Medicalgorithmics S.A., a global innovator in ECG and cardiac imaging diagnostics, has seen its shares acquired by leading Polish Open Pension Funds (OFE), Investment Fund Managers (TFI), and family foundations. Biofund Capital Management LLC, the main shareholder of Medicalgorithmics, has once again expanded the company’s institutional shareholder base by selling 2.1 million shares valued at nearly PLN 70 million. The transaction comes in response to high investor demand following the Company’s announcement of breakthrough estimated results for Q4 2025.
Simultaneously, Biofund has submitted a binding offer to the Company, including a 12-month lock-up agreement and a significant reduction in financing costs for the loan granted in 2024. The fund has also committed to negotiations regarding the conversion of the loan (including interest) into Company shares.
The WSE-listed medtech company has successfully completed the first stage of its transformation, focusing on the development of innovative cardiac diagnostic software. This pivot has resulted in a record number of contracts, leading to above-average revenue growth and a return to EBITDA profitability.
– Medicalgorithmics is currently at its best moment since we invested in the Company. We have transformed it into a technological innovator whose unique AI algorithms—validated by a publication in Nature—are conquering the world – comments Prof. Paul Lewicki, co-founder of Biofund, a renowned scientist and one of the fathers of data mining. – A company that struggled with many challenges just a few years ago is now recording double-digit growth rates, positive EBITDA, and securing new contracts across various countries. We are not surprised by the interest from leading Polish financial institutions – adds.
Last year, the Polish medtech firm signed a record 20 agreements (up from 14 in 2024), which translated into a significant share price increase of +85% in 2025. However, the fourth quarter proved to be the turning point. During this period, the Company recorded estimated consolidated sales revenues of PLN 10.2 million, representing an increase of +74% YoY and +42% QoQ. Simultaneously, the Company reported a positive estimated EBITDA of PLN 1.0 million. This shift in the business model and the entry onto a growth path were made possible by Biofund’s investment and the leadership of Dr. Kris Siemionow, one of the fund’s shareholders and founders.
– We are pleased that the Company is gaining recognition among many leading Polish financial institutions, which declared demand for nearly PLN 70 million. This group includes a truly large, leading Polish fund. Investor confidence in Medicalgorithmics’ potential is evidenced, among other things, by the narrow discount between the market price and the transaction price – says Dr. Kris Siemionow, CEO of Medicalgorithmics and shareholder of Biofund Capital Management. –Despite selling a significant block of shares, we intend to support Medicalgorithmics long-term. Biofund remains the Company’s largest shareholder and plans to continue the close cooperation that has proven so fruitful over the past two years – comments Kris Siemionow.
As part of the transaction, Biofund offered the Company revised terms for the Loan Agreement that significantly lower financing costs, specifically waiver of the right to a 3% commission on revenues from new customers, reduction of the loan interest rate from 18.5% to 14%, extension of repayment maturity dates by 6 months an a 12-month lock-up on all remaining shares held by Biofund. The Fund declaired also a readiness to negotiate the conversion of the USD 3 million loan (principal plus accrued interest) into shares.
Biofund Capital Management LLC is an American venture capital fund based in Miami, Florida, focusing on Life Sciences, medicine, and modern medical technologies. The fund was founded by two prominent representatives of the American medical and scientific world of Polish origin: Dr. Kris Siemionow (surgeon and medical entrepreneur) and Prof. Paul Lewicki (pioneer in Data Mining, founder of StatSoft, and creator of the STATISTICA system). Biofund’s investment portfolio includes companies such as Biometryks, Dystrogen Therapeutics, and Dystrogen Gene Therapies.
In this transaction, Biofund Capital Management LLC sold 2.1 million shares, representing approximately 21% of the total shares of Medicalgorithmics.