Member Info for Vascular

Reflections of recent Feedback PLC Reports H1 2025 Results

“ Bottom Line: A Setup Year With A Clear Shot At Scale

This half was about positioning, not top-line fireworks. Revenue is modest, EBITDA losses widened with deliberate investment, and cash remains solid. The upside case hinges on policy tailwinds, strong NHS integrations, tangible pathway results, and – crucially – a positive Spending Review outcome enabling larger procurements.

On balance, I see this as a constructive update: operationally positive, financially prudent, with catalysts ahead. The next few months should reveal whether Bleepa’s national moment is about to arrive.”

https://joshthompson.co.uk/investing/feedback-plc-h1-2025-results-bleepa-nhs-national-scale/#:~:text=Interpretation:%20Laying%20Track%20Before%20the,to%20flow%20from%202026/27.

Forecast is due for 3 March 2026, a week Today.

“ The Chancellor of the Exchequer Rachel Reeves has asked the Office for Budget Responsibility to prepare an economic and fiscal forecast for publication on 3 March 2026. ”

https://www.gov.uk/government/news/chancellor-announces-date-of-spring-forecast

Good day today, not sure why but a few who bought may know more, maybe.

Anyone believe in trading gaps?

Maybe a coincidence, not sure if they are actually a thing although i have seen plenty work out as they should over the years, but what follows is not an exact science, i am no expert but interesting to watch out for if our good fortune continues just a few more pence.

It looks to me , we are approaching a trading gap which dates from Friday 25th April 25 when stock closed at 17.5p and opened on Monday 28th April at 15.75 p...lost 1.3/4 pence on opening.

So the theory goes if we hit 15.75p we could ( not guaranteed) accelerate to over 17.5p to reverse the1.3/4p gap that was created in 2025.

Interestingly, there is a better gap way back , that has not yet been tested dating Friday 18th Nov 24 FDBK again closed at 44.5p and opened the following Monday morning at 27.5p, and closed for the day at 24.5p......if we ever hit 27.5p in future then it will be interesting to see if sp reacts the way its suppose to i.e. fast track to 44.5p.

You may think I'm getting ahead of myself here but we are in this share to win, so if we get the contract/s we hope - the sp will cover this ground within a few days imo - as FDBK has shown how fast it can move , but especially if the second gap plays its part too. GL vas

Imo , this new VBP initiative will be a posative for FDBK.

“2026 Set to Be ‘Delivery Year’ for Value-Based Procurement Across NHS England. … transforming the way medical technologies are assessed and purchased.”…” Under the new approach, medical technologies, devices, products, and consumables will be assessed not solely on price, but on a broader definition of value – including patient outcomes, patient experience, whole-system costs to the NHS, and environmental impact.

“The new VBP approach will ensure that when MedTech products are assessed for procurement, far greater weight is given to outcomes, experience, sustainability and overall value to the health system – rather than simply the lowest price,” said Whitehouse.”…” Senior officials at NHS England are keen to see value-based procurement adopted across the full range of products purchased by the NHS as soon as practicable. There is also growing interest in adopting similar methodologies in both Scotland and Wales.”

The move is strongly backed by ministers under the government’s 10-year plan for the NHS and its Life Sciences Sector Plan. Proponents argue that VBP will address long-standing flaws in traditional procurement models, improve patient outcomes, reduce system-wide costs, and stimulate growth across the UK life sciences sector.”

https://www.healthtechdigital.com/2026-set-to-be-delivery-year-for-value-based-procurement-across-nhs-england/

Thanks both for further explanations.

So using HLA will importantly identify patients who could benefit from the treatment- but can’t predict to what extent, if any how each patient will respond to the treatment.

So using HLA to screen all melanoma patients when they present themselves, should identify 80% of them that would be eligible, and could respond to treatment.

To identify the probability and degree of success will need to fallback to outcomes in phase 2 trial and the phase3 , later this year.

Thanks again. Vas

This publication on immunotherapy outcomes in adolescent and young adult patients with melanoma was published less than two years ago, April 24.

It then stated

“ The advent of immune checkpoint inhibitor (ICI) therapies has brought substantial improvements in patient outcome, where the overall survival (OS) for metastatic melanoma patients has improved from 10% to 50% with anti-PD-1-based immunotherapies when compared with traditional treatments3,4,5,6,7. ………However, the benefits of ICI therapies are highly variable and there are currently no reliable biological or clinical biomarkers that can predict treatment response”

Am I correct in thinking that the point about “ no reliable biological or clinical biomarkers that can predict response” is no longer true, and that Scancell now have the technology to screen all patients for eligibility , selecting up to 80. % who will benefit from the treatment . Is this correct ? Is scancell the first to be able to do this in cancer, or generally or is it more specifically in the Melanoma area.

https://www.nature.com/articles/s41467-024-47301-9

Hi Wildforce

Regarding your “ A huge inflection point … gone unnoticed as yet !?”

My gut feeling , bearing in mind scancells SP historically can best be described as subdued with no sudden sp explosions etc, I.e today’s sp is probably as high as it’s been for over 18 months…so is not followed by the AIM pharma herd and day traders etc that populate AIM these days….so if the herd don’t buy on the good news RNS days , we are left with just the long termers, who have already bought their main holdings and lastly that leaves the big investors who buy in the background over a longer period of time.

I thought the recent brilliant results of phase 2, followed by the News regarding the FDA and phase 3 etc, news of which would be the catalyst to drive the sp higher and increase interest of new investors, media , etc…maybe it will take hard cash ….to get the markets interest. Gl vas

So,

Dibs, It’s reassuring to see previously jaded posters becoming more positive here…let’s hope we are all reading this share correctly, it’s been a frustrating period which is hopefully coming to a close and the start of a new positive beginning….

As an aside , I note that a company called Avenue3 won part of the the military / Cortisone tender , the part that FDBK were also involved in…so in that particular tender Avenue3 was a real threat….but the tender details in the Cortisone tender and what FDBK are presently going for in the nhs ten year plan rollout could be miles apart on what was needed to be supplied…

“ uses phrases like ‘place based location”

Hi. Mp1234,

I agree about some of the terminology used.

Saying that the usage of the terms People, Places and Lives is used a great deal in the planning for Neighbourhood health rollout….hence

PPL, the company whom FDBK partnered with and with whom they conducted both Neighbourhood health simulations in London and Manchester.

Yes, interesting read.

Don't forget one of the big differences between a year or more ago and Today is that FDBK have a number of known partners, such as PPL, Optus's and the other one !!

from half year report in Feb. 26

" Strategic partnerships in late stage discussion ahead of at scale roll out including consulting firms for implementation, cloud providers and technology partners with supporting propositions"

According to the recent presentation, i think i heard Tom state some presently undeclared partners who are / or will be selling directly into the NHS , thereby doing some of the heavy lifting, i hope.

So, if we get the green light we now have a much larger sales force.

Thanks Roses. That's a useful amount of money and possibly on top of whatever other options the BODs are presently negotiating in the way of funding.

Thanks Vas

Hi Bill,

Your 18p average will be smashed on any sniff of a successful award.... we are only down this low after 18 months or so of no news...all being well we are now entering a news rich period.

18 months ago sp hitting £1.20 plus and Today, we are in a a much better place than then. GL

Apologies if going over old ground but...regarding possible development Payments form Genmab

What were the historic financial pay-outs from Genmab to Scancell for the ( two!!) antibody's so far licenced and how much would be any development pay-outs form these and are they likely this year ?

also, if Genmab do license a third antibody this year would this initial payment be same as previously.

Trying to understand what is possible and the what figures can we expect from Genmab if they continue the two exiting licences, triggering a pay-out milestone payments and take out a third new licence.

Many thanks in advance GL vas

Morning JJJJJ and Barnacle,

This is it now!

The thing on my mind when i read the RNS and listened to the presentation was the access that FDBK have been allowed to have, over this year...they have integrated with large NHS infrastructure IT platforms, such as eRS, PDs, Go Connect , and ccting as the technology provider for neighbourhood health simulations in London and Manchester .. etc etc .with the .the Company also providing evidence to the Health All-Party Parliamentary Group inquiry into neighbourhood health. others such as single point of entry, and according to the RNS

"Bleepa is now natively integrated into a core NHS system, further strengthening assurance around data management and cyber security."

Surely, this type of access to critical NHS systems does not apply to any small company that wishes to go for some NHS contracts.....it does sees to me the writing is on the wall, its just FDBK

a) cant talk about it

b) I believe they ( 18months ago) already had there Bleepa offering selected, to be available for purchase across the NHS - just before the elections when everything was then put on hold, and eventually cancelled - followed by a year of turmoil, as described by Tom yesterday.

So IMO, FDBK are already sitting within the inner circle and have used this past 18 months to improve and continue to support the new governments targets.

GL All

Tom talked about their second pathway , a Non-specific symptoms pathway. He also mentioned several other pathways also being introduced , some this week. Did anyone get the details of the other pathway being introduced this week, I seemed to have missed it.

Anyway, here is more about the QVH non specific symptoms pathway Tom referred too.

https://www.qvh.nhs.uk/our-services/support-services/community-diagnostic-centre/non-specific-symptoms-pathway-information-for-professionals/

Just listened to the presentation. I thought Tom looked relaxed and confident. The long term National opportunity is now a very short term opportunity, described as "Just around the corner" and expected in a matter of weeks - and all being well FDBK will at last be in business !

NHS must be a leaky ship IMO so i would expect all being well a sp improvement into March in anticipation / or on progress.

I wonder what a national rollout / licence fee looks like finacially?

Trial to Evaluate the Safety and Preliminary Efficacy of GEN1079 in Participants With Advanced Solid Tumors

https://clinicaltrials.gov/study/NCT07387068?cond=cancer

This was an earlier question of mine Tony…why do it this way.

LT is thinking it’s the only way to identify accurately who owns what as of Today.

Afternoon LT,

Thanks for your reply. I was under the impression that the Directors can identify All major and smaller holders of Cyan shares. From looking at their share registry ….the only difference would be it may not be upto date whereas this method is more accurate as of Today, but not tomorrow…

I guess anyone could buy tomoz and not be recognised until share register updated and / or a 3% limit reached and announced for example…or sell. GL vas

A few questions on my mind….Anyone know why JC did not reject the Esyasoft offer outright, what advantage does leaving this low offer on the table give to CC , compared to an outright rejection which immediately sends out the message to the market that we are worth more …..and what is the likely hood of a second offer appearing, and would the market be informed immediately? and if there are no better offers made for CC during this process what does that tell us as investors about cc the company and the solutions… surely, a competitor or threatened partner would feel compelled to make a higher bid for company than let it go for a song ( or would they even care as long as they could access the technology when required). …..the fact is if CC does get bought out at this low price, with no higher offers .. will only highlight how deluded we are as investors about the technology’s worth and how it’s valued among its peers and whether they even care who supply’s this solution as long as it’s available.

On the last point alone let’s hope we have other interested party’s step into the process otherwise in a few weeks time how are we going to feel knowing with all the pipeline and future oppurtunitys …the most anyone will bid for CC is 9.75p a share. How will that install any confidence going forward. CC is suppose to be at present in the sweet spot in India…may not always be the case.