Medicalgorithmics is looking for money
The telemedicine company needs PLN 15-20 million to continue its development strategy for 2022.
Recently, Rafał Brzoska withdrew from the idea of investing in this company. Now the company in order to raise money is considering several options. One of them is to attract another investor, sell the US subsidiary Medi-Lynx or other assets. Another solution is to obtain debt financing. The company is also thinking about issuing shares in a mode that will not require the publication of a prospectus.
Medicalgorithmics is also preparing for a situation in which it fails to raise money. Then, in order to maintain financial liquidity, the company may carry out intensive cost restructuring. Then at the same time it will continue to look for opportunities to raise financing.
Medicalgorithmics produces devices for remote monitoring of heart rate. It earns money from the research conducted with them. In 2017, its valuation amounted to PLN 1.2 billion. The business has ceased to be profitable due to increasing competition and a decline in the profitability of research.
After three quarters of 2021, the company recorded a net loss of PLN 4.2 million.