TIDMFDBK
RNS Number : 5699Q
Feedback PLC
07 June 2018
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
Feedback plc
("Feedback" or the "Company")
Revised strategy to build a global company
Cambridge, UK - 7 June 2018: Feedback plc ("Feedback" or the
"Company") (AIM: FDBK), the specialist medical imaging technology
company, announces an update following a detailed review of the
Company's strategy by the new executive team.
Following the appointment of a highly experienced Chief
Executive Officer to drive Feedback's growth strategy in February
2018, the Company has completed a detailed review of business
operations and implemented a revised strategy. The revised strategy
is underpinned by the previously announced changes to the
leadership team and the Board of Directors:
-- Appointment of Lindsay Melvin as Chief Financial Officer in March 2018
-- Appointment of Simon Sturge as Non-Executive Director in April 2018
-- New company structure and organisational changes in April 2018
-- Appointment of Professor Rory Shaw as Medical Director in June 2018
The revised strategy has four areas of specific focus.
Operate as one company
Historically, the Company was operating as Feedback Plc with two
active, wholly-owned subsidiaries. Each company had separate
structures and identities with limited synergies and communication.
Creating the right company structure and culture is a critical step
in galvanising the workforce and delivering success. With the new
executive team in place, supported by expert non-executive
directors, Feedback is well-positioned to grow into a stronger,
more efficient, global company at the forefront of the medical
imaging field. Actions which support this area of the strategy
include: (i) building the brand and leverage the Company's
expertise via thought leadership; and (ii) providing regular,
transparent communications to stakeholders.
Build strategic partnerships
With a historically small team, Feedback has successfully
installed TexRAD(R) Research in more than 50 of the world's leading
research institutions. TexRAD Research is typically installed on
the Cadran platform. The Company's impressive customer base
therefore provides solid foundations to broaden the product
portfolio and validate its go-to-market strategy for existing and
new territories. Actions which support this area of the strategy
include: (i) identifying opportunities for the Cadran platform in
economically developing territories and other global markets; (ii)
securing additional non-exclusive distributor agreements in
existing and new territories; (iii) securing partnerships with
leading imaging companies for clinical derivatives of the TexRAD
technology; and (iv) evaluating the application of the TexRAD
technology in the pharmaceutical industry.
Develop the clinical evidence base for CE-marked TexRAD Lung
TexRAD Lung is a hands-free quantitative software for use on
existing medical imaging systems, designed to provide an objective
assessment of the architecture/heterogeneity, evolution and
prognosis of lung lesions based on texture analysis of PET/CT
scans. TexRAD Lung is capable of seamlessly integrating with
existing radiology viewing systems and, in a matter of hours rather
than months, review decades worth of data extracting information of
lesion size, density, heterogeneity and a host of other features of
potential clinical significance potentially missed by subjective
review by radiologists or nuclear-medicine physicians. TexRAD
Lung's software algorithm provides the ability to rapidly and
consistently assemble an accurate, parameterised database; the
first and arguably most important step in applying the emerging
techniques of machine learning and artificial-intelligence (AI) to
healthcare problems.
As previously announced in the half-year report, TexRAD Lung is
undergoing clinical evaluation in pilot installations at three
major UK hospitals as a "software only" Class 1 medical device
data. Following the outcome of these pilots, Professor Rory Shaw
will be advising on the Company's clinical strategy for TexRAD
Lung. As we look to apply the platform technology to other
indications, Feedback will continue to seek clinical guidance and
input from qualified clinicians and Key Opinion Leaders to ensure
that future products are primed for adoption based on clinical
need. Actions which support this area of the strategy include: (i)
completing the clinical evaluation of TexRAD Lung and building in
modifications needed to satisfy clinical demands; (ii) integrating
TexRAD Lung into Alliance Medical Group's network of PET/CT
scanners in UK hospitals; (iii) marketing TexRAD Lung for clinical
use across the Company's existing global customer base; and (iv)
maximising the clinical publication strategy for TexRAD Lung.
Bring new products to market
To date the Company has prioritised resources on the development
of the TexRAD technology. However, the Cadran technology is a
highly successful platform in its own right, particularly the
picture archiving communication system (PACS) which provides
decision support for scan analysis. Having been used successfully
at Royal Papworth Hospital for over 15 years, in April 2018
Feedback announced a two-year contract renewal for the Cadran PACS
product. Cadran is installed in a number of NHS sites in the East
of England and represents an unseen but vital part of medical
imaging, allowing scans to be easily stored, retrieved and analysed
by medical practitioners to better diagnose disease and assess
patient management. Whilst other players dominate the European
market with high quality, premium-priced products, the Cadran
platform has significant potential to bring a highly competitive
product offering to economically developing territories and other
global markets.
TexRAD research to date has shown great potential in many
different oncological and non-oncological sites. Whilst TexRAD Lung
was developed as a standalone product, the clinical strategy and
evidence base will pave the way for TexRAD's clinical use
worldwide. The development of any new product is a commercially
confidential process, however Feedback will provide updates on
material developments when possible. Actions which support this
area of the strategy include: (i) identifying other global customer
targets for Cadran based on the use case from Royal Papworth
Hospital; (ii) leveraging collaborations with existing and new
development partners to develop ongoing concepts focused on AI and
machine learnings strategies; and (iii) developing TexRAD
derivatives to address multiple clinical indications.
David Crabb, Chief Executive Officer of Feedback plc, said: "Our
vision is to lead global innovation in quantitative medical imaging
analysis, and since February 2018 I have been resolutely focused on
making the necessary organisational and operational changes for
long-term growth. The new team and organisational structure will
allow us to leverage our deep domain expertise to continue to build
our market share. As with any period of change, there may be an
impact on operational developments in the short-term, however all
efforts are now focused on delivering the four areas of our
strategy and I look forward to reporting more progress during
2018."
- Ends -
Notes to editors
About Feedback plc
Feedback plc is a specialist medical imaging technology company.
It develops software and systems that provide innovative techniques
and improved workflows for practitioners involved in medical
research and treating patients. TexRAD(R) , the Company's patented
quantitative image texture analysis technology, has the potential
to assist clinicians in diagnosis, prognosis and treatment of
patients with cancer and is currently installed in over 50 of the
world's leading research institutions across Europe, North America,
Asia and Australasia. The Cadran platform provides a suite of
medical imaging tools for decision support. The Cadran range
includes the picture archiving communication system (PACS) to
provide decision support for scan analysis, diagnostic workstations
which provide secure remote access to view scans on demand, and
products to securely share and transport patient data. Visit
www.fbk.com.
For further information, please contact:
Feedback plc Tel: 01954 718072
David Crabb, Chief Executive Officer IR@fbk.com
Lara Mott, Investor Relations
Allenby Capital Limited (Nominated Tel: 020 3328
Adviser and Joint Broker) 5656
David Worlidge / Asha Chotai
Peterhouse Corporate Finance Ltd Tel: 020 7469
(Joint Broker) 0936
Lucy Williams / Duncan Vasey
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END
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