Last checked at 18 Sep 2017 07:00
FLYING BRANDS LIMITED
("Flying Brands" or the "Company")
Update on Product Development and Exercise of Warrants
Flying Brands (FBDU), the medical services and software company, is pleased to announce an update on product development and the exercise of warrants.
StoneChecker Prototype
Further to the announcement of 4 September 2017, our North American contract manufacturer has now delivered the StoneChecker software prototype and testing has now commenced.
StoneChecker Statistical Analysis
The statistical analysis of 600 stones from two centres (Oxford Universities NHS Hospital, Oxford, UK and Peking Union Medical College Hospital, Beijing, China) has now been completed. The analysis shows that the software has a sensitivity of 94% and a negative predictive value of 78% towards identifying patients most likely to fail lithotripsy before treatment. Sensitivity is the ability of a test to correctly identify those with the disease (true positive rate) and a negative predictive value is the probability that subjects with a negative screening test truly do not have the disease.
Trevor Brown CEO of Flying Brands commented: "This result materially exceeds expectations and has understandably delighted the clinical team working on the StoneChecker medical imaging software."
Exercise of Warrants
The Company has received notice to exercise warrants to subscribe for 2,772,713 shares at a price of £0.011 per share ("Shares"). The Shares will rank pari passu with the Company's existing issued ordinary shares.
Following this exercise of warrants, the Company has no outstanding warrants.
An application will be made for admission of the Shares to trading on the LSE and dealings in the Shares are expected to commence on or around 8.00am 20 September 2017.
Total Voting Rights
Following Admission of the 2,772,713 Shares, the total number of Shares in issue will be 67,559,434. The Company does not hold any Shares in treasury. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
**ENDS**
For further information please contact:
Flying Brands Limited Qu Li/Trevor Brown/Vinod Kaushal Tel: 020 7469 0930 |
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Peterhouse Corporate Finance (Financial Adviser and Broker) Lucy Williams/Heena Karani Tel: 020 7220 9797 |
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