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LONDON (Alliance News) - Medical imaging software developer Feedback PLC announced a series of changes to its board as it said its loss for the year to the end of May widened significantly.
The company, which makes the TexRAD texture analysis product, said Simon Barrell has stepped down as its non-executive chairman to focus on other business commitments. He will be replaced by Tom Charlton, currently a non-executive director.
The move came as the group's pretax loss for the year to May 31 widened to GBP1.2 million from GBP470,654 a year earlier, primarily due to the group booking a GBP689,142 impairment charge and as operating costs rose significantly.
Revenue rose to GBP381,870, up from GBP7,250, but the higher costs and writedown offset this.
The company said it remains encouraged by the interest being shown in the TexRAD software, but group has shifted its strategy and will focus on joint ventures rather than securing approval for the TexRAD software from the US Food and Drug Administration.
Those changes were outlined in October, when Feedback said it will now sees significant commercial opportunities for TexRAD to be used in combination with other imaging biomarkers and said it expects these products will be more effectively marketable to clinicians compared to a general software product.
In addition, the company is considering plans to prioritise CE marking, the EU product certification standard, in order to accelerate its commercial plans in the European market.
As a result of the changes, the company will no longer prioritise securing FDA approval of the use of TexRAD as a standalone product. It also will no longer be pursuing the sale of a research version of TexRAD to a broad market and will restrict further sales of the research versions to a limited customer base.
Feedback shares were down 39% to 1.53 pence on Friday morning, one of the worst performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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