI technology. The new system will be installed later in 2024.
KUMC will use the new polariser to enhance its clinical research programme that targets asthma, cystic fibrosis, long COVID, pulmonary hypertension, interstitial lung disease, and scleroderma. KUMC researcher Dr Peter Niedbalski recently received a grant to lead a multi-centre study initiative to use Xenon MRI to identify structural determinants of low lung function and respiratory symptoms in young adults.
'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, University of Missouri Health Care, and most recently the University of Virginia Health System.
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 expects US$2.5m of revenues in FY24 while active discussions are ongoing with more 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 9.3% on the announcement.
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