Flying Brands Limited (LON:FBDU) shares gained today after it announced that its North American contract manufacturer has now delivered the StoneChecker software prototype with testing having commenced and statistical analysis of the kidney stones medical imaging product “materially” exceeding expectations.
In late afternoon trading, the AIM-listed firm's shares were 7.7%, or 0.25p higher at 3.5p.
READ: Work on Flying Brands’ Stone Checker software to restart in coming days after warehouse fire
Earlier this month, Flying Brands had said that a recent fire at the manufacturer’s warehouse meant it would not receive the Stone Checker prototype this month as originally planned.
In a statement today, however, the medical services and software company said the statistical analysis of 600 stones from two centres -Oxford Universities NHS Hospital, Oxford, UK and Peking Union Medical College Hospital, Beijing, China – has now been completed.
It added that the analysis shows that “the StoneChecker software has a sensitivity of 94% and a negative predictive value of 78% towards identifying patients most likely to fail lithotripsy before treatment.”
The group said: “Sensitivity is the ability of a test to correctly identify those with the disease (true positive rate) and a negative predictive value is the probability that subjects with a negative screening test truly do not have the disease.”
Clinical team "understandably delighted"
Trevor Brown, Flying Brands' CEO, commented: "This result materially exceeds expectations and has understandably delighted the clinical team working on the StoneChecker medical imaging software."
Flying Brands also announced today that it has received notice to exercise warrants to subscribe for 2,772,713 shares at a price of £0.011 per share.
It said, following this exercise of warrants, the company has no outstanding warrants.
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