Polarean Imaging Signs Supply Agreement with UVA Health to Advance Clinical Xenon MRI

What this means for Polarean investors

• Clinical momentum: Moving a top-tier academic centre from research to clinical use is a strong signal of maturing demand. It supports the narrative that hyperpolarised Xenon MRI can slot into real-world pulmonary pathways.
• Revenue potential: This is a supply agreement for additional equipment, but the RNS does not disclose values. Longer term, sustained clinical use can drive recurring demand for gas blend, operations, software, and accessories across Polarean’s platform.
• Reference-site leverage: A successful UVA deployment is valuable marketing for other US centres considering clinical adoption, especially with Polarean’s FDA-approved XENOVIEW contrast agent.

Timeline and near-term catalysts

UVA Health expects to launch its first clinical Xenon MRI scan later this year. Watch for:

• Confirmation of first-patient clinical scans at UVA Health.
• Additional US centre wins or upgrades from research to clinical use.
• Evidence of recurring utilisation (number of clinical scans, if disclosed in future updates).

Quick primer: what is Xenon MRI and XENOVIEW?

Hyperpolarised Xenon MRI uses an inhaled gas (xenon-129) that is “hyperpolarised” to make lung function visible in an MRI scanner. It is a form of functional MRI – imaging that shows how an organ works, not just how it looks. This can provide detailed insight into ventilation and gas flow without ionising radiation.

Polarean’s platform spans the gas blend, the hyperpolarisation system, and software/accessories. Its inhaled contrast agent, XENOVIEW, is FDA-approved in the United States for evaluating lung ventilation in adults and children aged 6 and older. Limitations of use, warnings, and adverse reactions are set out in the RNS and the full prescribing information is available at xenoview.net.

Key numbers and facts from the RNS

Customer	University of Virginia Health
Agreement	New supply agreement for essential equipment to complete clinical Xenon MRI implementation
Prior upgrades	Two research-grade hyperpolarisers upgraded to clinical-grade in 2024 (provided by Polarean)
Clinical start	First clinical Xenon MRI scan anticipated later this year
Financial terms	Not disclosed
UVA research funding	$7.4 million NIH grant for xenon MRI studies (lung transplant rejection, e-cigarette users)
Product	XENOVIEW – FDA-approved inhaled hyperpolarised xenon-129 contrast agent for lung ventilation MRI
Safety notes	Monitor for transient hypoxia; withhold supplemental oxygen for two breaths before inhalation, then resume after breath hold; common reactions include oropharyngeal pain, headache, dizziness (adults)
Company	Polarean Imaging plc (AIM: POLX)

Why this could be a pivotal adoption signal

Clinical implementation at a leading academic centre does two things. First, it shows that hospitals can operationalise the full end-to-end workflow, from gas hyperpolarisation to imaging and readout. Second, it creates a reference pathway for other centres, reducing perceived risk in procurement and roll-out.

Pair that with a substantial NIH-backed research stream, and you get a virtuous circle: evidence generation supports clinical confidence, which drives utilisation, which in turn produces more real-world data. Polarean’s positioning as a “drug-device platform” provider means it can capture value across that chain – though again, no figures were disclosed here.

Risks and what we do not know

• Deal size and margins: The RNS does not disclose revenue, pricing, or profitability for this supply agreement.
• Utilisation rate: Clinical adoption is about scans per month, not just installed equipment. No utilisation guidance was provided.
• Geographic expansion: While XENOVIEW is FDA-approved in the US, the RNS does not discuss regulatory status elsewhere or timelines outside the US.
• Operational execution: Transitioning hospital workflows from research to clinical use can be complex and site-specific.

Management and clinical backing

UVA’s Interim Dean, Professor Colin Derdeyn, calls the move to clinical implementation a “major step” for patients needing safer, more detailed lung evaluations. Polarean’s CEO, Christopher von Jako, highlights UVA’s anticipated first clinical scan later this year and frames the partnership as aligned with the company’s mission to improve chronic lung disease imaging.

Bottom line: a positive milestone with eyes on first scans

This is a constructive, credibility-enhancing update. It pushes a historically important site over the line into clinical use and sets up a near-term catalyst when UVA performs its first clinical scan. The lack of financial disclosure tempers the immediate read-across to revenue, but the strategic value is high.

For investors tracking adoption, the next proof point is simple: confirmation of clinical scans at UVA, and evidence of repeatable utilisation. If Polarean can replicate this pattern at other centres, the case for broader clinical uptake strengthens.

Further information

• Company site: www.polarean.com
• Investor site: www.polarean-ir.com
• XENOVIEW prescribing information: www.xenoview.net