SOPHIA ANTIPOLIS, France--(BUSINESS WIRE)--Regulatory News:
Median Technologies (Paris:ALMDT), The Imaging Phenomics Company® announced today that it had received the disbursement of €15 million, corresponding to the first tranche of the loan granted by the European Investment Bank (EIB). The loan agreement was signed on December 18, 2019.
The loan agreement allows the Company to borrow up to €35 million. The second and third tranches, in the amount of €10 million each, may be drawn at the discretion of Median Technologies, subject to the achievement of a set of operational and financial performance criteria agreed upon with the EIB.
The objective of this financing, granted by the EIB together with the European Commission, under the guarantee of the European Fund for Strategic Investment (so called ”Juncker Plan), is to support research and innovation projects developed by companies with substantial growth potential. Median Technologies meets these criteria as its iBiopsy® technology has the potential to impact the lives of hundreds of thousands of patients worldwide.
Median develops imaging tests based on the most advanced AI technologies. Using imaging biomarkers, iBiopsy® will identify in an innovative manner the specific signatures of certain diseases for their early detection, the quantification of their severity and their monitoring. The non-invasive imaging tests that the company is developing will help pharmaceutical companies develop new treatment for cancer and NASH patients. They will also provide key information to help patients receive treatment that is adapted to their specific conditions.
Outlook and main elements of the iBiopsy® investment program for 2020
The funding granted by the EIB will cover the iBiopsy® investment program over several years. For 2020, the iBiopsy® roadmap focuses on several priorities: clinical development plan, product roadmap, key clinical and technological partnerships supported by a strategic intellectual property policy.
Clinical development and product roadmap: the clinical development plan will help channel the product deployment strategy in various areas of high clinical utility, such as:
- A test for the non-invasive assessment of hepatic fibrosis (NASH), a disease whose prevalence is significantly increasing worldwide, as well as tests to assess treatment response in patients,
- A test to identify potential responding patients to immuno-oncology treatment to enable biopharmaceutical companies better target the efficacy of their treatment during the phases of clinical tests and match the right treatment with the right patients in clinical routine,
- A test for the detection, characterization and prognosis of HCC.
An assessment of commercial strategies for the reimbursement of tests and regulatory strategies in particular with the Food and Drug Administration (FDA) will also be carried out.
Strategic partnerships: like the collaboration agreement with AP-HP announced on March 2, 2020, Median Technologies will continue its partnership strategy with healthcare institutions and biopharmaceutical companies on a global scale, to ensure access to the best clinical expertise and high-quality imaging data. These partnerships, some of which are already being discussed, will be announced upon their signature. The partnership strategy will also cover agreements with technology companies, to enable the roll out of the iBiopsy® platform by targeted sectors: healthcare institutions for clinical routine and biopharmaceutical companies for clinical research and development.
Intellectual property protection strategy: Median continues to develop its differentiating assets with the implementation at the end of 2019 of a strategy to pursue several patent submissions on iBiopsy®. The innovations developed in 2019 are already the subject of several patents pending in Europe, the United States, China and Japan.
“This first disbursement of the loan granted to Median in December 2019, before the coronavirus crisis, proves the continuous support of the European Investment Bank to the Medtech sector and the health system in general”, said Ambroise Fayolle, Vice-President of the EIB. “To cope with the health crisis that hits all Europe, EIB has decided to increase the financing of the health sector to €5 billion which will enable innovative companies like Median – pioneer in AI and health – to become a leading European company”
“This initial €15 million disbursement from the EIB allows us to strengthen our financial visibility and considerably step up our investment plan for iBiopsy®”, said Fredrik Brag, CEO and co-founder of Median Technologies. “Our current effort to solidify the clinical development plan will drive the iBiopsy product roadmap right through to regulatory filing which we expect to take place in 2021”, he added.
As of the date on which this first loan disbursement is received from the EIB, Median Technologies intends to provide quarterly updates on iBiopsy®, to ensure regularly updated information on its development to the Company’s various audiences.
About the European Investment Bank (EIB): created by the Treaty of Rome and founded in 1958, the EIB is the bank of the European Union, which, together with its dedicated SME support subsidiary the European Investment Fund (EIF), forms the EIB Group. The EIB Group plays a key role in recovery through investment in Europe, and in France in particular. Since 2012, supported by its expertise and the financial attractiveness lent by its AAA rating, the EIB Group has stepped up its activity in France and allocated €8.5 billion of new financing in 2019 to companies and to support innovation. It also provides financial support to projects in strategic sectors such as measures in favor of the climate, energy, healthcare, housing, youth education and training infrastructure. The EIB Group manages the Investment Plan for Europe, more commonly known as the Juncker Plan.
For further information: www.bei.org
About the Investment Plan for Europe: the Investment Plan for Europe, also known as the “Juncker Plan”, aims mainly to remove obstacles to investment, provide greater visibility to investment projects by offering them with technical assistance, and make smarter use of new and existing financial resources. In April 2020, the Investment Plan had already mobilized €466 billion in investments across Europe, of which €78.2 billion in France. 1,140,000 SMEs in Europe have already received support.
About Median Technologies: Median Technologies provides innovative imaging solutions and services to advance healthcare for everyone. We leverage the power of Imaging Phenomics to provide insights into novel therapies and treatment strategies. Our unique solutions for medical image analysis and management in oncology trials and iBiopsy® for imaging phenotyping, together with our global team of experts, are advancing the development of new drugs and diagnostic tools to monitor disease and assess response to therapy. Median Technologies supports biopharmaceutical sponsors and healthcare professionals around the world to quickly and precisely bring new treatments to patients in need. 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” by the BPI and is listed on the Euronext Growth market. ISIN: FR0011049824– ticker: ALMDT. Median is eligible for the French “PEA-PME” investment scheme. For more information: www.mediantechnologies.com