Feedback teams up with Poland's Future Processing

The AIM-traded firm said the collaboration will entail a substantially increased development team working on new products and the sharing of intellectual property and future revenues.

It said the collaboration has resulted from Feedback's assistance with a successful EU grant application made by Future Processing.

In September 2015, Mike Hayball, CEO of Cambridge Computed Imaging - a wholly owned subsidiary of Feedback - and Dr Stephen Brown, COO of CCI, began assisting Future Processing with a grant application to develop an innovative quantitative imaging product.

The grant application was subsequently successful and has led to a significant expansion of the Future Processing healthcare team.

Feedback said CCI has had a working relationship with Future Processing since 2005.

The directors of Feedback said they believe that by CCI working jointly with the Future Processing healthcare team, CCI's existing product portfolio can be improved and new products developed more rapidly including further applications for TexRAD.

Although at this stage only a non-binding letter of intent has been agreed, they said the intention is for the company to agree formal licences for new software products to be brought to market in 20172018 under a shared revenue arrangement.

In the current financial year, Feedback will make substantial savings in software development costs and thereafter expects to benefit from its share of the revenue from sales of the new products, the board added.

“This is an exciting opportunity to expand the relationship with Future Processing to build a talented, dynamic team of medical imaging specialists." said Mike Hayball, CEO of CCI.

Future Processing CEO Jarosław Czaja said they are excited about the joint project.

“Together with CCI we will develop medical imaging software and bring innovative solutions to the healthcare sector.”