Investors

MEDIAN Technologies Announces a reserved capital increase of €20 Million

25 August 2014

Investment led by New Enterprise Associates (NEA), a leading US healthcare investor ;

Additional leading healthcare investors including Omega Fund Management and Abingworth, other US and UK based funds as well as MEDIAN Technologies’ historic investors AURIGA partners, DFJ ePlanet Ventures and IDInvest will take part in the transaction ;

This financing will allow MEDIAN Technologies to accelerate its global growth plans and further enhance its customer offerings.

MEDIAN Technologies (ALMDT.PA), a leading medical imaging solutions and service provider for image interpretation and management in oncology clinical trials, cancer screening programs and routine practice in oncology, announced that it has obtained commitments from thirteen non-affiliated and affiliated institutional investors to purchase approximately €20.0 million of its common stock in a capital increase without preferential subscription right reserved to institutional investors led by New Enterprise Associates (NEA) pursuant to article L. 225-138 of the French commercial Code. MEDIAN Technologies has entered into a Subscription Agreement with each of the investors pursuant to which MEDIAN Technologies will sell an aggregate of 2,222,222 units at a price of €9.00.  Each unit is composed of one share of common stock and one warrant. The new shares will be fungible with MEDIAN’s outstanding ‎shares and, upon closing, will represent 36.83% of the share capital of MEDIAN Technologies and will correspond to a dilution of 26.91% for the existing shareholders.

Two warrants shall give the right to subscribe to one share of common stock from the issuance date until the seventh anniversary of their issuance date.  The warrants shall be exercisable at €9.00 per full share of common stock. Warrants shall not be listed on the Alternext Market. If all warrants are exercised, the company would receive an additional €10.0 million of proceeds. The subscription undertakings of each of the investors are subject to customary closing conditions for this type of transaction, particularly obtaining the approval of the Extraordinary Shareholders’ Meeting of MEDIAN Technologies.

Pursuant to the aforementioned Subscription Agreements, MEDIAN Technologies notably undertakes to authorize and carry out all the operations in relation with the possible listing of the MEDIAN Technologies’ shares on the NYSE or Nasdaq regulated market or, failing that, the transfer of the listing of the shares to Euronext Paris.

The financing will be subject to shareholders’ approval during the next Extraordinary Shareholders’ Meeting on September 29th 2014. Founding shareholders as well as major shareholders of MEDIAN Technologies strongly support this transaction, and in this regard, more than two thirds of the current shareholders have already agreed to vote in favour of the resolutions related to this financing to be presented at this Extraordinary Shareholders’ Meeting.

“We believe that the analytics and software solutions developed by MEDIAN Technologies medical are truly disruptive and has the potential to change the way imaging is used within oncology, leading to a real paradigm shift in the development and assessment of new cancer treatments and in the care of cancer patients” said Dr. Otello Stampacchia, Investment Advisor at Omega Fund Management, who will join the Board of Directors as part of this transaction.

“We are proud to have as an investor in MEDIAN Technologies such a prestigious fund as the lead investor NEA, and all the investment funds which are taking part in this transaction. The value added that we provide in oncology imaging, as well as the key differentiators of our product were decisive in  achieving this capital increase with highly regarded and knowledgeable investors in our field” emphasized Fredrik Brag, CEO of MEDIANTechnologies. “This financing will support and further accelerate our international expansion, in particular in the North American and Asian markets for which we have great ambitions, he added.

Cowen and Company, LLC served as placement agent to the Company.

About Median Technologies.

Median Technologies develops medical imaging software and services dedicated to oncology clinical trials, cancer screening, and clinical practice. Median Technologies standardizes and automates the interpretation of medical images in oncology to optimize the diagnosis of cancer patients and the assessment of their response to therapy. Median serves two primary markets: drug development and patient care. Median has a strategic partnership with the world’s largest CRO (Contract Research Organization) to offer integrated imaging services for clinical trials to biopharma sponsors worldwide, and a strategic partnership with Canon to develop new imaging technologies, and to address the patient care market.

Founded in 2002, Median Technologies is based in Sophia-Antipolis, France, and has a US subsidiary in Boston. Median has a global reach and actively works with clinical sites located in Asia, Europe, North and South America, and Australia.

Median has received the label “Innovative company” by the BPI and is listed on Euronext Paris’ Alternext market (ISIN: FR0011049824, ticker: ALMDT). The company is eligible for the PEA PME SME equity savings plan setup.

“We are committed to the improvement of cancer patient outcomes through innovation in medical imaging and quality execution for better screening, diagnosis, and monitoring of patients.”

Contacts

MEDIAN Technologies

Fredrik Brag
CEO
+33 4 92 90 65 82
fredrik.brag@mediantechnologies.com

Actifin (Investors)

Ghislaine Gasparetto
+33 1 56 88 11 11
ggasparetto@actifin.fr

Alizé RP (Press)

Caroline Carmagnol
Wendy Rigal

+33 1 44 54 36 66
median@alizerp.com