Polarean Imaging PLC shares dropped on Thursday, after the company said it would need to find an additional $10 million to finance its medium-term ambitions.

Polarean designs and manufactures non-invasive medical imaging devices for the evaluation and diagnosis of diseases.

Shares in Polarean were down 17% at 4.25 pence each in London on Thursday afternoon.

This came after the company unveiled ambitious and costly plans for its range of products in 2024 and beyond.

By the end of 2024, Polarean is targeting a total installed clinical base of five to seven systems, and wants sites to be performing three to four scans per week.

Polarean said that it hopes that its total installed clinical base can increase to up to 70 systems by the end of 2028, with sites performing over 10 scans per week.

It is also eyeing between $2 million and $3 million in revenue for 2024, up from less than $1 million in 2023.

Further ahead, Polarean is aiming for $5 million to $6 million in revenue by the end of 2025, rising to between $35 million and $40 million in 2028.

However, to achieve these commercial targets, Polarean admitted that it will need to access additional capital.

A minimum of $10 million would fund the company into the first quarter of 2026, Polarean said, while also expanding its sales team ‘meaningful commercial traction’.

To this end, Polarean said that its shareholders NUKEM Isotopes GmbH and Bracco SpA intend to contribute $2.5 million and $2.0 million, respectively.

The company said that it was in discussions with both partners about the terms of this financing deal, and added that there is no certainty of such funds being received.

Polarean has also obtained assurance from HMRC that there is £2.5 million of funds available through the Enterprise Investment Scheme, a UK government initiative providing funding to early-stage companies.

Chief Executive Officer Daniel Plumpe said: ‘We have made important headway in 2023, and we anticipate this positive momentum to continue into 2024 and beyond. Clinicians and healthcare providers in the US are increasingly recognising the potential of our technology in aiding disease characterisation, providing visual and quantitative assessments of response to therapy, and guiding interventions for various challenging lung diseases. We are confident in our abilities to execute this plan, and additional financing will enable us to meet our milestones effectively.’

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