Current Report No: 4/2025
Date: Febraury 4, 2025.
Legal Basis: Article 17(1) of the MAR Regulation – Confidential Information
The Management Board of Medicalgorithmics S.A., headquartered in Warsaw (the “Company”; the “Issuer”), announces the signing of a service agreement (the “Agreement”) with Hamilton Health Sciences Corporation (“HHSC”) through the Population Health Research Institute (“PHRI”; the “Institute”), based in Ontario, Canada.
Under the Agreement, Medicalgorithmics S.A. will collaborate with the Institute on a multicenter clinical study coordinated by PHRI, titled Surgical Ablation of Atrial Fibrillation Efficacy (SAFE) (the “Study”), by providing PHRI with patient telemetry monitoring and ECG analysis services (using PocketECG devices) for study participants (the “Services”).
The Services provided by the Company will include:
- Telemetry and Holter monitoring of ECG parameters from PocketECG devices used in the Study,
- Online training for PHRI and hospitals on the operation and use of PocketECG,
- Leasing up to 500 PocketECG devices to PHRI for a fee, based on agreed usage rates.
The Agreement has been signed for a fixed term of seven (7) years. PHRI may terminate the Agreement with immediate effect upon written notice in the event of a material breach by the Company, following an unsuccessful 14-day cure period. The Agreement may also be terminated by mutual consent of both parties. Additionally, the Study and the Agreement may be discontinued if the regulatory authority, Health Canada, withdraws its approval for the clinical trial due to an increased risk-to-benefit ratio for study participants.
According to the Management Board’s assessment, estimated revenues from the Agreement will total up to EUR 310K over its duration, until 2031. However, the Company expects that the full scope of the Agreement and compensation may be realized within approximately 30 months, i.e., by early 2027. In the initial phase, during the first quarter of 2025, the Company may receive around EUR 30K, with the remaining compensation distributed over the actual duration of the Agreement in line with the number of studies conducted.
PHRI is a joint institute of McMaster University and Hamilton Health Sciences. It collaborates with research networks and other institutes in Ontario, across Canada, and globally. As a research institute, PHRI has conducted studies involving 1.5 million participants across 105 countries on six continents. PHRI’s research contributes to advancements in medical therapies worldwide.
According to the Management Board of the Company, the collaboration with PHRI will strengthen the Company’s market position and systematically increase the scale of its clinical research operations and revenues. This is the Company’s fourth agreement in the clinical research business sector, with estimated total revenues from these four agreements expected to reach approximately EUR 580K over the next two years (around EUR 230K in 2025 and EUR 350K in 2026).