(Alliance News) - Polarean Imaging PLC on Tuesday said that it intends to raise a minimum of USD10 million via a placing to institutional and other investors, and a direct subscription with the company.

According to the medical imaging technology developer, the placing intends to raise a minimum of USD5.2 million before expenses.

NUKEM Isotopes GmbH intends to subscribe for USD2.5 million, Bracco Imaging Spa for USD2 million, as well as certain directors. A further GBP2 million will also be raised through the issue of up to 200.0 million shares via an open offer.

Polarean intends to use the net proceeds of the fundraise to accelerate the commercialisation of Xenoview. It intends to continue investing in research and development including, the "finalisation of the FDA plan to expand indications to gas exchange, to support efforts to continue to develop strategic partnerships and to provide additional working capital and for general corporate purposes".

Earlier in the day, Polarean shares jumped 36% after the firm received its second de novo order for a new Xenon MRI system from the University of Alabama at Birmingham Hospital.

It expects to install the new system later this year and will collaborate "closely" with the hospital team, as it does with its existing clinical sites, to develop a "strong" Xenon MRI programme.

Shares in Polarean Imaging closed 1.7% lower at 3.71 pence each in London on Tuesday.

By Holly Beveridge, Alliance News reporter

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