Flying Brands Limited StoneChecker signs agreement with Korea ISG (7562G)

TIDMFBDU

RNS Number : 7562G

Flying Brands Limited

06 March 2018

Flying Brands PLC

("Flying Brands" or the "Company")

StoneChecker Software Limited signs an Exclusive Marketing and Distributor Agreement for the commercialisation of StoneChecker software in South Korea with Korea Computer Motion ISG

Flying Brands PLC (AIM: FBDU), the medical services and software company, is pleased to announce that its subsidiary StoneChecker Software Ltd ("SC") has signed an Exclusive Marketing and Distributor arrangement with Korea Computer Motion ISG ("Korea ISG") based in Seoul, South Korea, for sales and distribution of its StoneChecker(R) Kidney Stone analysis software ("StoneChecker").

StoneChecker will be used by hospitals, imaging and urology centres for diagnosing and assessing kidney stones, on non-contrast CT scans, in the clinical setting in South Korea.

The incidence of kidney stone disease is on the rise in South Korea. It is estimated that out of a total population of approximately 51 million people, there are about 300,000 new cases of kidney stone disease each year. The Board of Flying Brands consider that by utilising the StoneChecker software, a significant portion of the estimated US $50million spent on conducting failed lithotripsies in South Korea each year, could be saved.

Mr Nick Stevens, CEO of StoneChecker said "We are pleased to sign this significant Distributorship agreement with Korea ISG to support the expansion of StoneChecker in the rapidly growing and important South Korean medical imaging market. We are confident that by working with an experienced team led by the CEO Jacob Woo, who has a great understanding of the market and customer base, we stand to increase StoneChecker's revenue potential, market reach and meet our customers' needs."

Mr Jacob Woo, CEO of Korea ISG commented, "We are pleased to have started to work with SC this year to promote the innovative StoneChecker kidney-stone analysis software on CT in South Korea which addresses a big gap in the urology-radiology market and has great clinical utility. StoneChecker is already attracting a lot of interest amongst the top university hospitals around the world and in South Korea (potential-customers). I anticipate a very successful business relationship and rapidly increasing StoneChecker software sales. Our team has a first-class reputation amongst radiologists and clinicians in the region, and offers unrivalled in-depth market-access and know-how in South Korea."

About Stone Checker Software Ltd.

Stone Checker Software Ltd is owned by Flying Brands PLC, based in Chilcompton, Radstock, UK. SC focusses on the development and supply of advanced kidney stone analysis software - StoneChecker, for analysis of renal calculi and for easy interpretation of imaging data.

The StoneChecker Software uses sophisticated statistical techniques to make detailed analyses of kidney stones. The software produces a series of important data in a quick and efficient way to describe key clinical stone variables such as stone volume and measures of stone heterogeneity.

About Korea Motion ISG

Korea ISG has installed and supported MRI/CT 3D processing imaging software to about 120 prominent Korean hospitals for 23 years, and a prominent medical imaging software distribution (sales and service/support) company in South Korea. They are experienced distributors of medical software from other world leading suppliers, with a wide customer base.

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

For further information, please contact:

 
 Flying Brands Limited 
  Qu Li/Trevor Brown/Vinod Kaushal 
  Tel: [phone] 
 Peterhouse Corporate Finance 
  (Financial Adviser and Broker) 
  Lucy Williams/Heena Karani 
  Tel: [phone] 
 

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March 06, 2018 02:00 ET (07:00 GMT)