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Flying Brands Ltd (FBDU)
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Tuesday 06 March, 2018
Flying Brands LtdStoneChecker signs agreement with Korea ISG
RNS Number : 7562G
Flying Brands Limited
06 March 2018
Flying Brands PLC
("Flying Brands" or the "Company")
StoneChecker Software Limited signs an Exclusive Marketing and Distributor Agreement for the commercialisation of StoneChecker software in South Korea with Korea Computer Motion ISG
Flying Brands PLC (AIM: FBDU), the medical services and software company, is pleased to announce that its subsidiary StoneChecker Software Ltd ("SC") has signed an Exclusive Marketing and Distributor arrangement with Korea Computer Motion ISG ("Korea ISG") based in Seoul, South Korea, for sales and distribution of its StoneChecker® Kidney Stone analysis software ("StoneChecker").
StoneChecker will be used by hospitals, imaging and urology centres for diagnosing and assessing kidney stones, on non-contrast CT scans, in the clinical setting in South Korea.
The incidence of kidney stone disease is on the rise in South Korea. It is estimated that out of a total population of approximately 51 million people, there are about 300,000 new cases of kidney stone disease each year. The Board of Flying Brands consider that by utilising the StoneChecker software, a significant portion of the estimated US $50million spent on conducting failed lithotripsies in South Korea each year, could be saved.
Mr Nick Stevens, CEO of StoneChecker said "We are pleased to sign this significant Distributorship agreement with Korea ISG to support the expansion of StoneChecker in the rapidly growing and important South Korean medical imaging market. We are confident that by working with an experienced team led by the CEO Jacob Woo, who has a great understanding of the market and customer base, we stand to increase StoneChecker's revenue potential, market reach and meet our customers' needs."
Mr Jacob Woo, CEO of Korea ISG commented, "We are pleased to have started to work with SC this year to promote the innovative StoneChecker kidney-stone analysis software on CT in South Korea which addresses a big gap in the urology-radiology market and has great clinical utility. StoneChecker is already attracting a lot of interest amongst the top university hospitals around the world and in South Korea (potential-customers). I anticipate a very successful business relationship and rapidly increasing StoneChecker software sales. Our team has a first-class reputation amongst radiologists and clinicians in the region, and offers unrivalled in-depth market-access and know-how in South Korea."
About Stone Checker Software Ltd.
Stone Checker Software Ltd is owned by Flying Brands PLC, based in Chilc