International law firm Trowers & Hamlins has advised AIM-quoted Feedback plc (AIM:FDBK) on its £5.05 million placing and £0.22 million open offer, raising a total of £5.27 million.
Feedback is a specialist medical imaging technology company, which provides innovative software and systems. Its products advance the work of radiologists, clinicians and medical researchers by improving workflows and giving unique insights into diseases, particularly cancer.
Feedback's flagship product, Bleepa®, is an innovative app that allows medical staff to securely view and discuss high quality medical grade images on mobile devices. The app displays images directly from the hospital's Picture Archive Communication System (PACS). Bleepa® is able to display images including X-rays, CTs, MRIs and ultrasound studies allowing users to easily scroll through image slices and annotate areas of interest, as well as enabling discussion on the go. Importantly, Bleepa® has been manufactured using a QMS (quality management system) compliant with ISO 13485 and bears a CE mark as a certified Class 1 Medical Device, which sets Bleepa® apart from other medical imaging products currently available in the UK. In addition, Bleepa® is a zero footprint application meaning that no patient data is stored locally on the device being used to access the app; Bleepa® complies with the NHS Data Security and Protection Toolkit and the Cyber Essentials accreditation used by the NHS.
Moving from concept to a fully certified medical device in less than a year, Bleepa® has already been deployed in 2 NHS Trusts, with Covid-19 and non-Covid-19 applications.
The fundraising attracted EIS and VCT investors, including new institutional investors as well as the company's existing loyal shareholders. Proceeds of the fundraising will be used to develop direct and indirect sales of Bleepa®, product development and territory expansion.
Corporate Partner, Ed Hooper, led the Trowers team, assisted by Dylan Milner-Stopps. Ed commented:
"It has been a pleasure to work with Feedback and its impressive management team on its transformational fundraising. Bleepa® has obvious benefits for clinicians in the current Covid-19 setting and beyond and we look forward to seeing the continued growth of this innovative product."
Dr Tom Oakley, Chief Executive Officer of Feedback plc, said:
"We are delighted to have completed this pivotal fundraising for the company. We are very grateful to Ed and the Trowers team for their hard work, expertise and strategic advice, making for a smooth and efficient process."