David Crabb was brought in back in February and, along with the new members of his executive team, has been looking at ways to simplify and streamline the AIM-listed firm.
“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,” said Crabb.
“The new team and organisational structure will allow us to leverage our deep domain expertise to continue to build our market share.”
He added: “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.”
Feedback told investors back in April that it was merging two of its subsidiaries – Cambridge Computed Imaging and TexRAD – into a new entity called Feedback Medical.
Crabb added on Thursday that he wants to build on the company’s “impressive” customer base by expanding into new global markets and exploring the use of the TexRAD technology in the pharma industry.
Develop TexRAD and Cadran platforms
TexRAD Lung – a piece of software that analyses medical images of lung lesions – is Feedback’s most advanced product.
Three major UK hospitals are currently trialling it, after which the company will build in any modifications they suggest and then market it properly to its existing customer base. The plan is to also develop TexRAD for use in other indications.
Feedback’s time and money has generally been directed toward TexRAD, but Crabb wants to devote more resources towards the firm’s Cadran medical imaging technology platform.
Cadran has a lot of competition from expensive rivals, but the company wants to target developing countries and other global markets which might be interested in a more cost-effective option.