On August 1, 2025 Median Technologies (FR0011049824, ALMDT, PEA-PME scheme eligible, "Median" or the "Company"), manufacturer of eyonis, a suite of artificial intelligence (AI) powered Software as a Medical Device (SaMD) for early cancer diagnosis, and a leading provider of AI-based image analyses and central imaging services for oncology drug developers, reported the success of its capital increase targeting institutional and retail investors through a priority subscription period, a public offering, and a private placement with qualified investors (together, the "Offering") (Press release, MEDIAN Technologies, AUG 1, 2025, View Source [SID1234654710]). The Offering was exclusively open to investors, whether retail or institutional, subscribing for a minimum amount of €100,000 per investor. As a result, subscription requests for a total amount below €100,000 per investor were not allocated.
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The Offering, launched on July 23, 2025, amounted to a total gross proceed of 23.9 million euros, including the issuance premium. The Company exercised the extension clause granted by the Board of Directors as part of the transaction for an amount of 1.9 million Euros.
"I would like to thank all our investors—both institutional and individual—for their support and trust during this capital increase. We are particularly proud to have expanded and strengthened our shareholder base with the participation of renowned Swedish, US, French, German and UK investors (Lungstrom Family Office, Lion Point Life Science Partners, Celestial Successor Fund, Matignon Finance, Invus, Herald Investment Trust, et Tragara Holdings). We also welcome the continued commitment of representatives of the Brag family and friends, who have renewed their trust in the future of the Company.
"This equity financing adds to the up to €37.5 million EIB financing line signed in July 2025 and allows us to meet the contractual conditions to draw down the first €19 million tranche. The Company’s cash runway is now extended through the fourth quarter of 2026, and potentially way beyond with the full exercise of the warrants, which can generate additional equity of €51.7 million", said Fredrik Brag, CEO and Founder of Median Technologies.
"This transaction provides us with the solid financial resources needed for the commercial launch of our Software as a Medical Device eyonis LCS in the United States, while also strengthening our position to finalize negotiations with commercial partners for the distribution of our eyonis LCS product. Furthermore, the funds raised will also enable us to continue and accelerate our technological and clinical development efforts for the next medical imaging software devices in our eyonis suite—namely, eyonis IPN for the incidental detection of lung cancer, and eyonis HCC for the early diagnosis of primary liver cancer", Brag added.
Main terms of the Offering
The Offering, carried out with the cancellation of shareholders’ preferential subscription rights and including a five-trading-day subscription period (on both irreducible and reducible bases), amounted to total gross proceeds of 23.9 million euros, including the issuance premium.
In accordance with the Regulation (EU) 2017/1129, the Offering was addressed to investors, whether retail or institutional, who will subscribe to it for a total consideration of at least €100,000 per investor.
In total, the Offering resulted in the issuance of 14,424,541 new ordinary shares of the Company (the "New Shares"), each accompanied by a warrant (the "Warrants" and, together with the New Shares to which they are attached, the "ABSA"). The new ABSA were issued at a price of €1.66 per ABSA, including the issuance premium, representing approximately 72.3% of the Company’s existing share capital on a non-diluted basis. This price reflects a nominal discount of 17.9% compared to the volume-weighted average price (VWAP) of the Company’s shares over the twenty trading days preceding and through the date of July 18, 2025.
The Offering was allocated as follows:
On an irreducible and reducible basis during the priority subscription period to existing shareholders: 9,201,890 new ABSA, representing 64% of the capital increase,
As part of the public offering in France: 241,224 new ABSA, representing 2% of the capital increase,
As part of the Global placement targeting qualified investors (the "Global Placement"), which included (a) a private placement to a limited number of accredited investors (as defined in Rule 501(a) of the U.S. Securities Act of 1933 (the "Securities Act")) and/or qualified institutional buyers (as defined in Rule 144A of the Securities Act), and (b) an international offering outside the United States in "offshore transactions" pursuant to Regulation S of the Securities Act ("Regulation S"), (A) within the European Union (including France), to qualified investors as defined in Article 2(e) of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017, as amended, and (B) outside the European Union (excluding South Africa, Japan, Australia, and Canada) in accordance with applicable laws in each relevant jurisdiction: 4,981,427 new ABSA, representing 35% of the capital increase.
Settlement and delivery of the ABSA and their admission to trading on the Euronext Growth Paris market is expected to take place on August 5, 2025. The New Shares will be of the same class and fully fungible with the Company’s existing ordinary shares, will carry all rights attached to existing shares, and will be admitted to trading on Euronext Growth Paris under the same ISIN code: FR0011049824 – ALMDT.
Two warrants attached to the new shares entitle the holder thereof to subscribe for three new ordinary shares of the Company at a total exercise price of €7.17, i.e., an exercise price of €2.39 per new ordinary share. The theoretical value of each warrant is €0.90 per new ordinary share, based on the Black-Scholes model and assuming a volatility of 76%. The warrants will be detached from the new shares immediately upon issuance and will be admitted to trading on Euronext Growth under ISIN code FR0014011D04.
The full exercise of the 14,424,541 warrants subscribed as part of the Offering would represent additional gross proceeds of 51.7 million euros. The warrants will expire 30 months after their issuance date, i.e., on 5 February 2028.
The Offering did not and will not require the preparation of a prospectus subject to approval by the French Financial Markets Authority (Autorité des Marchés Financiers), in accordance with Article 1.4.d) of Regulation (EU) 2017/1129 of the European Parliament and of the Council dated June 14, 2017, as amended.
Intended use of the transaction’s net proceeds
Approximatively one-third of the net proceeds will be used to support eyonis Lung Cancer Screening (LCS) progress towards major milestones consisting of commercial launch and sales development in the U.S,
Approximatively one-third of the net proceeds will be used to accelerate the expansion of Median’s proprietary suite of Software as a Medical Device, eyonis, for image-based early cancer diagnosis, notably the scientific and clinical development of Software as a Medical Devices for incidental findings of pulmonary nodules (eyonis IPN) and liver cancer early diagnosis (eyonis HCC), and
Approximately one-third of the net proceeds will be used to finance the Company’s general corporate needs and to support its cash position through the fourth quarter of 2026.
Furthermore, successful settlement and delivery of the Offering is expected to allow the Company to fulfill its contractual obligations with the European Investment Bank (EIB), enabling the drawing down of the €19 million first tranche of the new financing facility without delay. The signature of the new EIB financing facility of a total amount of €37.5 million had been announced on July 11, 2025.
Impact of the Offering on the Company’s shareholding structure
Shareholders
Before Offering
After completion of the Offering
Shares
% shareholding
Shares
% shareholding
Furui Medical Science Company Luxembourg
1,507,692
7.8%
1,507,692
4.5%
Celestial successor fund LP
1,288,958
6.6%
2,553,312
7.5%
Founders, Managers, Employees
1,184,998
6.1%
1,245,240
3.7%
Canon Inc.
961,826
4.9%
961,826
2.8%
Abingworth bioventures VI LP
956,819
4.9%
956,819
2.8%
Free float
13,549,988
69.7%
26,649,933
78.7%
Total
19,450,281
100.00%
33,874,822
100.00%
Financial intermediary
TP ICAP Midcap acted as global coordinator and bookrunner for the Offering.
Risk factors
The principal risk factors related to the Offering are spelled out below:
Shareholders who did not subscribe to the Offering will have their percentage interest in the Company’s equity diluted as a result of the issuance of the New Shares, and may experience further dilution upon the potential exercise of the Warrants as well as, more generally, through any future capital increases that may be required to support the Company’s financing needs.
The market price of the Company’s shares could fluctuate and fall below the subscription price of the ABSAs and/or not reach a sufficient level to make the exercise of the BSAs attractive.
The volatility and the liquidity of the Company’s shares could fluctuate significantly.
Those other risk factors relating to the Company and its activities contained in Note 6, Section "P. Specific Risk Factors" to the Company’s Annual Financial Report, available on the Company’s website www.mediantechnologies.com in the "Investors" section.