Flying Brands Limited (LON:FBDU) saw its shares lift-off on Thursday afternoon after the medical services and software company confirmed that it is in advanced negotiations in respect of an acquisition of a North American medical imaging software and analytics company.
In a statement, the AIM-listed firm said the acquisition target owns FDA approved medical imaging software using artificial intelligence techniques complementary and synergistic to those of Flying Brands.
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It added that it is expected that the consideration payable would be approximately £500,000, the majority of which would be satisfied in Flying Brands' shares.
The group said: “There can be no certainty that the possible acquisition will proceed as no binding agreement has been reached. Furthermore, the Company does not have any certainty as to the final terms on which the possible acquisition would proceed.”
It added that it will provide an update to shareholders in due course.
Around 2.30pm, Flying Brands shares were 13% higher at 5.10p.