Amphion Innovations has issued an update regarding its partner company Polarean Imaging Limited, in which Amphion currently has an interest of around 26%. The update said: 'Polarean is a revenue generating, late clinical stage medical company operating in the high resolution imaging market.
'Polarean develops equipment that enables existing MRI systems to achieve an improved level of pulmonary functional imaging and specialises in the use of polarised 129Xenon gas as an imaging agent to visualise ventilation and gas exchange in the lung.
'Polarean's technology could therefore enable the early stage diagnosis of pulmonary diseases, including Chronic Obstructive Pulmonary Disease (COPD).
'Polarean has clear guidance from the US Food and Drug Administration to commence a pivotal Phase III trial on its flagship drug-device platform.' Amphion said that further to its announcement of 31 May, Polarean's proposed IPO and admission to AIM was progressing.
It said that Northland Capital Partners, which is acting as Polarean's nominated adviser and broker, had today published a research report on Polarean ahead of an investor roadshow.
Amphion said the Northland research report anticipated a pre new money valuation of Polarean of circa US$29 million, compared with the valuation of circa US$22 million (on a post new money basis) which was implied by the pre-IPO fundraise of US$2 million, completed by Polarean in May, and the further grant of options in Polarean. Amphion said: 'The implied valuation in the Northland Research Report is based, amongst other things, on current market conditions and there can be no assurance that this valuation will be achieved at the conclusion of Polarean's IPO roadshow.
'Furthermore, there can be no assurance as to whether or when the IPO of Polarean may be completed, or as to the actual size or final terms of the IPO.'