Receipt of aid funds in the amount of USD 1.9 million (PLN 7.8 million) by a subsidiary of the Issuer
Current report no. 55/2021
Legal basis: Legal basis: Article 17 para. 1 of MAR – confidential information
The Management Board of Medicalgorithmics S.A. (“Company”) informs that the subsidiary Medi-Lynx Cardiac Monitoring LLC (“Medi-Lynx”) has raised USD 1.9 million under the Provider Relief Fund Phase 4 payment for suppliers of the Department of Health and Human Services United States (“HHS”) to cover their lost revenue due to SARS-CoV-2 and healthcare-related expenses.
In accordance with the provisions of the above-mentioned of the program (details https://www.hrsa.gov/provider-relief/future-payments) part of the amount received, spent under certain conditions for financing operating activities, is non-returnable. According to the information obtained by the Management Board of the Company, Medi-Lynx plans to spend the funds raised in full in accordance with the terms enabling the loan cancellation.
In 2020, Medi-Lynx also received funds from this program in the amount of approximately USD 1 million (PLN 4.0 million), and this amount was not returned and was cancelled.