Medicalgorithmics, a Warsaw Stock Exchange-listed developer of an innovative platform and AI algorithms for ECG analysis, has signed an agreement to amend its loan agreement with Biofund Capital Management. The agreement reaffirms Biofund's commitment to convert the loan obligations due in 2024 into company shares at a price of PLN 33 per share and extends the deadline for its approval by the General Meeting of Shareholders until the end of July this year. The General Meeting of Shareholders will decide on the share issue, which will ultimately be used to carry out the conversion. The signed amendment to the agreement constitutes the next stage in the process of converting the liabilities under the aforementioned loan, which was offered to the Company by the Biofund in January of this year.
The failure to pass the resolution on the conversion into the Company's shares at the last General Meeting was due to an insufficient number of votes registered at the General Meeting.
- Our plans remain unchanged. Biofund still intends to convert the loan granted to the Company in 2024. The agreement signed today allows the Company to convene another General Meeting, which will put the conversion to a vote - comments Biofund co-founder and one of the fathers of data mining, well-known scientist Prof. Paul Lewicki.
The General Meeting of Shareholders will be able to approve the conversion of the loan into shares, to which Biofund has committed, without any requirements regarding a minimum number of votes registered at the General Meeting. At the same time, the addendum to the loan, along with the signed agreement, maintains more favorable repayment terms. It provides, among other things, for the waiver of the right to a 3% commission on revenue from new customers and a reduction in the loan interest rate from 18.5% to 14%. The signing of the amendment, and consequently the introduction of more favorable loan repayment terms and its conversion into shares, are part of the offer submitted by Biofund to Medicalgorithmics in January of this year.
- June 10, 2026