The medical and software company’s StoneChecker Software Ltd subsidiary has signed a deal with Korea Computer Motion ISG, which will sell and distribute the software in South Korea.
The software produces a detailed analysis of kidney stones to help physicians to decide which form of treatment would be most effective on a particular patient.
Nick Stevens, the chief executive officer of StoneChecker, said the distribution agreement would support the expansion of the software in the rapidly growing South Korean medical imaging market.
“We are confident that by working with an experienced team led by the CEO Jacob Woo, who has a great understanding of the market and customer base, we stand to increase StoneChecker's revenue potential, market reach and meet our customers' needs," Stevens said.
Woo said the StoneChecker software addresses a big gap in the urology-radiology market.
“StoneChecker is already attracting a lot of interest amongst the top university hospitals around the world and in South Korea (potential-customers). I anticipate a very successful business relationship and rapidly increasing StoneChecker software sales. Our team has a first-class reputation amongst radiologists and clinicians in the region, and offers unrivalled in-depth market-access and know-how in South Korea," Woo said.
StockChecker on track for European roll-out
In December, the company announced that the StockChecker software obtained a CE mark, meaning it met various requirements of the Medical Device Directive and satisfied the European Union’s quality, performance and safety standards.
The CE mark paved the way for the roll-out of the product across Europe.
"Obtaining a CE mark for StoneChecker Software's first product comfortably before the end of the year target has been a significant accomplishment for the agile multidisciplinary Stone Checker team,” said Flying Brands chief executive Trevor Brown.
“I share the team's excitement as we prepare to approach the markets now available to us.”
StockChecker well-received by clinicians
The group completed prototype testing and evaluation of the software in October.
At the time, Flying Brands said the semi-automatic calculation of important clinical information had been well received by clinicians.
“Urologists and radiologists appreciated the easy click process, the display of important clinical information such as stone to skin-surface distance and the map of stone density architecture on CT [computed tomography],” the company said.
The company had contracted with a specialist medical imaging software development company in North America to produce StoneChecker.
The North American contract manufacturer delivered the StoneChecker software prototype for testing in September.
Flying Brands expects approval from the US Food and Drug Administration (FDA) in the second quarter of 2018.
Flying Brands in acquisition talks
In February, the group confirmed that it was in advanced talks to buy an undisclosed North American medical imaging software and analytics company.
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.
The consideration payable is expected to be about £500,000, the majority of which would be satisfied in Flying Brands' shares.
“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,” the group said.
Flying Brands has also continued to make progress with its StonePrevent product, a screening programme that identifies or excludes causes of kidney stones.
At its half year results in August, the company said it has kicked off “potentially important” discussions with a single metabolic screening laboratory to explore the feasibility of outsourcing the technical metabolic screening processes to a single provider.
“In a collaborative process, the StonePrevent product would add material value to the technical work of this global testing house while Stone Checker software would add significant healthcare experience and expertise,” it said.