Feedback raising £5.59m global growth capital
Cambridge MedTech business Feedback plc has conditionally raised £5.05 million through a placing and aims to realise a further £0.54m through an open offer to underpin international expansion for its Bleepa technology.
The proceeds will be used to develop the UK company’s flagship product – an app based on Feedback's Cadran technology, which allows medical staff to securely view and discuss high quality medical grade images on mobile devices.
Funds will be applied to:-
- Direct sales – engaging and converting NHS trusts to paying customers of Bleepa®
- Indirect sales to develop growth opportunities and ‘go to market’ strategies with key strategic partners
- Product development to extend and develop the functionality of Bleepa®, including for non-healthcare applications
- Territory expansion to explore opportunities for international expansion, via direct and indirect sales
The fundraising is subject to shareholder approval at a general meeting on July 1. Stanford Capital Partners acted as sole bookrunner in respect of the placing. Neither the placing nor the open offer has been underwritten.
Feedback CEO Tom Oakley said: “At this key moment for our company we are delighted to have generated the support of some of London’s leading institutional investors for our vision of Bleepa®.
“Feedback is now a very different company to the one I joined just over a year ago; we now have a singular focus to deliver an exciting clinical product which leverages the best of our longstanding imaging heritage, repurposed to meet the future challenges of the clinical frontline.
“We have taken Bleepa® from concept to fully certified medical device in less than a year and gained traction with two NHS sites. This is a remarkable achievement, but it is only the beginning.
“Having established Bleepa® we now have ambitious plans to scale Bleepa® and get it out to clinicians across the UK and internationally. This funding will enable us to take Bleepa® forward at the pace required and we are excited to get started.
“This funding marks a new start for Feedback as we pivot away from our heritage product lines towards Bleepa® and at this time the company wants to ensure that we reach out to our many loyal, longstanding shareholders, who have supported the business throughout our journey so far.
“It is our desire to ensure that all shareholders have the opportunity to participate in this fundraise and buy in afresh to the company’s new vision. The board has sought to recognise the extraordinary support and longstanding commitment of our shareholders through provision of an open offer.
“Although this is a large raise relative to our current market capitalisation, the board has worked closely with its broker, Stanford Capital, to minimise dilution for shareholders.
“A fundraise of this level is both essential to allow us to grow at the pace required but is also a validation and endorsement of the vision and opportunity before us. With the support of the City and our shareholders we look forward to taking the company forward into a new phase of opportunity.”