Investment led by New Enterprise Associates (NEA), a leading US
healthcare investorAdditional 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.
SOPHIA ANTIPOLIS, France--(BUSINESS WIRE)--
MEDIAN Technologies (PARIS:ALMDT), 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
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 inachieving this capital increase with
highly regarded and knowledgeable investors in our field," emphasized Fredrik
Brag, CEO of MEDIAN Technologies. "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,"
Cowen and Company, LLC served as placement agent to the Company.
About MEDIAN Technologies: For more information on MEDIAN, please
This press release is for information purposes only. According to
article 211-3 of the AMF’s General Regulation, this capital increase
through a private placement has not given and will not give rise to a
prospectus approved by the AMF.
This press release does not constitute and may not be considered as a
public offer, a subscription offer or a solicitation of public interest
for a public offering of financial securities nor does it constitute an
offer to sell or the solicitation of a subscription for, or any offer to
buy, any securities in France, The United States or any other
Fredrik Brag, CEO
+33 4 92 90 65 82
Valentine Boivin/Sophie Colin
33 1 70 22 53 93
+ 33 1 56 88 11 11
Source: MEDIAN Technologies