Medical services and software company Flying Brands Ltd (LON:FBDU) expects to receive the first prototype for its Stone Checker kidney stones medical imaging software next month.
The specialist medical imaging software company developing the software in North America is due to send over the prototype in September for evaluation and internal review.
READ: Flying Brands says next phase of trials for Stone Checker can start ahead of schedule
WATCH: Summer clinical trial cut short, says Stone Checker CEO
Once Flying Brands has successfully evaluated the product, it will make a start on the necessary regulatory work in order to get CE mark and FDA approval for Stone Checker.
Flying Brands expects the software, once fully developed, will help physicians to decide which form of kidney treatments will be most effective for their patient by analysing various parts of the stone’s composition.
It did add, however, that there is the “possibility of further applications being identified”.
Focused on regulatory approvals and successful commercial launch
The AIM-quoted company said it had kept a lid on clinical research costs compared with the budget, and that those savings would now be redirected into expediting the regulatory process.
The original plan was for Flying Brands’ executive team to seek research sales of its software in the final quarter of 2017 but it said today that that would now be unnecessary.
Given the “encouraging progress” being made with Stone Checker, Flying Brands will now be focusing on preparing for a successful commercial launch once regulatory approvals are granted.
“The Stone Checker Software team comprises people with rare expertise who are excited by and think creatively about, the advancement of medical science via technological innovation,” said chief executive Trevor Brown.
“I am confident that there will be much to report to shareholders as developments unfold.”
StonePrevent still Flying high…
Flying Brands also has its StonePRevent urine test product which, as it stated in last month’s update, is also making great strides.
Flying said it started “potentially important” discussions with a metabolic screening lab which is looking at the feasibility of outsourcing the technical metabolic screening processes to a single provider.
It added that StonePrevent would add “material value” to the technical work of the global testing house while Stone Checker Software would add significant healthcare experience and expertise.
Flying Brands is still at the pre-revenue and recorded a loss before tax of £192,000 (H1 2016: £137,000). The increased loss reflects the costs of the reverse takeover of Stone Checker Ltd which it completed earlier this summer.
Shares gained 2.8% to trade at 4.5p midway through Thursday afternoon.
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