REG - Feedback PLC - Vertex In Healthcare Collaboration

FeedbackAnnouncement

10/07/2024 07:00

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RNS Number : 7416V  Feedback PLC  10 July 2024

 

Feedback plc

 

Vertex In Healthcare collaboration to further international expansion

 

Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the clinical
infrastructure specialist, announces a collaboration agreement ("Agreement")
with Vertex In Healthcare ("Vertex"), a specialist clinical IT firm with
offices in the UK, UAE and South Africa, to combine key technologies and
resell each other's products with a view to driving commercial opportunities
in multiple markets. The Agreement enables the companies to work together and
outlines the key terms which will form the basis of definitive commercial
agreements for multiple collaborations.

 

Broadened product functionality to strengthen global reach

Vertex is the UK registered reseller of the MedDream medical image viewer, an
advanced diagnostics web viewer manufactured by UAB Softneta, which has
existing regulatory approval (FDA Cleared and CE Marked) in a number of
territories including the USA, Middle East and Europe.

 

The Agreement will enable Feedback to incorporate the MedDream viewer into
Bleepa, enabling Bleepa to be sold directly to Radiologists for primary
diagnostic reporting services, strengthening the Company's teleradiology
offering and expanding the reach of the product to new territories such as the
USA.

 

Embedding a viewer with existing regulatory approval in multiple international
territories will enable the combined Bleepa/MedDream product to meet the
regulatory requirements to be sold directly into these markets. Although the
Company's primary international focus remains on its growing opportunity in
India, this collaboration gives the Company the potential to expand into a
number of key international territories as opportunities present themselves,
most notably in the USA and Middle East.

 

The Agreement will position Feedback and Vertex to resell each other's
products in multiple territories, allowing both entities to expand more
rapidly and cost effectively into regions where the other has an existing
footprint. Bleepa offers considerable value and product differentiation to
Vertex's existing solutions in their current markets and will enable them to
grow market share across multiple customer segments.

 

Opportunity to drive revenues from Cadran

As part of the Agreement, Vertex will licence the database capabilities of
Feedback's legacy picture archiving communication system Cadran PACS, now with
the MedDream Viewer, which will allow it to build a PACS proposition that will
initially be sold in South Africa and other international markets including
the UK, where it sells PACS. This is another example of the Company's strategy
to generate licencing royalties from its legacy products.

 

The Agreement covers a number of confidential commercial terms depending on
the specific collaborative arrangement. Although no minimum targets are
required, both companies are motivated to achieve high levels of
commercialisation as a result of this Agreement.

 

Dr Tom Oakley, CEO Feedback plc said: "Vertex is a great partner for Feedback.
Like us it is commercially minded, ambitious and on a clear mission to improve
healthcare. Our products naturally fit together and create a compelling value
proposition to customers, especially those who are increasingly looking for
the most streamlined and cost-effective way of procuring the solutions that
they need. Incorporating the MedDream viewer into Bleepa opens up new
opportunities for us, both domestically to Radiologists and internationally,
allowing us to expand more rapidly if we see opportunities overseas, avoiding
some of the difficulties that we had in registering Bleepa as a medical device
directly in India."

 

Chris Goldie, CEO of Vertex In Healthcare said: "Bleepa is a fantastic tool
that presents a real value add to our customers and will help us to
differentiate ourselves in the market. The addition of Cadran PACS to our
portfolio will allow us to offer a full product suite to customers, making us
the go-to supplier for a complete hospital IT solutions. We are excited about
the potential of this partnership and look forward to growing together."

 

--Ends--

Enquiries:

 

 Feedback plc                                                +44 (0) 20 3997 7634

 Tom Oakley, CEO                                             IR@fbk.com (mailto:IR@fbk.com)

 Anesh Patel, CFO

 Panmure Liberum Limited (NOMAD and Broker)                  +44 (0)20 7886 2500

 Emma Earl/Freddy Crossley/Mark Rogers (Corporate Finance)

 Rupert Dearden (Corporate Broking)

 Walbrook PR Ltd;                                            Tel: 020 7933 8780 or feedbackplc@walbrookpr.com
                                                             (mailto:feedbackplc@walbrookpr.com)
 Nick Rome/Joe Walker                                        07748 325 236 or 07407 020 470

 

 

About Feedback

 

Feedback plc helps clinical teams to make better decisions faster for
patients. We design products that enhance clinician access to patient data and
to their colleagues. Our unique approach centres around individual patient
episodes, into which we pull relevant clinical data from hospital systems and
around which we build remote clinical teams for collaboration. As a result, we
produce a digital infrastructure that makes patient data available to
clinicians in multiple settings, in a format that enables them to meaningfully
interact with it, providing flexibility to clinicians and free movement of
patients between provider settings - clinicians can practice from anywhere and
patients can attend any care provider for treatment.

 

Our products Bleepa and CareLocker work together to deliver unparalleled value
to our customers. Bleepa is our application layer and sits on top of
CareLocker as our data layer. Bleepa is a clinician facing platform that
displays clinical results from a patient's CareLocker at a certified and
regulated quality, that is suitable for clinical use and enables dialogue on a
patient-by-patient basis with colleagues through a secure, auditable chat
interface that links back to the patient medical record. The CareLocker data
storage model is built around the patient. Our vision is one where relevant
clinical data is always available to the patient as well as to any care
setting that they may attend - a federated data architecture with the patient
as the tenant.

 

The Company has a number of growth opportunities domestically and
internationally across a range of markets including the NHS, the veterinary
market and private healthcare providers and its highly scalable Software as a
Service ("SaaS")-based model is expected to provide increasing levels of
revenue visibility as the Company grows its customer base.

 

 

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