Biofund has finalized the investment in Medicalgorythmics in the amount of PLN 13.8 million

Biofund Capital Management LLC made a payment of PLN 13.8 million to Medicalgorithmics resulting from the implementation of the concluded investment agreement, Medicalgorithmics reported. As a result of this condition precedent, Kris Siemionow, Paweł Lewicki and David Cash joined the Supervisory Board of Medicalgorithmics.

“The investment agreement concluded between Medicalgorithmics and Biofund provides for the acquisition of 4,976,384 shares of the company in the increased share capital, i.e. 49.99% of votes at the general meeting of the company, by Biofund for a contribution of approx. PLN 220 million (cash contribution of PLN 13.8 million million PLN and a non-cash contribution in the form of 100% of shares in Kardiolytics valued at USD 44,890,589 by BakerTilly TPA)” – we read in the release.

As a result of the transaction, Medicalgorithmics will become the owner of 100% of the shares and will actually combine its activities with Kardiolytics - the creator of algorithms for automatic analysis of CT images of the heart for non-invasive diagnosis of coronary artery disease. In addition, the company will obtain financing that will accelerate the further development of both projects. This will allow the creation of an entity capable of offering a comprehensive range of services to patients, taking full advantage of today's access to the Medicalgorithmics market and the competence resources of both companies and Biofund LLC.

Medicalgorithmics is a high-tech company present on the market since 2005, operating in the field of non-invasive medical devices. The Group strives to become a leading provider of system and algorithmic solutions in cardiological diagnostics, in particular in the field of ECG signal analysis. The company operates in, among others, the USA and Asia. In 2014, the company moved to the main market of the Warsaw Stock Exchange from NewConnect, where it had been listed since 2011.

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