The specialist medical imaging technology company said £832,000, before expenses, has been raised via the placing while a further £543,000 will be raised by a subscription, assuming shareholders approve it.
Four Feedback directors have subscribed for 6.93mln shares at a cost of £104,000.
The newly issued shares will represent 24.56% of the enlarged issued share capital.
The funds will be used to expand the company’s sales and marketing services; develop technical product support for the new Cadran image storage product offerings and expand the Cadran customers base; fund regulatory consultant commission costs relating to the company’s plans to secure regulatory approval of TexRAD with the Food & Drug Administration (FDA) in the US; develop the company’s US partnership with Imaging Endpoints.
Our new website is now live!! ????????????— Feedback Medical Ltd (@FBKmed) September 19, 2018
You can now find all the information you need about CADRAN and TexRAD in one website! https://t.co/aYRjHKXfI0 #TexRAD #CADRAN #FBKmed #Radiology #MedicalImaging #Radiomics #Oncology #textureanalysis #WednesdayMotivation
"This placing will enable Feedback to continue to invest in the further growth of the business. In particular, in the fields of image analysis with TexRAD, and AI applications in linking image data to anonymised patient data with Cadran. In addition, beginning the process of seeking US FDA approval for TexRAD can now be properly resourced. Expanding our sales, marketing and customer support capabilities, will ensure that we can build on the significant momentum generated this year," said Dr Alastair Riddell, the executive chairman of Feedback.
Shares in Feedback were down 0.15p at 1.55p in early deals.