Conclusion of a co-financing agreement with the National Centre for Research and Development
The Management Board of Medicalgorithmics S.A. (the “Company”) with its registered office in Warsaw hereby discloses that on 22 December 2017 the Company and the National Centre for Research and Development with its registered office in Warsaw (“NCBiR”) concluded an agreement on co-financing of a project entitled “ECG TechBot – dedicated software using a set of algorithms for automatic interpretation of the ECG signal based on deep learning methods” (“Project”) as part of Measure 1.1 of the Smart Growth Operational Programme 2014-2020 co-financed by the European Regional Development Fund (“Agreement”).
The total cost of Project implementation as well as the total amount of eligible costs is PLN 11,188,007.71, with:
1) the maximum value of expenditure on industrial research eligible for co-financing set at PLN 2,964,947.31;
2) the maximum value of expenditure on development activities eligible for co-financing set at PLN 8,223,060.40.
The maximum co-financing amount is PLN 6,335,240.69, with:
- a) the maximum co-financing amount for industrial research set at PLN 2,223,710.48;
- b) the maximum co-financing amount for development activities set at PLN 4,111,530.21.
The eligibility period of costs for the Project starts on 1 July 2017 and ends on the date of submission of the final payment request, i.e. 31 December 2022.
The Company is required to achieve the targets and ratios specified in the co-financing application and to implement the full material scope of the technological research and development activities, or the development activities and to implement the results of technological research and development activities, or the development activities within a period of 3 years from concluding the Project, in accordance with the co-financing application. Moreover, the Company is required to safeguard the sustainability of the Project’s effects for 3 years since its completion.
The conditions of the Agreement do not differ from those generally applied in such agreements.
Legal basis: Article 17(1) of MAR – inside information.