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    ALMDT   FR0011049824

MEDIAN TECHNOLOGIES

(ALMDT)
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Median Technologies : Half-year financial report 2021

10/21/2021 | 12:04pm EST

Half-Year Financial Report

June 30, 2021

Median Technologies SA

This is a free translation into English of the Financial Report issued in French and it is provided

solely for the convenience of English-speaking users.

1. PRESENTATION OF THE GROUP

SUMMARY

1. PRESENTATION OF THE GROUP ......................................

- 2 -

A.

OVERVIEW ...................................................................................................................................................

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B. HISTORY OF THE COMPANY ........................................................................................................................

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C. MEMBERS OF THE BOARD OF DIRECTORS ..................................................................................................

- 6

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D.

HISTORY OF FUND-RAISING SINCE ITS INTRODUCTION ..............................................................................

- 8

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E.

SHAREHOLDER STRUCTURE AS OF JUNE 30, 2021 ......................................................................................

- 9

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F.

HISTORY OF SECURITIES PLAN ...................................................................................................................

- 10

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P a g e | - 2 -

Half-year Financial report as of June 30, 2021

1. Presentation of the group

A. OVERVIEW

Our mission, our vision

Median Technologies pushes the boundaries of medical imaging analysis. For patients with cancer and other serious chronic diseases, we develop image analysis solutions that advance health and open up the field of predictive and personalized medicine, the medicine of tomorrow.

Innovative solutions and services for analyzing medical images

Medical images reveal diseases as they really are, at all stages, and allow their progress to be followed non-invasively.

Median Technologies uses the data contained in medical images by leveraging the most recent Artificial Intelligence (AI) technologies, and develops digital biomarkers that enable both the early diagnosis and monitoring of diseases over time. The innovative solutions developed by Median, and the services associated with them, target both the clinical development market (clinical trials) and diagnostic market.

We are present in the United States, to date the largest clinical trials and diagnostics market, in Europe and also in China, a growing region in the clinical development and diagnostics marketplace.

Our two proprietary platforms, iSee® for the iCRO business, for analyzing and managing images in clinical trials, and iBiopsy® for early, non-invasive,imaging-based diagnostics, harness the power of medical images to accelerate therapeutic innovation and improve the care of patients with cancer and other chronic diseases.

More specifically, our iBiopsy® platform in development integrates the most advanced Artificial Intelligence technologies and draws on Median Technologies' expertise in the fields of data science and medical image processing. iBiopsy® enables the development of non- invasive digital biomarkers based on images and targets indications for which unmet medical needs persist in terms of early diagnosis, prognosis and selection of treatments in the context of predictive and precision medicine. The positioning of iBiopsy® has crystallized around several indications, through clinical development plans that have progressed in parallel throughout 2020 and 2021. iBiopsy® today primarily targets three fatal diseases with high impact in terms of public health and for which it has been shown that an early diagnosis, when the disease is still either reversible or curable, would reduce mortality: lung cancer, non-alcoholic fatty liver disease (NASH), and primary liver cancer.

By combining science, technology, quality and operational excellence, Median enables a unique approach for medical images to contribute to the deployment of personalized and predictive medicine, and lead to better patient outcomes.

P a g e | - 3 -

Half-year Financial report as of June 30, 2021

1. Presentation of the Group

Clinical and technological partnerships with impact

Since the inception of the company, we have built trusted partnerships with leading medical centers around the world and strategic collaborations with technology industry global leaders.

Behind our technology, our teams

As individuals and as a team, we are driven by our four essential corporate values : giving meaning to healthcare innovation, placing patients at the heart of our purpose, helping our clients to achieve their objectives, and putting quality at the heart of what we are and what we do. These values define who we are, what we do, how we do it, and what we aspire to.

We strive to apply these values in the relationships between company employees, and in the relationships with our customers and partners; these values are also key to driving all the projects we work on.

We are changing the way medical images are used in clinical trials and patient care : we extract high quality advanced digital biomarkers from medical images, non-invasively, so that they become the standard for the development of new therapies, for the diagnosis of diseases and the treatment of patients. In our day-to-day work, there is no greater satisfaction than making a difference that helps save or improve the lives of millions of patients.

B. HISTORY OF THE COMPANY

2002 - The company is created in Sophia Antipolis, France.

2007 - All the developments made by the company during its early years are structured into a portfolio of clinical applications named LMS "Lesion Management Solutions". Applications aimed at routine radiology are marketed in Europe, then in the United States after obtaining FDA clearance (510 K).

2011 - The company deploys a set of services specifically tailored for image management in oncologyclinical trials (iCRO). These services are based on the LMS applications' technology.

2016 - Median initiates the start of R&D activity using imaging phenomics, Big Data and artificial intelligence (AI) technologies. The project is named iBiopsy®.

2018-2019- Median strengthens the position of its iCRO activities with the creation of its Chinese subsidiary in Shanghai, which follows its subsidiary in the United States in 2017. Median is reorganizing its activities around two areas :

iCRO for clinical trial imaging services using its iSee® platform;

iBiopsy®, around which scientific and software development activities are concentrated; the foundation of the Company's innovation and expected to be its main growth driver for the years to come.

Median Technologies signs a €35M loan agreement with the European Investment Bank (EIB), as part ofthe Juncker Plan, the European Fund for Strategic Investment, which aims to

P a g e | - 4 -

Half-year Financial report as of June 30, 2021

1. Presentation of the Group

support research and innovation projects developed by companies with high growth potential.

2020 - iCRO business continues to grow. By the end of 2020, the company had been involved in more than 130 clinical trials conducted by biopharmaceutical companies, including an ever increasing proportion of phase III trials, which are the trials prior to marketing authorization applications for newdrugs.

The first encouraging results validating the iBiopsy® technology are published on the clinical development plans in NASH and liver cancer. A framework research collaboration agreement is signed with Assistance Publique - Hôpitaux de

Paris (AP-HP) and enables the launch of two clinical studies in liver cancer.

The company receives the first payment of €15M as the first tranche of the €35M loan granted in 2019 by the EIB.

First half of 2021 - A major research collaboration agreementis signed with the University of California San Diego (UC San Siego). Median Technologies raises €28.1M to accelerate the development of iBiopsy® and provide financial resources for growth. The Company launches a new clinical development plan in lung cancer screening. This clinical development plan becomes the first positioning of iBiopsy®.

P a g e | - 5 -

Half-year Financial report as of June 30, 2021

1. Presentation of the Group

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Median Technologies SA published this content on 21 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2021 16:03:04 UTC.


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Sales 2021 20,6 M 23,3 M 23,3 M
Net income 2021 -14,7 M -16,6 M -16,6 M
Net cash 2021 20,2 M 22,9 M 22,9 M
P/E ratio 2021 -16,1x
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Capitalization 242 M 273 M 274 M
EV / Sales 2021 10,8x
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Nbr of Employees 155
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Mean consensus BUY
Number of Analysts 2
Last Close Price 15,68 €
Average target price 32,65 €
Spread / Average Target 108%
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Managers and Directors
Fredrik Bjjorn Brag Chief Executive Officer & Director
Jean-Christophe Montigny Chief Financial Officer
Oran E. Muduroglu Chairman
Nozha Boujemaa Chief Scientific & Innovation Officer
Yan Liu Chief Medical Officer
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