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Polarean Imaging losses widen on IPO costs; revenue jumps

Wednesday, 22nd August 2018
Medical-imaging technology company Polarean Imaging said its first-half losses widened, owing to one-off IPO costs, while operating earnings rose on higher revenue.

Pre-tax losses for the six months through June amounted to $2.8m, compared to a $1.8m on-year.

Gross profits jumped to $0.47m, up from $0.17m, as revenue rose to $0.75m, up from $0.17m.

The company listed on AIM in March.

'The burden of pulmonary disease in the US is approximately $150bn, with pulmonary disease widespread and growing, affecting nearly 40m Americans,m chief executive Richard Hullihen said.

'Given the limitations of existing methods of diagnosis and lung disease monitoring, we believe that there is a significant unmet need for non-invasive, quantitative, and cost-effective image-based diagnosis technology.'

'We believe that our unique medical drug-device combination utilizing 129Xe offers the ideal solution for improving pulmonary disease diagnosis and we are confident that this will be borne out during our Phase III trials.'

At 8:01am: (LON:POLX) Polarean Imaging Plc Ord Gbp0.00037 share price was 0p at 14.88p

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