Feedback plc (FDBK) is pleased to announce an update on its corporate strategy. Feedback has recently announced two joint ventures where its TexRAD texture analysis software is to be incorporated into developing new products designed specifically for the assessment and management of patients with prostate cancer and kidney stones.
In the light of these exciting developments the Board has re-evaluated the Company’s strategy for seeking FDA approval for TexRAD as a stand-alone software application.
In the Company’s Admission document and in previous results announcements the Company indicated it was preparing to make a 510(k) submission for TexRAD to be used as an analytical tool for measuring texture in CT scans. The Company now recognises that there are significant commercial opportunities available to Feedback if TexRAD is used in conjunction with other imaging biomarkers to create integrated products for specific clinical applications. The Board expects these types of products to be marketed much more effectively to clinicians compared with a general software application. As part of the updated strategy the Company is also considering prioritising CE marking in order to accelerate development of commercial products for the European markets.
As a consequence of this new focus, FDA approval for TexRAD is no longer regarded as one of the Company’s principal corporate objectives.
Feedback has sold research versions of TexRAD software to many of the world’s leading oncology research centres. In conjunction with this, pioneering research is being undertaken in these centres to evaluate how texture analysis can be introduced into radiology workflow to assist clinicians in the assessment and patient management of various different types of cancer. Feedback is now at the stage where the publication of research findings is likely to have a significant effect on determining where the Company should be concentrating its efforts.
As a result of the changes highlighted above the Company has concluded that it no longer has a compelling strategic need to continue the sale of research versions of TexRAD to a broad market and intends to restrict further sales of the research versions of TexRAD to a limited number of new customers.
The Company’s future strategy is expected to involve the formation of more joint ventures and collaborations where Feedback’s valuable intellectual property can be combined with the specialist skills and intellectual property of other companies and research institutions. By adopting this approach the Company is expected to generate licensing and royalty revenue streams and a residual equity participation in these joint ventures.
The Company’s audited results for the financial year ended 31 May 2015 are expected to be announced by 31 October 2015.
For further information contact:
Tel: 01954 718072
Simon Barrell / Trevor Brown / Tom Charlton
Sanlam Securities UK (Nominated Adviser and Joint Broker)
Tel: 020 7628 2200
Simon Clements / Virginia Bull
Peterhouse Corporate Finance Ltd (Joint Broker)
Tel: 020 7469 0936
Lucy Williams / Duncan Vasey