Business
Disposal
Disposal.
About this update from Feedback Plc
[{"type":"text","content":"\n \nRNS Number : 0664X Feedback PLC 03 May 2016 \n\n3 May 2016\n \nFeedback plc\n(\"Feedback\" or the \"Company\")\n \nDisposal\n \nFeedback plc (AIM: FDBK), the medical imaging software company is pleased to announce that it has agreed to sell its 50% equity interest in Stone Checker Software Ltd ('Stone Checker') to Free Association Books Limited, a company connected to one of Feedback's directors, Trevor Brown, for a cash consideration of £46,000 (the \"Disposal\").\n \nFeedback invested £1,000 in Stone Checker in July 2015 and subsequently licensed its TexRAD software to Stone Checker for exclusive use in urolithiasis (kidney stones). On 28 September 2015, Feedback announced the intention to develop a product incorporating TexRAD for kidney stones. It was further stated that the vision of Stone Checker was to develop a composite risk stratification software product incorporating TexRAD CT texture analysis with other known clinical markers. This integrated product could potentially assist urologists and radiologists to provide better patient management and treatment decisions for improved patient outcomes.\n \nStone Checker is making good progress and is reaching the stage where it will require substantial additional investment. Feedback has already announced that it is committing significant resources in developing a lung cancer stratification tool in conjunction with Alliance Medical Group. Accordingly, although urolithiasis could be an exciting application for TexRAD, the directors of Feedback are of the opinion that they should focus investment in TexRAD's use in oncology. The sale of the equity interest in Stone Checker will generate a profit of £45,000 before expenses. Feedback will continue to receive royalty and licence payments should Stone Checker achieve commercial success. The sale proceeds will be used by Feedback for general corporate purposes.\n \nStone Checker is currently a pre-revenue company which made a loss before tax for the period ending 29 February 2016 of £154. \n \nRelated Party Transaction\n \nTrevor Brown is a director and substantial shareholder in Feedback. Dr Balaji Ganeshan is a director of Stone Checker representing Feedback and is expected to remain a director of both Feedback and Stone Checker after the Disposal. Accordingly, the Disposal consti...