France-based medical imaging company Median Technologies is set to raise €20m ($26.3m) through a share subscription to investors including IDInvest Partners, the venture firm backed by insurance company Allianz.
Median will sell 2.2 million shares priced at €9m ($11.90) each, and has secured commitments from 13 investors including IDInvest, New Enterprise Associates, Omega Fund Management, Abingworth, Auriga Partners and DFJ EPlanet Ventures.
The collective stake represents 36.8% of the company’s share capital, corresponding to a 26.9% dilution for existing shareholders, which include imaging equipment maker Canon and the state-backed Kuwait Life Science Company.
Founded in 2002, Median produces advanced imaging products for use in diagnosing and monitoring cancer patients.
Fredrik Brag, Median Technologies’ CEO, said: “This financing will support and further accelerate our international expansion, in particular in the North American and Asian markets for which we have great ambitions.”