Healthcare

Bryan, Garnier & Co acts as Sole Global Coordinator & Sole Bookrunner on Median Technologies’ EUR 21.6 million Follow-On Offering & Convertible Bonds Issuance

Median Technologies is a French HealthTech company specialising in the computer-assisted processing of medical imaging using Artificial Intelligence to both manage & analyze images in oncology clinical trials and diagnose and monitor different cancers and fibrotic diseases.

The company operates with two business models :

  • iCRO: imaging solutions and services for clinical trials based on the iSee proprietary imaging platform. iCRO image analysis and management solutions help biopharma companies drive their oncology clinical studies toward successful approval. Moreover, Imaging Lab, an enriched iCRO offering, adds value to drug development programs with transformative AI-powered insights. iCRO currently generates all of the Company’s revenue across Europe, the United States and China.
  • iBiopsy: AI/ML tech-based Software as Medical Devices (SaMD) to help diagnose early solid cancers and fibrotic diseases. iBiopsy develops advanced precision biomarkers in medical images to enable the early diagnosis of solid cancers and fibrotic diseases in a non-invasive way. iBiopsy’s most advanced development program addresses the Lung Cancer Screening market for which the Company is running the regulatory/clinical path to obtain FDA Clearance for the US market and the CE Mark for the EU market in 2024.

Median Technologies posted H1-23 revenues of €11.4m and has €64.6M in order backlog.

Bryan, Garnier & Co acts as Sole Global Coordinator and Sole Bookrunner on a €21.6m follow-on offering & convertible bonds issuance for Median Technologies.

The transaction was launched after a wall-cross exercise that showed strong support from existing shareholders and strong interest from Long-Only investors from various geographies.

  • The transaction was priced at €4.70 per share, representing a discount of 6.93% against the last market closing price on July 12, 2023.
  • In total, c.2.5m new shares were offered on the Global Offering resulting in €11.6m gross proceeds for the company of which €11.2m allocated to both Tier-1 healthcare specialists and institutional generalists across Europe (96.4%) and €0.4m to retail investors in France (3.6%).
  • Median Technologies also issued €10m in convertible bonds subscribed by one of the Company’s historical shareholders: Celestial Successor Fund LP. The bonds will have a 7-year term, will bear interest at 8.5% interest (paid-in-kind) from issuance and have been set with a conversion price of €6.458.

Proceeds will be used to continue to scale & grow the iCRO business as well as further develop the iBiopsy Lung Cancer Screening program, including submission to US FDA (510(k)) for an expected marketing authorization in 2024. It will also allow Median to extend its financing outlook until 2025.

This marks another visible transaction for the Healthcare Franchise of Bryan Garnier following Medincell €25 Follow-On, Egetis SEK 210m Follow-on or Abivax €130m cross-over financing.

Median Technologies provides innovative imaging solutions and services to advance healthcare for everyone. We harness the power of medical images by using the most advanced Artificial Intelligence technologies, to increase the accuracy of diagnosis and treatment of many cancers and other metabolic diseases at their earliest stages and provide insights into novel therapies for patients. Our iCRO solutions for medical image analysis and management in oncology trials and iBiopsy®, our AI-powered imaging platform for the development of software as medical devices (SaMD) help biopharmaceutical companies and clinicians to bring new treatments and diagnose patients earlier and more accurately. This is how we are helping to create a healthier world.

Founded in 2002, based in Sophia-Antipolis, France, with a subsidiary in the US and another one in Shanghai, Median has received the label “Innovative company” from the BPI and is listed on the Euronext Growth market (Paris). FR0011049824– ticker: ALMDT. Median is eligible for the French SME equity savings plan scheme (PEA-PME).

For more information, visit Median’s website following this link: www.mediantechnologies.com