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Flying Brands Ltd (FBDU)

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Tuesday 13 March, 2018

Flying Brands Ltd

Acquisition of Imaging Biometrics

RNS Number : 5258H
Flying Brands Limited
13 March 2018
 

FLYING BRANDS LIMITED

 

("Flying Brands" or the "Company")

 

Acquisition of Imaging Biometrics

 

Further to the announcement on 8 February 2018, Flying Brands Limited (AIM: FBDU) the medical services and software company, is pleased to announce that it has acquired 100% of the membership interests in Imaging Biometrics, LLC ("IB") (the "Acquisition"). The consideration comprises cash of $68,134 and 11,000,000 ordinary shares in Flying Brands at £0.04 per share ("Shares"), with an option for Flying Brands to pay a cash equivalent rather than issuing Shares. An initial tranche of 4,800,000 Shares in Flying Brands will be issued to the shareholders of IB immediately (the "Initial Tranche") and it is intended that the remaining 6,200,000 Shares will be issued before 30 September 2018. The consideration must be satisfied in full on or before 30 September 2018. In addition, Flying Brands is paying an additional $75,000 to settle certain of IB's debt obligations.

 

IB, a privately held Wisconsin-based company established in January 2007, is advancing the field of medical imaging by specialising in the design and manufacture of advanced visualisation software solutions using quantitative imaging endpoints/biomarkers. IB are specialists in research, manufacturing and clinical evaluation of software products in radiology and have successfully developed products from the discovery phase through to full FDA regulatory approval. In the USA, IB have commercialised the premier perfusion software solution IB Neuro™ which is able to provide biologic information about tumours not available with current medical imaging platforms. Over the past decade, they have installed IB Neuro and other IB-branded software in numerous sites where it has been integrated into routine clinical practice. For example, IB Rad Tech™ streamlines a perfusion MRI ("pMRI") based method called Fractional Tumour Burden ("FTB"). Based on recent published data, the underlying technology in IB's solutions has demonstrated the ability of FTB to more accurately distinguish tumour from Post-Treatment Radiation Effect over conventional methods and is now gaining trust by clinicians for the evaluation and monitoring of brain tumour patients.

 

IB have been managing the CE marking and FDA clearance process for StoneChecker® software, Flying Brands' own software product, and FDA clearance is expected by the end of Q2 2018. The launch of StoneChecker in the USA will include targeting of the existing luminary sites which IB have established for their IB Clinic product, and marketing resources will be combined to target the same customer group of Board-certified Radiologists at both tertiary and regional hospitals. Initially, Flying Brands will focus on the commercialisation of artificial intelligence ("AI") software for the management of kidney and brain diseases which both share similar patient management and reimbursement pathways and affect large numbers of patients each year.

 

IB is also involved in the rapidly growing radiology AI market by offering a full range of services, including medical discovery, proof of concept testing, contract manufacturing, clinical evaluation of biomarkers, regulatory clearance and full commercialisation of approved products. This provides Flying Brands with multiple opportunities to facilitate the growing interest in AI solutions in radiology and positions it well for future industry consolidation.

 

Trevor Brown, Flying Brands CEO said: "The acquisition of IB represents a major strategic move for Flying Brands. North America is the largest medical market in the world and with the acquisition of IB provides not only immediate access to that territory but also to a very high level of technical expertise for the development of new products and services. Our strategy to establish Flying Brands as a leading provider of convenient, cost-effective and clinically superior treatment to patients suffering from kidney stones, cancer and strokes based on proven technologies, will move forward significantly with this acquisition. IB's management team are well known to us and share our vision of introducing disruptive technology - that will change cost models - to fast growing cancer and stroke treatment markets."

 

Michael Schmainda, CEO of IB, said: "We are pleased to have found partners who not only understand the technology we have developed but also the path to commercialisation of the applications of that technology. Together with Flying Brands, we look forward to continuing the development of our cancer and stroke diagnostic technology and launching the resulting new products in global markets."

An application will be made for admission of the Initial Tranche to trading on the LSE ("Admission") and dealing in these shares are expected to commence on or around 8.00am 16 March 2018.

On Admission, the Company will have 72,359,434 ordinary shares of £0.01 in issue.

The Company has no ordinary shares held in treasury. Accordingly, the above 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 in their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

The Directors of the Company accept responsibility for the contents of this announcement.

 

 **ENDS**

 

For further information please contact:

 

Flying Brands Limited

Qu Li/Trevor Brown/Vinod Kaushal

Tel:  020 7469 0930

 

 

Peterhouse Corporate Finance (Financial Adviser and Broker)

Lucy Williams/Heena Karani

Tel: 020 7220 9797

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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