Extension to Business Finland funding decision

Medicortex is targeting a biomarker of brain injury in body fluids such as saliva and urine. The Business Finland funding will cover 50% of the prospective total project budget of more than 800.000 euro, and it will support the final development of a test kit for easy and rapid detection of brain injury and concussion, as well as setting up initial production capacity. The objective of the company’s biomarker program is to generate new means for early detection of brain injury, which is a global medical need. Current methods of brain injury diagnostics which are based on neurological examination and imaging do not reliably detect mild brain injury. Unrecognized brain injury can develop into a chronic condition or even have fatal implications. The market potential for a new diagnostic tool is substantial with more than 70 million people globally suffering brain injuries each year.

Receiving this highly competitive funding is a valuable recognition of the company’s team efforts and affirms the urgent need to be able to rapidly and reliably diagnose TBI and concussions. The CEO of Medicortex, Adrian Harel: “It is an important milestone for the team and the technology, we are thankful to Business Finland for this support and willingness to extend the fundraising period. We thank the investors that invested until now”.

Medicortex is looking for investments to raise the complementary 200.000 euro of private funding to launch the project. The share issue is open to private investors as well as to institutional investors. The subscription price is 1 euro per share and the minimum subscription is 3.000 euro. Information for investors is available at https://www.medicortex.fi/eng/investors/.

Forward-looking statements

Certain statements in this communication are forward-looking statements. They are based on the views of the company’s management, as well as the understanding and assumptions of the company’s management based on the information available at present, and due to this, they may be forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, which may result in that the company’s actual future results, operations, achievements and performance of the sector may differ significantly from the results, operations, achievements and performance specifically or indirectly indicated in such forward-looking statements. Such risks, uncertainties and other important factors include, among other things, risks related to the implementation of the company’s strategy and availability of financing, general economic and market situation and other risks. Forward-looking statements are not a guarantee of the company’s operational or financial performance in the future.