AI health firm publishes first results since IPO
A health tech company with global growth plans has published its first results since floating on the AIM market of the London Stock Exchange.
Sensyne Health is led by chief executive and former UK science minister Lord Paul Drayson and uses artificial intelligence to develop software that connects patients, clinicians and researchers.
The Oxford-based firm said it had made “strong progress” since the IPO on 17th August, which raised £60m in new investment.
"I am pleased to report strong progress by Sensyne Health in our first reporting period as a public company, achieving a number of important milestones,” said Lord Drayson.
“Our business development pipeline is showing good momentum and is on track to meet the objectives set out at our Initial Public Offering.
“The company is in an excellent position to capitalise on the data assets and clinical artificial intelligence capabilities provided by its equity partnerships with NHS Trusts and the University of Oxford in order to meet the growing world-wide demand for data-driven healthcare innovation."
The firm said it had increased the number of NHS Trusts adopting its digital health applications to nine from four at the time of the IPO.
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It has also increased the number of its NHS Trust Strategic Research Agreements from four at IPO to six, increasing the patient population covered by its partners from 2.5 million to 3m.
It has grown its workforce to 70 from 41 at the time of the IPO – including highly skilled clinicians, data scientists and software developers – and relocated to state-of-the-art facilities at the Schrödinger Building at the Oxford Science Park.
For the six months ended 31st October 2018, revenues increased to £39k compared with £20k for the same period in the previous year, with an operating loss of £10.3m compared with £3.4m in 2017.
Sensyne has also announced the signing of an agreement with Jefferson Health for the clinical and economic evaluation of a digital therapeutic product and generation of curated patient data within a US hospital system; conditional agreements for two further NHS Trust Strategic Research Agreements with George Eliot NHS Trust and Wye Valley NHS Trust, for which they will each be issued with £2.5m in ordinary shares in the company at £1.75 per share; and signing of a research agreement with the Big Data Institute at the University of Oxford to use Sensyne's anonymised patient data in the field of chronic disease including chronic kidney disease and cardiovascular disease.
In an interview with BusinessCloud last year, Lord Drayson spoke about his ambitions to build world-leading technology company.
"I want it to become one of the world's leading technology companies, realising the potential of artificial intelligence in healthcare but doing it in an ethical way," he said.
"The last company that I built reached a market cap of $890 million – this company has the potential to be significantly bigger than that."
Sensyne appointed an interim non-executive chairman, Charles Swingland, after previous chairman Professor Sir John Bell stepped down to avoid any potential conflicts of interest with his role advising UK Government.