MEDIAN signs a strategic partnership agreement with Canon Inc. to develop new products and target new markets. Canon Inc. takes a 15% stake in MEDIAN Technologies and joins the Board of Directors
MEDIAN Technologies today announced the signature of a strategic partnership agreement with Canon Inc. to co-develop and bring to market new products and services in the field of Computer-Aided Diagnosis/Detection (CAD) to be delivered as cloud computing based managed services for the hospital and the pharmaceutical market.
In order to strengthen its long term commitment to the partnership Canon Inc. is acquiring a 15% stake (on a fully diluted basis) in MEDIAN Technologies representing a total investment of 8.6M€.
The transaction is done through:
- The subscription of 223.464 newly issued shares at a price of 8.95€ per share or a total consideration of 2M€,
- The acquisition of 738.360 existing shares from the historical investors and the founders, who agreed to sell a small amount of their shares to make this deal possible.The total amount of outstanding shares after this transaction, is 5.812.302.
To further demonstrate its long term commitment, Canon Inc. has agreed to a 12 months lock up on its shareholding and MEDIAN Technologies has offered a seat on its board to Canon.
The strategic partnership agreement outlines a collaboration framework that will focus on the following areas:
- Canon Inc. and MEDIAN Technologies intend to develop new products and services in the specific technological domains of Computer-Aided Diagnosis/Detection (CAD). In addition to the enhancement of current products, this partnership aims to bring to market new diagnostic and monitoring solutions in oncology as well as developments in other therapeutic domains such as neurodegenerative and cardiovascular diseases.
- Canon Inc. and MEDIAN Technologies will work together to make these solutions available through a cloud computing Software as a Services (SAAS) offering to hospitals and the pharmaceutical market.
- MEDIAN Technologies will focus on developing imaging solutions for the pharmaceutical market including companion/monitoring tests for clinical routine. Canon Inc. will explore the development of new solutions, which include MEDIAN’s CAD applications, for the hospital market segment on a global basis. In particular, Canon Inc. aims to establish major clinical partners both in Japan and the U.S. for testing new imaging solutions which will be developed through the partnership.
MEDIAN Technologies CEO Fredrik Brag said: “We are delighted to engage in a long term partnership with Canon with the goal to develop new products in oncology and to expand into new therapeutic areas while being distributed on a global basis. MEDIAN will also benefit from Canon’s expertise and infrastructure to provide cloud computing services. This is a major step for us to further expand our product offering, market reach and our IPO’s commitments”.
Takashi Mori, Chief, Canon Inc. Medical Imaging Project, said: “Canon has identified medical imaging as a key area of focus and we are continuously developing innovative solutions that will have a significant impact on patient care. Our solutions emphasize improvements in the quality, safety and accessibility of patient care. This partnership with MEDIAN Technologies is a prime example of our commitment to helping physicians to perform better based on clinically proven evidence. We are excited about delivering enhanced medical imaging solutions through this strategic partnership to expand horizons for both parties.”