Polarean

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.

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

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

• Hyperpolarized MRI imaging
• Lung ventilation diagnostics
• Medical imaging contrast agents
• Xenon gas polarizers
• Radiation-free functional imaging

Headquarters

HQ city

Durham

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Marketing or Sales, Supply Chain, Operations

Revenue model

1. 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.
2. HPX Hyperpolarizer and Accessories: Sale of HPX Hyperpolarizer systems, HPX Measurement Stations, HPX Gas Manifolds, and associated equipment to research institutions and clinical sites.
3. 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).
4. 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

Core 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

Named customers4 records

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability2 records

Feature5 records

Partnerships

Five partnerships are on record, tiered major.

• VIDA DiagnosticsmajorTechnology or Integration · 20 January 2026Collaboration 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.majorChannel Partner/ Reseller/ Distributor · 24 November 2025Exclusive 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.
• PhilipsmajorTechnology or Integration · 16 May 2025Strategic 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 or Co-development Partner · 28 January 2025Strategic 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 HealthCaremajorTechnology or Integration · 21 November 2024FDA 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

Direct 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

• Xtwitter.com/PolareanImaging
• Facebookfacebook.com/polarean
• LinkedInlinkedin.com/company/polarean-inc-
• Instagraminstagram.com/polarean_imaging

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors2 records

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M&A

Investments

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Frequently asked questions about Polarean