Imaging software developer Median Technologies has received a disbursement of 15 million euros ($16.3 million), the first tranche of a loan that the company plans to use to further develop its iBiopsy product.
Median received the loan from the European Investment Bank after a loan agreement with the institution was signed in December 2019. The loan allows Median to borrow up to 35 million euros ($38 million). The second and third rounds, consisting of 10 million euros ($10.9 million) each, can be drawn at Median's discretion after the achievement of operational and financial performance milestones.
Median said it plans to use the funds to develop iBiopsy, which will analyze imaging biomarkers to identify the specific signatures of certain diseases for their early detection. The first clinical application for iBiopsy is nonalcoholic steatohepatitis (NASH), with other applications including measuring response to immuno-oncology treatment and for diagnosing hepatocellular carcinoma.
