Median Technologies Reports Its Business Activity for the First Half of 2023 and Announces the First Step of Its Refinancing Plan - Seite 2

During the first half year of 2023, the Company finalized contracts with US- and EU-based academic clinical sites involved in the pivotal validation plan for the iBiopsy LCS CAe/CADx Software as Medical Device. The Company is currently finalizing the operational onboarding of these sites, a phase that began in the third quarter of 2022. The Company is aiming to obtain marketing authorizations of iBiopsy LCS CADe/CADx Software as Medical Device on the US market as well as the CE marking for the European market, in 2024.

Progress of the Company's initiatives to extend its financing outlook until 2025

As at June 30, 2023, Median Technologies' cash and cash equivalents stand at €8.3M, compared to €13.1M at March 31, 2023, i.e. an average monthly burn rate of €1.6M for the second quarter of 2023 compared to €2.7M for the first quarter of the year.

On April 20, 2023, the Company announced that it could finance its operations until December 2023 and specified that it was in advanced negotiations with long-term shareholders and financial partners to reinforce the company's capacities to grow.

The Company is also announcing the signature of a Securities Purchase Agreement with Celestial Successor Fund, LP ("CSF"), for a convertible bonds issuance (the "Convertible Bonds") to CSF for an amount of €10 million. The Convertible Bonds, with a 7-year maturity, will bear paid-in-kind interest at a rate of 8.5%. The conversion price of the Convertible Bonds will be set according to a formula including a 25% premium over the average of the closing price of the Company’s ordinary shares. CSF's subscription to the Convertible Bonds remains subject to in particular the completion of a capital increase for a minimum amount of €10 million by December 31, 2023.

The Company's initiatives to reinforce its cash and equity positions aim to extend the financing outlook until 2025.

Finally, subject to certain conditions, the Company may draw the second tranche of the loan granted by the European Investment bank (EIB) for a further €10 million.

Disclaimer:The preliminary figures set forth above are based on management’s initial review of the Company’s operations for the period ending June 30, 2023 and are subject to revision based upon the finalization of the limited review conducted on the full year financial statements by the Group's statutory auditors. Actual results may differ materially from these preliminary figures as a result of the completion of H1 closing procedures, final adjustments and other developments arising between now and the time that the Company’s financial results are finalized, and such changes could be material. In addition, these preliminary figures are not a comprehensive statement of the Company’s financial results for H1 2023, should not be viewed as a substitute for condensed interim financial statements prepared in accordance with generally accepted accounting principles, and are not necessarily indicative of the Company’s results for any future period.