Feedback plc raises £1.375m to push medical imaging technology
Cambridge-based medical imaging technology business Feedback plc has conditionally raised £1.375 million before expenses via a proposed placing to enhance its global reach.
Quoted in the UK on AIM, Feedback plc says the cash will help expand sales and marketing services. It will also help to develop technical product support for its new Cadran product offerings and expand the Cadran customer base – and fund regulatory consultant commission costs designed to secure regulatory approval of its other major product TexRAD® with the US FDA.
The funding will also help Feedback to develop its partnership with Imaging Endpoints, its US imaging company partner, to maximise sales in the US.
Executive chairman Dr Alastair Riddell (pictured) said: “We are pleased to have received support from existing and new investors. This is a strong endorsement of Feedback and our strategy at a time of general market uncertainty.
“This placing will enable Feedback to continue to invest in the further growth of the business. In particular, in the fields of image analysis with TexRAD®, and AI applications in linking image data to anonymised patient data with Cadran.
“In addition, beginning the process of seeking US FDA approval for TexRAD® can now be properly resourced. Expanding our sales, marketing and customer support capabilities will ensure that we can build on the significant momentum generated this year.”
Feedback’s products advance the work of radiologists, clinicians and medical researchers by improving workflows and giving unique insights into diseases, particularly cancer.
Working globally from its Cambridge springboard, its proprietary technologies are TexRAD®, a quantitative texture analysis tool, and Cadran – a picture archiving communication system.