Research Triangle Park (RTP), North Carolina, May 22, 2018 —
Polarean Imaging plc (POLX.L) recently completed a successful IPO through a listing on the London Stock Exchange’s AIM market. Polarean (www.polarean.com) is a pulmonary diagnostic company, with products in FDA phase 3 clinical trials.
TCG, LLC, a life science advisory firm specializing in interim management and strategic transactions, began working with Polarean almost 5 years ago, soon after its spin-out from GE Healthcare. TCG partner Ken West assumed leadership of the company as part-time CEO, taking on day-to-day operational management of the company, and re-focused the company’s product development and regulatory strategy.
During West’s tenure, the performance of Polarean’s lead product was improved by a factor of four, and new patents were in-licensed to complement and further extend proprietary protection of the company’s base technology. And, through multiple in-person meetings with the FDA, an approval path was defined, with Phase 3 clinical trials beginning in Q2, 2018.
In his role as interim CEO, West also led the infusion of $12 million into the company through a combination of product revenue, non-dilutive grant funding, a Series A investment round, and through the merger of Polarean, Inc. with m2m Imaging, a company with complementary diagnostic technology. The merged company, renamed Polarean Imaging plc, raised a further $4.2 million in the March 2018 London IPO to fund the clinical trials.
Dr. Bastiaan Driehuys, Polarean’s founder and chief scientist, reflected on the past 5 years of his company’s development. “We’ve made a lot of progress in developing our product, progressing down the regulatory path, and raising the funds to do so. Ken West’s experience and management skills were critical to our success.”
Strategic Partnerships, Interim Management
Founded in 1998, TCG serves life science companies, including medical device, pharmaceutical, and biotechnology companies from its Research Triangle Park headquarters in North Carolina, USA, and our office in Heidelberg, Germany. TCG leads and advises transactions, including licensing, strategic partnerships, distribution agreements, asset sales, financings, and acquisitions. TCG also provides interim management, when an experienced executive is needed for a critical project, to enter a new market, or to refocus a company. TCG’s approach is different from other firms in that only senior TCG partners, with over 25 years of life science industry experience, lead assignments. A global network of industry contacts helps TCG achieve their clients’ objectives rapidly.