The Sussex University spin-out is sold to Feedback.
TexRad, a spin-out from Sussex University launched in 2011, is one of two companies acquired by Feedback in a deal worth a total £773,900. The other company acquired as part of the deal is Cambridge Computed Imaging (CCI). The acquisition deal is worth £473,900 ($800,000) in cash, and an additional £300,000 ($505,000) in share subscription to fund the growth of the two businesses.
TexRad, an AIM-listed company, develops and markets imaging software that can extract vital additional information from routinely acquired whole-body diagnostic images of patients with cancer and other diseases. In doing so, it can assist clinicians in offering improved prognoses, diagnoses and treatments.
The software is currently being employed as a research tool in a number of clinical and research hospitals in Europe and the US. Its patented technology extracts and quantifies visually imperceptible texture features from existing radiological images, such as CT scans, MRI scans, mammography, or ultrasound images, and may possibly be able to do the same with other types of medical images such as pathological.
Originally a joint-venture between Sussex University, Imaging Equipment, Miles Medical, and CCI, the company’s intellectual property is based on research by Chris Charwin, Balaji Ganeshan and Rupert Young from the Department of Engineering and Brighton and Sussex Medical School (BSMS), as well as Ken Miles, who previously worked at BSMS. The technology was commercialised following a grant from the university’s Enterprise Development Fund.
Michael Davies, deputy vice-chancellor and pro-vice-chancellor of research at Sussex, said: “We are delighted that Feedback recognises the clinical and commercial potential of TexRad. We look forward to seeing the further development of the product, and hope to work with the company in doing so. Innovative companies and other organisations are beginning to see the huge benefits of collaborating with universities like Sussex, where we are carrying out internationally high-quality research in a number of areas. By working together, we can ensure that our research has both lasting academic value and impact that benefits and enriches society.”
