Feedback raises £1.4m to fund regulatory and expansion costs

Feedback told investors on Thursday that £832,000 had been raised via a placing, with a further £543,000 raised as a result of a subscription, subject to shareholders approval. In all, 91.66m new ordinary shares were issued.

The placing price represented a discount of approximately 11.8% to Feedback's closing mid-market price of 1.7p on 24 October. The new shares will represent 24.56% of Feedback's enlarged issued share capital.

Feedback said the funds would be used to expand its sales and marketing services, develop technical product support for its new Cadran image storage product offerings, expand Cadran's customers base, fund regulatory consultant commission costs related to its plans to secure regulatory approval of TexRAD with the Food and Drug Administration in the US and develop the company's US partnership with Imaging Endpoints.

Executive chairman Dr Alastair Riddell, said: "This placing will enable Feedback to continue to invest in the further growth of the business."

"In addition, beginning the process of seeking US FDA approval for TexRAD can now be properly resourced. Expanding our sales, marketing and customer support capabilities, will ensure that we can build on the significant momentum generated this year."

As of 1030 BST, Feedback shares had dropped 7.06% to 1.58p.