Feedback plc (LON:FDBK) has signed an exclusive distributor arrangement with Korea Computer Motion ISG for sales and distribution of its TexRAD texture analysis research software.
The shares surged 11% to 3.89p after the medical imaging software company said TexRAD would be used by customers in South Korea for research purposes, performing advanced analysis of medical diagnostic images.
"We are pleased to sign this significant distributorship agreement with Korea ISG to support the interest and acceptance of TexRAD in the rapidly growing and important South Korean medical imaging research 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 the TexRAD revenue potential and market reach and meet our customer needs," said Dr Balaji Ganeshan, chief executive (CEO) of TexRAD and director of new business at Feedback.
Woo said TexRAD has attracted a lot of interest among the top university hospitals in South Korea, all of whom are potential customers.
“Following a recent installation for research at the prestigious Korea University Hospital, I anticipate a very successful business relationship, rapidly increasing TexRAD software sales and working closely with Dr Balaji Ganeshan and CCI. Our team has a first class reputation amongst researchers in the region, and offers unrivalled in-depth market-access and know-how in South Korea," Woo said.
In a separate announcement, Feedback said Trevor Brown had resigned as a non-executive director to devote more time to his other business interests.
His place on the board will be taken by Timothy Irish, a Professor of Practice at Kings College London as well as a board member of Bournemouth University.