Feedback PLC Collaboration with Future Processing (5501F)
28 Juli 2016 - 2:31PM
UK Regulatory
TIDMFDBK
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 Jaros aw Czaja, CEO of
Future Processing.
For further information, contact:
Feedback plc Tel: 01954 718072
Alastair Riddell / Mike Hayball
/ Trevor Brown
Allenby Capital Limited (Nominated Tel: 020 3328
Adviser and Joint Broker) 5656
David Worlidge / James Thomas
Peterhouse Corporate Finance Ltd Tel: 020 7469
(Joint Broker) 0936
Lucy Williams / Duncan Vasey
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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July 28, 2016 08:31 ET (12:31 GMT)
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