Member Info for Barnacle

From Nick Mayhew on Linkedin:

Our Chairman, @Prof Rory Shaw challenging the Panel at the #Healthcare World event at #arabhealth2023 Health around the importance of centralising data around a specific patient episode to ensure that multiple clinicians have a common view of a patient wherever they may be located (London, Riyadh, Dubai etc) - all to help expedite patient care.

Another, as yet untapped marketplace.

I topped up first thing this morning, like you, suprised more not taking advantage of all this research...!

A reminder from the Fianal Results in September:

"With an expected 150 CDCs to be created, and an estimated total addressable market of over £90m, the CDC programme represents a huge opportunity for the Company, for which we are uniquely positioned to exploit, given our regulatory compliant user interface (Bleepa) and patient-centric data architecture (CareLocker) which, in combination, can connect multiple providers around an individual patient journey. Our pilot deployment at Sussex ICS has successfully delivered the first end-to-end symptom-based CDC pathway in the NHS and would not have been achievable without our digital infrastructure offering. This should drive adoption of our products at sites that hope to replicate the success of the Sussex programme."

"Strategically, regional cross-provider opportunities are of key importance to our future trajectory. The average contract value is considerably higher than a sale to an individual NHS trust, which requires a similar degree of customer development resource. It is also an area of low competition as no other provider can currently offer our combination of patient-centric data management and a regulated clinician interface, which gives us a large early mover advantage. Bleepa’s UKCA-marked image viewer remains a key USP given the requirement for image display within a regulatory compliant image viewer. We hope to achieve significant commercial traction following the reporting of the initial Sussex pilot results and evolution of the CDC programme as central funding comes online."

Well spotted Vascular: 2 year initial contract - £1.6M

Published: Mon 30 Jan 2023
Deadline: Wed 01 Mar 2023

Queen Victoria NHS Foundation Trust is looking to award a contract for the provision of a Digital Communication Platform for the Community Diagnostic Centre (CDC) along with the ongoing maintenance and support for 2 years with +1+1 options for extending. The primary aim of the digital platform requirement is to provide a way of delivering care, connecting teams flexibly over a distance and equipping them with the information they need to make informed clinical decisions.

Hi Vascular,

As a reminder, here's Adam Dennings biography fro the Feedback website:

Adam spent 25 years at Microsoft Corporation in various roles. From 2011-2017, he was a Partner Group Program Manager. In this role, he reported directly to the Corporate VP of the Windows platform, leading an international team of over 100 people and executing updates to Windows to deliver new customers. Before then, from 1999-2001, he served as an Assistant Technical Advisor to the Executive Office, presenting “demo days”, where he would demonstrate internal and external technology to Bill Gates and attending all of his product reviews.

He must be on the Board for these reasons........?

Hi Vascular,

Thanks for your research, much appreciated! I have not seen the Feedback article before, and wasn't aware of Bleepa's compatability with Teams. I don't believe it's been mentioned by Tom before, but in my opinion it's an important link as Teams is used throughout the NHS, so being able to use Bleepa within the Teams environment as a CE certified tool creates a valueable combination.

From the article:

"Feedback Medical has partnered up with Microsoft to integrate its pioneering technology into the Teams platform and offers a world-class, holistic solution for medical communications.Bleepa is an in-app extension of Microsoft Teams and will be accessible through the Teams single sign on, meaning that clinicians will only need one login credential to access both systems. Teams enables 1:1 or group video and audio consultations alongside Bleepa and notifications to improve patient case management.

Bleepa will allow Teams to be used flexibly for:

• Virtual ward rounds
• Inpatient/outpatient referrals
• Multidisciplinary meetings (MDTs)
• Clinical second opinion services or senior clinician engagement for junior doctors"

From the previous trading statement:

As has been referenced in various trading statements, in the first half of 2021, the business received a commitment from a second US end customer for conversion to our biodegradable coffee filtration material. Whilst the end customer has been purchasing regularly in the last eighteen months at limited levels, the subsequent expected acceleration of revenues has been constrained by various matters. These constraints are now clearing and a substantial increase in orders for this customer has been received for delivery in Q4 2022. Fulfilment of these orders in the coming weeks is expected to double the year's revenues from this source. Further, there are reasonable grounds to believe that this increased offtake rate will persist into 2023.

From the Bleepa website:

https://bleepa.com/a-conversation-with-sharon-donald-sales-manager

Good news coming I feel.....

Do we know if there is a trading update this week, looking at past updates it could be on Thursday?

From Cenkos Report - 15th November 22 :

'a significant impact on near-term revenues, helping CAP-XX in this breakthrough year to profitability, but also provides significant longer-term upside.'

Sales of these large high value products can make a significant impact on near-term revenues, helping CAP-XX in this breakthrough year to profitability, but also provides significant longer-term upside. With value clearly being demonstrated through the growing product portfolio, and upside left in a number of areas such as litigation and new licensees, we continue to believe CAP-XX is significantly undervalued and iterate our Buy recommendation and 14p DCF based valuation.

Three Directors listed, Tom being one, Anesh another and then there is AMIT TIWARI who seems to have his fingers in a lot of pies in India... https://www.tofler.in/amit-tiwari/director/07380812

Well spotted PR, I like this bit; the technical partner being referred to being Feedback Medical:

PAGE 14 The Board had approved the full business case for the QVH community diagnostics centre (CDC) at its private meeting on 1 September. IF, clinical SIRO for Sussex CDCs provided some feedback from a recent meeting and reported that QVH continues to lead the diagnostic breathlessness pathway nationally and had been applauded for work completed to date and innovation with its technical partner. QVH has been nominated for a national
award for being a major disruptor.

With the push being to reduce NHS waiting lists, this is looking very good.

Not long until lift off....... :0)

https://www.qvh.nhs.uk/wp-content/uploads/2023/01/Papers-PUBLIC-BOARD-12-January-2023.pdf

• Referrals continue to be received through the digital platform Bleepa (which connects QVH with primary and secondary care colleagues), for the breathlessness pathway.
• The Full Business Case (FBC) has been approved by the national team, including the agreed changes to the capital allocation. Awaiting the LOA.
• Individualised tests active on the clinical system ICE, linking in with primary Care colleagues to promote.
• Workforce for physiological tests for Health Care Assistants and Pathway Coordinator is completed, start dates in place.

I would expect Cap XX to be manufacturing these DMT220 prismatic supercaps for Continential from mid 2023, as production of these cars will be prior to 2024. "The Sourcing Agreement for this design win covers the expected volumes for the model years 2024 through 2030."

The model year is the year the manufacturer puts on the car and most often refers to the year in which the car is intended to be launched, meaning to say that a car manufactured during the fall of one year can be given a model year for the following year.

Director Dealings

Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the frontline clinical technology company, announces the following Directors' dealings:

Rory Shaw, Non Executive Chairman, has subscribed for 22,270 New Ordinary Shares at a price of 89.8 pence per Ordinary Share.

Philipp Prince, Non Executive Director, has subscribed for 4,531 New Ordinary Shares at a price of 89.9 pence per Ordinary Share.

Annemijn Eschauzier, Non Executive Director, has subscribed for 5,440 New Ordinary Shares at a price of 91.9 pence per Ordinary Share.

New India specific Bleepa Website:

https://bleepa.com/in

Revenue for the Period is expected to be c.£0.6m (HY22: £0.2m), up approximately 200%. Cash and cash equivalents as at 30 November 2022 is expected to be reported as c.£9.2m (30 November 2021: £11.4m).

So £9.2 million in cash and Market cap of only £11.4 million, £0.6 million Revenue for the period.

"The Company continues to discuss contracts with multiple potential partners across NHS Trusts and CDCs in addition to working on pilot programmes in India. These opportunities provide the potential for significant upside with a growing number of routes to markets and end customers underpinning the Board's confidence in continued strong growth for the remainder of the financial year."

More info on Cap XX IP Infringement cases from Cenkos report:

In the case of AVX, CAP-XX has been successful in getting AVX to result royalty payments, with these in FY22 effectively the same run rate as it previously received in FY21. However, we understand that CAP-XX is still disputing the level of royalty payments believing these should be greater.

In terms of the Maxwell case, CAP-XX has secured an offer for litigation funding which is expected to soon be in place to cover the legal fees in FY23, subject to the completion of due diligence from the litigation funder. The litigation offer ensures the counterparty understands that the case will be pursued indefinitely if needed and at no cost to CAP-XX. For a case to even receive an offer of litigation funding., this is a sign that the case is seen as being strong.

CAP-XX has previously, successfully defended this patent with a $4.95m award from Ioxus enabling a settlement with Ioxus’s new parent System Systematic Power Manufacturing LLC. With this history and a litigation funding offer also in place, we believe CAP-XX is in strong position to enable an attractive outcome with Tesla, who we understand is still Maxwell Inc’s parent company.

From Cenkos Report - 29th September 2022

We note the announcement on 14 July 2021 that ultracapacitor company UCAP Power indicated it had purchased the “Maxwell brand [and] Maxwell Technologies Korea business, as well as other assets from Maxwell Technologies” from Tesla. However, Tesla has held on to key Maxwell technology, we understand through the retention of Maxwell Inc, reportedly primarily for its dry battery electrode (DBE) process methodology. Therefore, IP infringement proceedings by CAP-XX continue against Maxwell Inc and its owner Tesla Inc.