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® 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."
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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®, 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 David Crabb, Chief Executive Officer Lara Mott, Investor Relations |
Tel: 01954 718072 [email protected] |
Allenby Capital Limited (Nominated Adviser and Joint Broker) David Worlidge / Asha Chotai |
Tel: 020 3328 5656 |
Peterhouse Corporate Finance Ltd (Joint Broker) Lucy Williams / Duncan Vasey |
Tel: 020 7469 0936 |
