Collaboration with Future Processing

RNS Number : 5501F

Feedback PLC

28 July 2016

 

28 July 2016

Feedback plc

("Feedback" or the "Company")

Collaboration with Future Processing

Feedback plc (AIM: FDBK), the medical imaging software company is pleased to announce a large-scale collaboration with Future Processing Sp. z o.o. ("Future Processing"), a software development service provider based in Gliwice, Poland to develop medical imaging software. The collaboration will entail a substantially increased development team working on new products and the sharing of intellectual property and future revenues. This collaboration has resulted from Feedback's assistance with a successful EU grant application made by Future Processing.

In September 2015, Mike Hayball, CEO of Cambridge Computed Imaging Limited, a wholly owned subsidiary of Feedback, ("CCI") and Executive Director of Feedback, and Dr Stephen Brown, COO of CCI, began assisting Future Processing with a grant application to develop an innovative quantitative imaging product. The grant application was subsequently successful and has led to a significant expansion of the Future Processing healthcare team. CCI has had a working relationship with Future Processing since 2005.

The directors of Feedback believe that by CCI working jointly with the Future Processing healthcare team, CCI's existing product portfolio can be improved and new products developed more rapidly including further applications for TexRAD. Although at this stage only a non-binding letter of intent has been agreed, the intention is for the Company to agree formal licences for new software products to be brought to market in 2017/18 under a shared revenue arrangement.  In the current financial year, the Company will make substantial savings in software development costs and thereafter expects to benefit from its share of the revenue from sales of the new products.

"This is an exciting opportunity to expand the relationship with Future Processing to build a talented, dynamic team of medical imaging specialists." said Mike Hayball, CEO of CCI.

"We are excited about this joint project. Together with CCI we will develop medical imaging software and bring innovative solutions to the healthcare sector." said Jarosław Czaja, CEO of Future Processing.

For further information, contact:

Feedback plc Alastair Riddell / Mike Hayball / Trevor Brown	Tel: [phone]
Allenby Capital Limited (Nominated Adviser and Joint Broker) David Worlidge / James Thomas	Tel: [phone]
Peterhouse Corporate Finance Ltd (Joint Broker) Lucy Williams / Duncan Vasey	Tel: [phone]

Founded in 2001, CCI specialises in providing software for display, capture and analysis of medical images. Since its foundation, when it focused on supporting the needs of Papworth Hospital, the UK's largest specialist cardiothoracic hospital, CCI has worked with facilities where its software is used to support diagnosis, plan treatment, measure response and share knowledge within multi-disciplinary teams. From 2011, CCI has worked with TexRAD and has been responsible for developing the innovative quantitative textural analysis platform.

Future Processing is an experienced Polish offshore software development service provider, working mostly with European companies located in the UK and Scandinavia. Since January 2016, it has been a strategic partner of Microsoft. Future Processing currently employs over 700 people and simultaneously runs more than 50 projects. Based in the heart of Upper Silesia, it is at the hub of European software talent, technical expertise and innovation.  The new healthcare team consists of experienced scientists and engineers with extensive experience of software development, medical image processing, and machine learning.

 

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