● BleepaⓇ making good progress with first pilot announced
● Final outcome of TexRAD strategic review
● Alastair Riddell retiring as Chairman
Cambridge, 18 November 2019: Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the specialist medical imaging technology company, provides the following update ahead of its Annual General Meeting, which is being held today at 3pm at the offices of Peterhouse Corporate Finance Limited, 80 Cheapside, London, EC2V 6EE.
At the meeting, Dr Tom Oakley, CEO of Feedback, will make the following statement:
"Our exciting new encrypted medical communication app, BleepaⓇ, has made great strides since its launch at the NHS Expo 2019 in September. We have received interest from clinicians and professionals across both public and private hospitals, within the UK and internationally. As detailed in the RNS Reach announcement today, the first pilot study will commence at Pennine Acute Hospitals NHS Trust in Manchester and the outcome of this pilot is expected to provide the evidence base to support a number of commercial opportunities for BleepaⓇ.
"The strategic review for our TexRAD medical image analysis technology has reached the conclusion that further clinical data is required to support a US FDA submission; therefore, this process has been put on hiatus. This decision follows an opinion from an FDA regulation consultant, a Clinical Evaluation Report and two pilot studies. The additional data that is required for the TexRAD FDA submission is being provided by independent studies at academic institutions and therefore the timing of data supplied is outside the Company's control.
"We have made some product modifications to TexRAD Research in response to customer feedback and are evaluating the impact of these on revenue. In the near term, we will continue to sell TexRAD within the research setting through third party distributors which provides a more cost-effective avenue for maintaining our sales efforts. As a result, we have reduced the resources associated with TexRAD. These changes also allow us to redirect our efforts and focus onto BleepaⓇ, which we believe holds the largest mid-term revenue opportunity for the Company. We will continue to assess opportunities for the TexRAD platform and will update the market as appropriate."
Dr Alastair Riddell, Chairman of Feedback, will also make the following statement:
"I am honoured to have been Chairman of Feedback for the last three years. The business has evolved to realise the potential of its proprietary technology and its sophisticated cutting-edge tools are aimed directly at helping clinicians and patients in the NHS and beyond. The time has come to hand over the reins as Non-executive Chairman to Professor Rory Shaw who brings valuable clinical and commercial experience to the role and I believe will guide the Company through its next stage of growth. Tom Oakley's appointment as CEO has energised Feedback and with the exciting launch of BleepaⓇ, I feel confident that Feedback has a bright future and I am proud to have been a part of building this business."
Tom Oakley, CEO
Lindsay Melvin, CFO
+44 (0)1954 718072
Allenby Capital Limited (Nominated Adviser)
David Worlidge / Asha Chotai
+44 (0)20 3328 5656
Peterhouse Capital Limited (Joint Broker)
Lucy Williams / Duncan Vasey
+44 (0)20 7469 0936
Stanford Capital Partners Limited (Joint Broker)
Patrick Claridge / John Howes
Rozi Morris / Phillip Marriage
+44 20 3815 8880
+44 (0)20 7457 2020
Notes to editors
About Feedback plc - www.fbk.com
Feedback plc (AIM: FDBK) is a specialist medical imaging technology company providing innovative software and systems, through its fully-owned trading subsidiary, Feedback Medical Limited. Its products advance the work of radiologists, clinicians and medical researchers by improving workflows and giving unique insights into diseases, particularly cancer.
Feedback has launched BleepaⓇ, a new secure, encrypted medical communication app for clinicians accessible through smartphones, tablets and desktops that facilitates rapid clinical messaging and review of medical grade imaging for all members of a clinical team, directly from a hospital Picture Archiving and Communications System (PACS). For more information on BleepaⓇ, see www.bleepa.com.