Feedback plc (LON:FDBK) has raised, in aggregate, £440,000 before expenses through a subscription and placing of 35,200,000 new ordinary shares of at 1.25p each to support the optimisation and expansion” of the group’s operations
The specialist medical imaging technology company said the fundraising comprises a placing of 20,400,000 new ordinary shares via the company's joint broker, Peterhouse Corporate Finance Limited, and a subscription for a further 14,800,000 new ordinary shares with certain existing and new strategic investors.
READ: Feedback appoints new chief financial officer to refine growth strategy
The AIM-listed firm said net proceeds from the placing will be used to invest in marketing, sales and customer support to increase TexRAD and Cadran platform technology sales from distributors as well as direct sales, underpinned by a strategic focus on operational efficiencies.
It added that they will also be used to develop the clinical evidence base following the first CE marked release of the TexRADÒ technology, for further new product development, and for general working capital purposes.
David Crabb, Feedback’s chief executive officer commented: "This fundraising will support the optimisation and expansion of Feedback's operations, allowing us to leverage our two platform technologies and increase our market presence.”
He added: “We have solid foundations and deep domain expertise, and thanks to the support of our new and long-term shareholders we are well-placed to position Feedback at the forefront of innovation in the quantitative medical imaging analysis field."