Medicalgorithmics, a Polish provider of world-class cardiac monitoring and ECG signal analysis equipment and technology, has singed a distribution deal covering Israel with SysteMedic. The SysteMedic contract is one of the initial results of the Company’s strategy to strengthen its portfolio with Kardiolytics’ AI algorithm technology that has been enabled by the collaboration with Biofund. Founded in 2002, SysteMedic Ltd. specializes in imports, marketing and distribution of prime medical technology to hospitals, medical centers and clinics across Israel. It represents only the largest leading medical companies in the world by providing cutting-edge technology and innovative solutions.
“Strengthened after the Medi-Lynx divestment and the upcoming transaction with Biofund, in line with our strategic goals we can now focus on business development in which our international expansion is a key element, in addition to the technology development. The Israeli market is the cradle of cutting-edge medical and diagnostic solutions and we are so very pleased to be working with such an important and experienced partner as SysteMedic. Our presence in Israel is going to improve the awareness of our technology beyond that market only and through the global stage which is closely following developments on this local market. The collaboration with SysteMedic is also one of the initial positive results of our collaboration with Biofund. On the one hand, our current and potential business partners perceive Medicalgorithmics as a solid organization, further strengthened by this new partnership and providing the best solutions for cardiac arrhythmia diagnostics on the market, called Pocket ECG, and soon QPatch and DeepRythmAI. On the other hand, they notice the extra potential stemming from our portfolio of cardiology solutions that is now expending thanks to ours and Kardiolytics’ development and marketing of VCAST (Virtual Coronary Stress Test) technology which takes advantage of artificial intelligence algorithms to automatically analyze cardiac CT data. This will be enabled once we acquire Kardiolytics. The use of AI is the future of cardiology as it reduces the time required to make a complete and accurate diagnosis, further leading to significant increase in survival and cure rates among cardiovascular patients. We are very pleased to be part of the advancement of this highly important field of diagnostics,” says Jaroslaw Jerzakowski, Member of Board, Medicalgorithmics S.A.
On September 1, 2022, an investment agreement was signed between Medicalgorithmics and Biofund Capital Management LLC based in Dover, USA, to acquire 4,976,384 new shares in the Company, namely 49.99% general meeting votes which Biofund will gain for a contribution of approx. PLN 220 million. The issue price will be PLN 44.27 per share. The transaction will make Medicalgorithmics the exclusive owner of all shares in Kardiolytics Inc, which is a developer of algorithms for automated cardiac CT image analysis used in non-invasive diagnosis of coronary artery disease. The decision to issue the new shares as needed for the Biofund transaction will be made by the Extraordinary General Meeting of Medicalgorithmics on October 28, 2022.