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Feedback directors buy shares as company raises funds

"We are pleased to have received support from existing and new investors. This is a strong endorsement of Feedback and our strategy at a time of general market uncertainty," said executive chairman, Dr Alastair Riddell

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Dr Riddell is to subscribe for 1mln new shares

Following the news on Monday of several contract wins, Feedback PLC (LON:FDBK) has conditionally raised £1.38mln through the issue of shares at 1.5p each.

The specialist medical imaging technology company said £832,000, before expenses, has been raised via the placing while a further £543,000 will be raised by a subscription, assuming shareholders approve it.

READ: Feedback wins TexRAD orders from a slew of European university hospitals

Four Feedback directors have subscribed for 6.93mln shares at a cost of £104,000.

The newly issued shares will represent 24.56% of the enlarged issued share capital.

The funds will be used to expand the company’s sales and marketing services; develop technical product support for the new Cadran image storage product offerings and expand the Cadran customers base; fund regulatory consultant commission costs relating to the company’s plans to secure regulatory approval of TexRAD with the Food & Drug Administration (FDA) in the US; develop the company’s US partnership with Imaging Endpoints.

"This placing will enable Feedback to continue to invest in the further growth of the business. In particular, in the fields of image analysis with TexRAD, and AI applications in linking image data to anonymised patient data with Cadran. In addition, beginning the process of seeking US FDA approval for TexRAD can now be properly resourced. Expanding our sales, marketing and customer support capabilities, will ensure that we can build on the significant momentum generated this year," said Dr Alastair Riddell, the executive chairman of Feedback.

Shares in Feedback were down 0.15p at 1.55p in early deals.

Quick facts: Feedback PLC

Price: 0.9 GBX

LSE:FDBK
Market: LSE
Market Cap: £4.86 m
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Restructure sees Feedback Plc positioned for growth

Alastair Riddell, chairman of Feedback plc (LON:FDBK), tells Proactive's Andrew Scott they've merged two of their subsidiaries as part of plans to restructure and simplify the business. Feedback snapped up Cambridge Computed Imaging and TexRAD back in 2014 and both have been operating as...

on 19/4/18

2 min read