Median Technologies (ALMDT) has received approval from the European Investment Bank to draw down the final tranche of the loan granted on December 18, 2019, and renegotiated at the end of 2022.
The final tranche of 8.5m Euros will be disbursed in early January 2024. This financing has a maturity of five years and bears interest at 5% capitalized. Median has simultaneously issued 300,000 warrants, at an exercise price of 4.465 Euros, with an expiry date in 2035.
“Tranche B of the EIB’s €8.5m financing will enable us to continue our investment plan for eyonis and its early cancer diagnosis programs. Combined with our other fundings of 2023, this transaction strengthens our financial visibility and extends our cash flow horizon to the first half of 2025,” said Fredrik Brag, CEO, and founder of Median. He further adds, “Median Technologies is a world leader in the development of AI-based medical imaging solutions. These solutions are revolutionizing patient diagnosis, treatment, and survival, as well as the development of new cancer therapies. Whereas the impact of AI is a daily subject of discussion and is often much feared, in our sector, AI is set to have a colossal impact on saving patients’ lives. In 2023, Median continued to develop its solutions for patient care and drug development, and these initiatives will continue to fuel our newsflow in the first half of 2024, and beyond.”