International law firm Trowers & Hamlins has advised AIM-quoted Feedback plc (AIM:FDBK) on its £10.7 million placing and £0.5 million open offer, raising a total of £11.2 million.
Feedback is a specialist clinical communication company, and a pioneer of regulated clinical communication products. The company's products incorporate a diagnostic medical image display that conforms with the required standards stipulated for clinical use, as certified by both CE and UKCA mark. Its core product, Bleepa, is a revolutionary medical imaging communications platform, providing an easy-to-use, high quality tool to enable remote and secure communications between front-line clinicians and teams.
Feedback is both a technology and a medical device company, offering both agile product development and quality manufacturing processes. The company's technologies are currently in use in a number of UK NHS Trusts and in the veterinary sector. Its directors believe that there are very significant commercialisation and expansion opportunities both within these existing markets and also in other healthcare settings such as diagnostic screening, military settings and international healthcare initiatives.
The fundraising attracted new institutional investors and EIS and VCT investors. In addition, demand from existing shareholders under the open offer was for more than twice the open offer shares available. Proceeds of the fundraising will be used to develop the company's products, Bleepa and Carelocker, build the existing UK team to accelerate growth in the UK, and to manage overseas operations which require increased resources for the marketing, sales, finance and regulatory teams. In addition, the company plans to undertake a tuberculosis screening pilot study in India and explore wider market opportunities and potential applications of the company's technology in India.
Corporate Partner, Ed Hooper, led the Trowers team, assisted by Amy Bainbridge and Megan Hulme.
Ed commented: "It has been a pleasure to work again with Feedback and its impressive management team on its transformational fundraising. Since its 2020 fundraising the company has further developed its strong product portfolio offering and customer base. We look forward to seeing the continued growth of this innovative business as it scales the exciting opportunities presenting in the UK and international markets."
Tom Oakley, CEO of Feedback plc, said:
"We are delighted to have completed this pivotal fundraising for the company and are now well funded to support accelerated revenue growth. Ed and the Trowers team have again used their knowledge of our business to ensure a streamlined process and delivery of our transaction within the original timeframe. We are very grateful for their hard work and expertise."