Polarean
Polarean is a commercial-stage medical imaging company that develops and sells XENOVIEW, the first FDA-approved hyperpolarized xenon-129 MRI contrast agent, serving US hospitals, academic medical centers, outpatient imaging networks, and pharmaceutical companies conducting cardiopulmonary drug development.
- Company typePublic
- Founded2011
- HeadquartersDurham, United States
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Polarean does
Polarean is a commercial-stage medical imaging technology company that has developed and commercialized XENOVIEW (xenon Xe 129 hyperpolarized), the first and only FDA-approved hyperpolarized MRI contrast agent, indicated for evaluation of lung ventilation in patients aged 6 years and older following a December 2022 initial approval and a June 2025 pediatric expansion. The company's core technology transforms inert xenon-129 gas into a hyperpolarized state using circularly polarized laser light via optical pumping, enabling non-invasive, radiation-free functional imaging of lung ventilation and gas exchange that visualizes over 300 million alveoli in a single 10-to-15-second breath-hold. Polarean's integrated drug-device platform includes the HPX Hyperpolarizer, HPX Measurement Station, HPX Gas Manifold, XENOVIEW 3T Chest Coil (compatible with Philips and GE HealthCare 3T MRI systems), and recurring Xenon Xe 129 Gas Blend consumables.
The company generates revenue through a combination of capital equipment sales (HPX Hyperpolarizer systems and chest coils), recurring consumable revenue from gas blend cylinders, and an emerging pharma-sponsored clinical trial services business positioned around Xenon MRI as a quantitative biomarker for cardiopulmonary drug development. Polarean distributes directly to healthcare providers and academic medical centers in the US (including a strategic collaboration with SimonMed Imaging) and through exclusive international distribution partnerships (e.g., DK Healthcare for South Korea). The company is publicly listed on the AIM market of the London Stock Exchange under ticker POLX, with Polarean Imaging plc as the UK parent and Polarean, Inc. as its wholly owned US operating subsidiary headquartered in Durham, North Carolina, and a headcount of 11-50 employees. CMS reimbursement code C9791, established effective October 1, 2023, supports the commercial billing pathway for providers performing hyperpolarized xenon-129 MRI procedures.
Polarean firmographics
Firmographics- Name
- Polarean
- Legal name
- Polarean Imaging plc
- Website
- https://polarean.com
- Company type
- Public
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Polarean is a commercial-stage medical imaging company that develops and sells XENOVIEW, the first FDA-approved hyperpolarized xenon-129 MRI contrast agent, serving US hospitals, academic medical centers, outpatient imaging networks, and pharmaceutical companies conducting cardiopulmonary drug development.
- Ownership category
- akta.pro rank
Polarean industry classification
Industry- Product category
- Medical Imaging Equipment / Functional Lung Diagnostics
- NAICS
- Electromedical and Electrotherapeutic Apparatus Manufacturing (334510)
- SIC
- Surgical & Medical Instruments & Apparatus (3841), Pharmaceutical Preparations (2834)
- akta.pro primary industry
- Contrast Media Injectors & Radiology Accessories (HLAHABAK)
Keywords
Where Polarean is headquartered
LocationHeadquarters
- HQ city
- Durham
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Polarean business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Supply Chain, Operations
Revenue model
- XENOVIEW Drug-Device Combination Product Sales: Sale of FDA-approved XENOVIEW (xenon Xe 129 hyperpolarized) contrast agent combined with proprietary hardware (hyperpolarizer, chest coil). Revenue generated from healthcare providers including hospitals and imaging centers performing lung ventilation MRI scans.
- HPX Hyperpolarizer and Accessories: Sale of HPX Hyperpolarizer systems, HPX Measurement Stations, HPX Gas Manifolds, and associated equipment to research institutions and clinical sites.
- Xenon Xe 129 Gas Blend Consumables: Ongoing consumable revenue from xenon gas blend cylinders required for hyperpolarizer operation. Each cylinder contains helium (89%), nitrogen (10%), and isotopically enriched xenon (1% total; >80% isotopic purity).
- Pharma-Sponsored Clinical Trial Services: Providing Xenon MRI clinical trial support services to pharmaceutical companies for drug development, including multi-center studies in pulmonary conditions like PH-ILD. Emerging revenue stream through collaboration with VIDA Diagnostics.
Go-to-market motion3 records
Distribution channels3 records
Marketing channels4 records
Polarean product offering
Product offeringCore offering
Polarean manufactures and sells a hyperpolarized Xenon-129 MRI drug-device platform for functional lung imaging. The FDA-approved XENOVIEW contrast agent is administered with the proprietary HPX Hyperpolarizer system (which uses circularly polarized laser light to hyperpolarize xenon gas) and the XENOVIEW 3T Chest Coil, enabling clinicians at hospitals, imaging centers, and research institutions to visualize lung ventilation and gas exchange non-invasively in a single 10-to-15-second breath-hold. Recurring revenue is generated through ongoing Xenon Xe 129 Gas Blend consumable sales.
Product overview
Polarean offers a unified drug-device combination platform for Xenon MRI lung imaging. The core product is XENOVIEW (xenon Xe 129 hyperpolarized), the first and only FDA-approved hyperpolarized MRI contrast agent for lung ventilation evaluation in patients 6 years and older. This is supported by the HPX Hyperpolarizer system, which transforms xenon gas into a hyperpolarized state using circularly polarized laser light. The platform also includes the HPX Measurement Station for calibration, HPX Gas Manifold for gas regulation, and the FDA-cleared XENOVIEW 3T Chest Coil compatible with Philips and GE HealthCare MRI systems. Dose Delivery Bags complete the system for patient gas administration. The technology provides radiation-free, quantifiable lung function imaging in a single 10-to-15-second breath-hold.
Differentiator
Problem solved
Functional benefit
Products and services
- XENOVIEW (xenon Xe 129 hyperpolarized) FDA-approved hyperpolarized MRI contrast agent for use with MRI to evaluate lung ventilation in adults and pediatric patients aged 6 years and older. Administered via a single 10-to-15-second breath-hold and used with the HPX Hyperpolarizer and XENOVIEW 3T Chest Coil. The first and only FDA-approved hyperpolarized MRI contrast agent.
- HPX Hyperpolarizer Medical device that provides routine supply of high-purity, hyperpolarized xenon gas for MRI. Processes a custom mixture of unpolarized xenon, nitrogen, and helium into a dose of pure hyperpolarized xenon via optical pumping with circularly polarized laser light. Typically installed near the MRI/NMR suite. No chemical change occurs during hyperpolarization — only nuclear spin alignment and cryogenic extraction of pure xenon.
- HPX Measurement Station Provides calibrated measurement of the polarization of hyperpolarized gas for research applications. Includes a Helmholtz pair with power supply, a Q-switched tuned NMR circuit with a precision 300-turn NMR coil, and a computer with a National Instruments DAQ card for data acquisition, analysis, and storage. Enables polarization decay rate analysis.
- HPX Gas Manifold Gas pressure regulation and purification system that allows xenon blend cylinders, one ultra-high-purity nitrogen cylinder, and one industrial nitrogen cylinder to be connected to the HPX Hyperpolarizer.
- Xenon Xe 129 Gas Blend Gas blend containing helium (89%), nitrogen (10%), and isotopically enriched xenon (1% total; >80% isotopic purity) required for the HPX Hyperpolarization System. Sold as a recurring consumable cylinder per dose.
- XENOVIEW 3T Chest Coil FDA-cleared specialized MRI chest coil designed specifically for Xenon MRI scanning. Compatible with Philips 3T MRI systems and GE HealthCare 3T MRI scanners for visualization of Xenon-129 nuclei.
- Dose Delivery Bags Individual-use bags for the HPX Hyperpolarization System that connect to the HPX Hyperpolarizer, store xenon gas mixture until ready for inhalation, and include a clamp and mouthpiece for patient inhalation.
- Pharma-Sponsored Xenon MRI Clinical Trial Services Polarean provides Xenon MRI clinical trial support services to pharmaceutical companies for cardiopulmonary drug development, including multi-center studies in pulmonary conditions such as PH-ILD (Pulmonary Hypertension-Interstitial Lung Disease). Includes centralized imaging operations and biomarker analysis through collaboration with VIDA Diagnostics.
Quantifiable outcome
- FDA approval received December 23, 2022 for XENOVIEW in lung ventilation imaging
- +2 more outcomes
Companies that use Polarean
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles4 records
Polarean technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
AI capability2 records
Feature5 records
Polarean partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered major.
- VIDA DiagnosticsmajorCollaboration with VIDA Diagnostics for centralized imaging operations and advanced biomarker analysis in pharma-sponsored clinical trials. VIDA provides clinical imaging intelligence software solutions managing complexities of digital biomarkers. Partnership enables multi-center U.S. studies including PH-ILD research.
- DK Healthcare Co., Ltd.majorExclusive distribution agreement for Xenon MRI platform in South Korea. DK Healthcare to facilitate regulatory approval and product launch in South Korea. Partnership marks Polarean's second international distribution partnership, expanding presence in Asia-Pacific region.
- PhilipsmajorStrategic partnership to increase access to advanced, radiation-free lung MRI for patients with obstructive lung diseases. Collaboration expands multi-nuclei imaging with Xenon MRI on Philips MR 7700 3T MRI scanner. FDA cleared XENOVIEW 3T Chest Coil compatible with Philips MRI systems.
- SimonMed ImagingmajorStrategic collaboration with one of the largest US outpatient medical imaging providers to expand access to Polarean's Xenon MRI platform. SimonMed to introduce Xenon MRI technology to its network of imaging centers.
- GE HealthCaremajorFDA 510(k) clearance received for XENOVIEW 3T Chest Coil to now include GE HealthCare 3 Tesla MRI scanners for visualization of Xenon-129 nuclei. Expands accessibility for institutions utilizing GE HealthCare MRI systems.
Scale indicators4 records
Recent moves6 records
Expansion highlights6 records
Polarean competitors and assessment
Company assessmentDirect peers
- Guerbet: French specialty contrast media company producing gadolinium-based MRI agents and iodinated contrast. Direct comparable in the medical imaging contrast agent category, though focused on conventional (non-hyperpolarized) agents.
- Curium Pharma: Radiopharmaceutical manufacturer serving diagnostic imaging (incl. lung ventilation via Xe-133 historically). Polarean board member Daniel Brague is former CEO of Curium North America. Comparable as a specialty nuclear/radiology imaging agent supplier.
- Lantheus Holdings: Radiopharmaceutical and molecular imaging company (e.g., Xenon-133 for lung imaging, PYLARIFY for PSMA PET). Direct comparable in specialty diagnostic imaging agents for lung and other indications; Lantheus's Xe-133 is an older alternative to Polarean's hyperpolarized Xe-129.
Broad incumbents
- GE HealthCare: One of the two MRI OEM partners for Polarean's 3T chest coil. Comparable as a manufacturer of MRI scanners and broader medical imaging equipment that Polarean's technology integrates with — Polarean's success depends on GE's installed base.
- Philips Healthcare: Second MRI OEM partner with multi-nuclei imaging partnership (MR 7700). Comparable as a 3T MRI manufacturer and broader diagnostic imaging vendor; Polarean's addressable market is gated on Philips scanner compatibility and co-marketing.
- Bayer Radiology: Major contrast media franchise (gadobutrol/Gadavist) and broader radiology pharma business. Comparable as a global incumbent in medical imaging contrast agents that Polarean eventually competes with or partners alongside in clinical workflows.
- Bracco Imaging: Global leader in diagnostic imaging contrast agents (iodine, gadolinium-based MRI agents). Direct comparable as a strategic investor in Polarean and as the dominant non-radioactive contrast media player Polarean disrupts/extends with hyperpolarized gas technology.
Emerging players
- VIDA Diagnostics: Clinical imaging intelligence software for lung biomarker analysis. Partnered with Polarean for centralized imaging operations in PH-ILD and other pharma-sponsored trials; comparable as a complementary lung-imaging analytics provider rather than a direct competitor.
- Cerveau Technologies: Developer of tau PET imaging ligands and CNS-focused diagnostic agents. Tangentially comparable as an emerging specialty diagnostic imaging agent developer partnering with pharma for CNS clinical trial imaging — analogous go-to-market motion to Polarean's pharma services stream.
Regional players
- SimonMed Imaging: One of the largest US outpatient medical imaging provider networks. Strategic Polarean collaboration (Jan 2025) to deploy Xenon MRI across their centers. Comparable as a large-scale customer channel for advanced imaging modalities in the US market.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Polarean social profiles
Digital presencePolarean compliance and trust
Trust signalCompliance4 records
Polarean financial estimates
Financial estimateRevenue estimate
Valuation estimate
Polarean leadership team
Management profileNumber of profiles
Profiles13 records
Polarean subsidiaries and ownership
Company hierarchySubsidiaries1 record
Polarean funding detail
Funding detailFunding overview
Funding rounds2 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Polarean M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Polarean
What does Polarean do?
Polarean manufactures and sells a hyperpolarized Xenon-129 MRI drug-device platform for functional lung imaging. The FDA-approved XENOVIEW contrast agent is administered with the proprietary HPX Hyperpolarizer system (which uses circularly polarized laser light to hyperpolarize xenon gas) and the XENOVIEW 3T Chest Coil, enabling clinicians at hospitals, imaging centers, and research institutions to visualize lung ventilation and gas exchange non-invasively in a single 10-to-15-second breath-hold. Recurring revenue is generated through ongoing Xenon Xe 129 Gas Blend consumable sales.
Is Polarean a public or private company?
Polarean is a public company. It is classified as public and is currently operating.
When was Polarean founded?
Polarean was founded in 2011. It employs 11 to 50 people.
Where is Polarean based?
Polarean is headquartered in Durham, United States, in the North America region.
How does Polarean make money?
Four revenue lines are on record. XENOVIEW Drug-Device Combination Product Sales are the primary driver. The others are HPX Hyperpolarizer and Accessories, xenon Xe 129 Gas Blend Consumables and pharma-Sponsored Clinical Trial Services.
Who are Polarean's main competitors?
Direct peers on record are Guerbet, Curium Pharma and Lantheus Holdings. Broad incumbents are GE HealthCare, Philips Healthcare, Bayer Radiology and Bracco Imaging. Emerging players are VIDA Diagnostics and Cerveau Technologies. SimonMed Imaging is listed as a regional player.
Does Polarean have an API?
No public API is recorded for Polarean.
What industry is Polarean in?
Polarean's product category is Medical Imaging Equipment / Functional Lung Diagnostics. Its primary akta.pro industry code is HLAHABAK, Contrast Media Injectors & Radiology Accessories. Its NAICS code is 334510 and its SIC code is 3841.