Median Technologies Launches a Capital Increase of €40 million, with Potential Upsize to €50 million, to Support the Deployment of eyonis® LCS in the U.S. and Europe and Advance New Clinical Indications for Its Proprietary eyonis®...

• Share capital increase without shareholders’ preferential subscription rights, to be carried out by way of an issue of ordinary shares in the framework of a public offering, for an amount of approximately 40 million euros.
• A share capital increase without shareholders’ preferential subscription rights reserved for the Guarantors (as defined below) for a maximum amount of 10 million euros, should all the ordinary shares issued in the framework of the public offering be fully subscribed;
• Firm subscription and backstop commitments for a total amount of 30 million euros, including 20 million euros under the subscription commitments, representing total commitments equal to 75% of the public offering;
• Subscription price: 5.00 euros per ordinary share; and
• The net proceeds of the share capital increase will be allocated to the commercial launch of eyonis^® LCS in the United States and Europe, and to the financing of the extension of the eyonis^® medical device software suite for the early diagnosis of cancers through imaging.

SOPHIA ANTIPOLIS, France--(BUSINESS WIRE)--Regulatory News:

Median Technologies Launches a Capital Increase of €40 million, with Potential Upsize to €50 million, to Support the Deployment of eyonis^® LCS in the U.S. and Europe and Advance New Clinical Indications for Its Proprietary eyonis^® Pan-Cancer Early Diagnostics Suite

NOT FOR DIRECT OR INDIRECT DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN

Median Technologies (FR0011049824, ALMDT, PEA-PME scheme eligible, “Median” or the “Company”), developer of eyonis^®, a suite of artificial intelligence (AI) powered Software as Medical Devices (SaMD) for early cancer diagnosis, and a globally leading provider of AI-based image analyses and central imaging services for oncology drug developers, today announces the launch of a share capital increase without of shareholders’ preferential subscription rights by way of an issue of ordinary shares (the “New Shares”), for a maximum amount of approximately 50 million euros. The New Shares will be offered in the framework of (i) a public offering in France and a global placement to certain qualified investors for a global amount of approximately 40 million euros (together, the “Global Offering”) and (ii) an offering reserved to the Guarantors for a maximum amount of 10 million euros (the “Reserved Offering” and, together with the Global Offering, the “Offering”).

The Company has already received subscription backstop commitments for an amount of €30 million.

Subscription period of the public offering will close on June 3, 2026 at 5:00 pm CEST.

Fredrik Brag, CEO and Founder of Median Technologies commented: “The defining truth in oncology is simple: outcomes are determined by the stage at which cancer is diagnosed. When cancer is diagnosed early, it is often curable. When diagnosed late, it becomes complex, costly, and frequently fatal. Despite major advances in treatment, most healthcare systems remain structurally focused on late-stage disease. A structural shift is now possible: advances in AI applied to medical imaging make large-scale early cancer diagnosis operational.

Median Technologies operates at the convergence of three powerful forces: AI, medical imaging, and early cancer diagnosis. Our proprietary eyonis^® platform is designed to develop multiple AI-based SaMD for the early detection and diagnosis of cancers within existing clinical workflows and to act as a force multiplier for healthcare systems.

Our first indication, eyonis^® LCS for lung cancer screening, achieved FDA 510(k) clearance in February 2026. eyonis^® LCS is positioned as a clinically validated and deployable SaMD combining early identification with clinically actionable diagnostic decision support. This places us at the forefront of a shift from treating cancer reactively to driving early-stage curative diagnosis.

This financing is intended to fund the U.S. commercial rollout of eyonis^® LCS in the lung cancer screening indication, and allows us to launch our device in Europe after CE mark achievement. It will also enable the Company to continue and accelerate the development of additional AI-based Software as Medical Devices within the eyonis^® portfolio, targeting new cancer indications. It will provide the Company with a cash runway until the first half-year 2028, when we expect to have demonstrated meaningful commercial traction in lung cancer. We welcome Lion Point Capital’s and the Guarantors’ continued and reinforced commitment, which provides all our existing shareholders the opportunity to participate in this important next phase, while ensuring the Company has the resources required to deliver on its strategic priorities.”

INTENDED USE OF THE TRANSACTION’S NET PROCEEDS

The net proceeds from the transaction will be used:

• To accelerate commercialization of eyonis^® LCS in the U.S. and launch in target European countries after CE marking achievement,
• To develop eyonis^® for incremental cancer indications,
• For Company’s working capital and general corporate purposes.

The transaction will extend Company’s cash runway until first half-year 2028, in case of full subscription.

It should be noted that 12 million warrants issued in July 2025 are currently outstanding, with an expiry date in January 2028, at an exercise price of €2.39 per share (remaining exercise value of €44.3 million). In case of full exercise of the 2025 warrants, the cash runway of the Company would be extended to mid-2029.

EYONIS^® LCS: TRANSFORMING LUNG CANCER SCREENING AT SCALE

eyonis^® LCS is Median Technologies’ AI-powered SaMD built to improve lung cancer screening by combining detection and characterization of parenchymal pulmonary nodules from low-dose CT scans (LDCT) in one integrated radiology workflow. eyonis^® LCS is designed to help clinicians identify cancer earlier—when lung cancer is more likely to be treatable, while reducing diagnostic uncertainty that can drive unnecessary follow-up procedures. With demonstrated performance of 93.3% sensitivity, 92.4% specificity and 99.9% negative predictive value (NPV) (manufacturer values), eyonis^® LCS supports confident clinical decision-making. These metrics are operationally decisive: high sensitivity supports early cancer identification, high specificity reduces unnecessary follow-up, very high NPV gives healthcare systems confidence in managing large screening populations efficiently.

Commercial deployment of eyonis^® LCS in the United States

In February 2026, Median Technologies received FDA 510(k) clearance for eyonis^® LCS, providing market authorization and enabling commercialization of the first AI tech-based detection and diagnosis SaMD for lung cancer screening across the United States.

The U.S. Lung Cancer Screening Market

Lung cancer screening in the United States represents a large, well-structured and rapidly expanding market, addressing approximately 14.5 million eligible individuals nationwide. This market benefits from a clear and predictable reimbursement framework supported by the existing NT-APC pathway, enabling reimbursement for quantitative CT tissue characterization procedures performed alongside low-dose CT screening. Current reimbursement for these AI-based analyses is typically around $650 per procedure.

Based on these fundamentals, the annual total addressable market (TAM) for lung cancer screening is estimated at over $9 billion in the United States alone, driven by increasing adoption of low-dose CT screening programs and strong public health support for early cancer detection.

eyonis^® LCS is uniquely positioned to capture a significant share of this high-growth market by creating value at three levels:

• Clinical: earlier diagnosis, higher survival, more curative intervention.
• Operational: scalable screening, reduced radiology burden, improved workflow efficiency.
• Economic: fewer late-stage treatments, fewer unnecessary procedures, lower system-wide cost.

Key milestones achieved to date

Median Technologies has entered a decisive execution phase for the U.S. commercial deployment of eyonis^® LCS, supported by strong strategic, organizational, and operational foundations. Key milestones achieved to date include:

• Strategic distribution partnership: the signing of a non-exclusive agreement with Tempus AI, enabling integration of eyonis^® LCS into clinical workflows via the Tempus Pixel platform and providing access to a broad network of healthcare providers.
• Strengthened U.S. leadership: the appointment of Oran Muduroglu as President of Median eyonis Inc., bringing extensive experience in scaling imaging and clinical workflow platforms and leading U.S. commercial execution.
• Deployment of a scalable go-to-market model: implementation of a multi-channel strategy combining direct enterprise sales, non-exclusive distribution partnerships, and integration into established clinical workflows.
• Targeted market segmentation: prioritization of high-potential segments, including Independent Diagnostic Testing Facilities (IDTFs) and the Veterans Affairs (VA) healthcare system.
• Build-out of U.S. infrastructure: continued expansion of commercial, technological and clinical support capabilities, alongside engagement with leading United States healthcare institutions.

Upcoming catalysts

Looking ahead, several key catalysts are expected to accelerate commercial rollout and market penetration across the U.S.:

• Expansion of the distribution network: execution of additional non-exclusive distribution agreements with leading imaging, cloud, and diagnostics partners to further scale market access in the United States.
• Focused deployment across priority segments: targeted rollout within IDTFs and the VA healthcare system to support both rapid initial adoption and large-scale, repeatable deployment.
• Leveraging KOL partnerships: engagement with leading clinical experts to drive thought leadership, support clinical validation, and accelerate adoption within lung cancer screening programs.
• Development of health economics and outcomes research (HEOR): initiation of health-economic studies to demonstrate clinical and economic value, supporting broader and more sustainable long-term insurance coverage.
• Progressive site activation: first U.S. clinical sites expected to become operational in Q3 2026.
• Initial revenue generation: first revenues anticipated by year-end 2026.
• Scaled commercial execution: continued expansion of the multi-channel model to support nationwide deployment and sustained market penetration.

eyonis^® LCS in Europe

The Company expects a decision on eyonis^® LCS CE marking in the coming weeks, paving the way for broad adoption and expanded access to potentially millions of patients across Europe.

Lung Cancer Screening in Europe

Lung cancer screening programs across Europe are gaining momentum. While only a limited number of countries have established national programs—such as England, Poland and Croatia—Europe is entering an acceleration phase, illustrated by the launch of Germany’s nationwide screening program in April 2026.

At the same time, major countries including France, are advancing large-scale pilot initiatives designed to assess the feasibility of organized lung cancer screening in real-world settings. In France, the national IMPULSION study has been launched as a large-scale pilot program to evaluate the feasibility of implementing organized lung cancer screening using low-dose CT in a real-world setting, targeting approximately 20,000 high-risk individuals and combining screening with smoking cessation support.

Italy also stands out as one of the most advanced European countries in lung cancer screening, with a nationwide network-based approach (RISP) and multiple large-scale pilot programs already underway, providing a real-world foundation for the future expansion of organized screening.

Across Europe, tens of millions of individuals are estimated to fall within high-risk categories potentially eligible for lung cancer screening, representing a substantial and largely untapped addressable market for early detection solutions.

The key growth drivers for lung cancer screening in Europe are the transition from pilot programs to national deployment, increasing pressure on radiology capacity, and the progressive integration of standardized, AI-enabled workflows, which will create a strong foundation for scalable, technology-driven solutions such as eyonis^® LCS.

Strategy for commercial launch and roll-out

Median’s go-to-market strategy for eyonis^® LCS in Europe will be based on a balanced combination of direct and indirect sales channels, enabling both strong engagement with key stakeholders and broad geographic coverage. The Company will prioritize direct sales in strategic markets and leading screening centers to establish clinical partnerships, generate reference sites and demonstrate real-world value. In parallel, Median will leverage indirect channels—including its non-exclusive distribution agreement with Tempus, which also covers Europe—to accelerate deployment and expand access across healthcare networks.

In addition, Median will actively engage with payers and healthcare authorities at nation level including France, to support the integration of eyonis^® LCS into screening pathways, building on dedicated health-economic studies. As reimbursement models evolve across Europe, particularly in the context of organized screening programs, the Company expects AI-enabled solutions such as eyonis^® LCS to become increasingly integrated into standard care pathways.

The commercial rollout of eyonis^® LCS will initially focus on European markets that are at the forefront of lung cancer screening deployment, including Poland, Germany, Italy and France. These markets are characterized either by existing lung cancer screening programs or by the progressive transition from pilot initiatives to structured, large-scale screening programs, creating immediate demand for scalable and operationally efficient solutions. By prioritizing early-adopter countries, Median aims to accelerate market penetration and establish a strong commercial footprint in the most advanced healthcare systems.

Ultimately, Median’s ambition is to position eyonis^® LCS as a core technological building block of lung cancer screening infrastructure. By combining detection and diagnosis capabilities within a single AI-driven solution, and by addressing key challenges related to capacity, standardization and efficiency, eyonis^® LCS is designed to support the long-term expansion and sustainability of lung cancer screening programs across Europe.

Portfolio expansion

eyonis^®: Median’s proprietary pan-cancer suite of early diagnostic tests

Globally, approximately 20 million new cancer cases and nearly 10 million deaths are recorded annually. By 2050, annual cancer incidence is expected to exceed 35 million cases. The total economic burden of cancer is projected to exceed $25 trillion over the coming decades. Healthcare systems currently allocate enormous resources to advanced-stage disease, where outcomes are poorest and costs are highest. Early diagnosis reverses this logic by shifting intervention into the window where cure is still possible.

Lung cancer is only the first indication. As eyonis^® expands into additional high-burden cancers — including liver, pancreatic, colorectal, and prostate cancers — the long-term opportunity becomes a multi-billion-dollar, pan-cancer indication platform.

Beyond lung cancer screening, Median Technologies will continue to advance the development of its broader eyonis^® portfolio, including programs targeting incidental pulmonary nodules (IPN) and hepatocellular carcinoma (HCC), which address significant unmet needs in oncology. Both eyonis^® IPN and eyonis^® HCC programs are strategically aligned with Median’s long-term ambition to expand eyonis^® into a comprehensive portfolio of AI-based SaMD, reinforcing the Company’s positioning in AI-enabled early cancer diagnosis and supporting future growth opportunities beyond its initial lung cancer screening indication.

eyonis^® IPN

In the area of IPN, Median is positioning its solutions to improve the identification, characterization and clinical management of lung nodules detected incidentally on routine imaging, a segment widely recognized as a major opportunity for earlier diagnosis given the high prevalence of such findings.

As of today, a substantial proportion of lung cancers are detected outside of organized screening programs. Studies indicate that up to two-thirds of resectable lung cancers in asymptomatic patients may be identified incidentally.

The combination of eyonis^® LCS and eyonis^® IPN within a single integrated portfolio has the potential to significantly transform early lung cancer detection by enabling both population-based screening of at-risk individuals and opportunistic detection in patients undergoing routine CT imaging for other indications. By addressing both screening-eligible populations and the large proportion of patients who fall outside current eligibility criteria but still undergo imaging, this dual approach expands the reach of early detection and diagnosis and represents a key opportunity to improve outcomes at scale.

eyonis^® HCC

The eyonis^® HCC program focuses on advancing AI-driven imaging biomarkers and diagnostic capabilities to support earlier detection and improved treatment decision-making in HCC, a disease with high mortality and historically low early diagnosis rates.

NATURE AND LEGAL BASIS OF THE OFFERING

At its meeting held on May 27, 2026, the Company’s Board of Directors decided to launch:

• a share capital increase without shareholders’ preferential subscription rights by way of a public offering, pursuant to the 3rd resolution adopted by the combined general meeting of the Company’s shareholders held on October 31, 2025 (the “General Meeting”); and
• a share capital increase without shareholders’ preferential subscription rights reserved for a category of persons, for the benefit of Guarantors, pursuant to the 5th resolution adopted by the General Meeting, in accordance with Article L.225-138 of the French Commercial Code.

The Global Offering will comprise:

• A public offering in France, mainly aimed at retail investors (the “Public Offering”); and
• An international offering to qualified investors in certain countries, including (a) in the United States of America, by way of a private placement by the Company to a limited number of “qualified institutional buyers” as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), in reliance on an exemption from the registration requirements of Section 4(a)(2) of the Securities Act, and (b) outside the United States in offshore transactions in accordance with Regulation S under the Securities Act (the “Global Placement”).

The distribution of the New Shares to the public in France will be carried out in accordance with the applicable provisions of the Euronext market rules.

TD Cowen & Stifel are Joint Global Coordinators and Joint Placement Agents for the Offering (together, the “Banks”).

Subscription and backstop commitments

The Company entered into, on 26 May 2026, with Lion Point Capital, a shareholder of the Company whose founder and manager, Mr Didric Cedholm, sits on the Company’s Board of Directors, an undertaking entitled “Backstop Commitment Agreement”, pursuant to which Lion Point Capital undertakes to subscribe for and underwrite a share capital increase of the Company for an amount of up to EUR 30,000,000, until 15 September 2026, irrespective of the level of subscription by other investors, with Lion Point Capital being entitled to involve, in whole or in part, “Co Backstop Parties” as co-subscribers and co-commitment parties, without being released from its own obligations towards the Company (the “Backstop Agreement”).

Lion Point Capital has notified the Company that Katarina Martinson AB, Venture S.a.r.l, and Nordica Life (Bermuda) Ltd have undertaken, in accordance with the Backstop Agreement, to subscribe for and underwrite any share capital increase of the Company until September 15, 2026 (together, the “Guarantors”).

Accordingly, the Company benefits from the following subscription undertakings (the “Subscription Commitments”):

The Company has not received any other subscription commitments from its shareholders or from the members of its management or administrative bodies.

Furthermore, the Company also benefits from the following guarantee undertakings (the “Backstop Commitments”):

The Guarantors commitments would thus represent 75.0% of the initial amount of the Offering.

Under the Backstop Agreement as implemented through these Subscription and Underwriting Commitments, each Guarantor shall in any event be entitled to the payment of a fee equal to 8% of the aggregate amount of its subscription and underwriting commitments, i.e. a total aggregate amount of EUR 2,400,000 for the Guarantors, payable by way of set-off of a certain and payable receivable in New Shares on the settlement-delivery date of the Offer and, as the case may be, of the Reserved Offer, representing 480,000 New Shares (the “Commission”). The amount of the Commission shall be due to the Guarantors regardless of the structure of the transaction (whether or not the guarantee is exercised).

In the event that the number of New Shares subscribed for in the context of the Public Offering and the Global Placement by the public and qualified investors does not allow the Guarantors to be allocated the full amount of their respective commitments, the number of New Shares required to enable each of them to subscribe for the entirety of its underwriting commitment shall be issued in the context of the Reserved Offer, for a maximum amount of EUR 10,000,000, allocated in the proportions set out in the table above.

The Company further specifies that, in the context of a potential conflict of interest identified in relation to Lion Point Capital, represented on the Board of Directors by Mr Didric Cederholm, the latter did not take part in the deliberations or in the vote of the Board of Directors relating to the Backstop Agreement or the relevant share capital increase.

The related-party transactions procedure was implemented in accordance with the applicable regulations with respect to the prior approval of the Backstop Agreement by the Company’s Board of Directors.

The Company further states that it has complied with its disclosure and communication obligations and considers that it has not failed to disclose to the market any inside information in connection with the transaction, in accordance with applicable regulations.

The agreements between Lion Point Capital, the Guarantors and the Company do not provide for any change in the Company’s governance.

MEDIAN TECHNOLOGIES
Emmanuelle Leygues
VP, Corporate Marketing & Financial Communications
+33 6 10 93 58 88
emmanuelle.leygues@mediantechnologies.com

Press – MAARC
Bruno Arabian
+33 6 87 88 47 26
bruno.arabian@maarc.fr

Investors - SEITOSEI ACTIFIN
Ghislaine Gasparetto
+33 6 85 36 76 81
ghislaine.gasparetto@seitosei-actifin.com