Sensyne Health PLC (LON:SENS) said its strategic research agreement with Somerset NHS Foundation Trust has helped it achieve a major objective set at its 2018 IPO of growing its ‘anonymised’ database to over 5mln patient records.
The latest tie-up pulls in 1.1mln unique records from a population of 600,000. In total, the company now has information for 5.6mln patients.
Somerset will receive 1.43mln Sensyne shares, or 1.11% of the company. NHS trusts now own 11.7% of Sensyne.
“This new agreement will enable research to improve patient care and accelerate medical research and by helping to grow our overall data set to over 5.6mln patients, will now enable us to broaden our research and expand our therapeutic focus," said chief executive Lord Drayson.
Sensyne specialises in what it describes as the ethical application of clinical artificial intelligence (AI).
Practically, this means it develops software that connects clinicians with patients, while it also works with NHS trusts to garner insights from data using technology developed in partnership with Oxford University.
The NHS holds cradle-to-grave health data that is now largely digitised and focused on medical outcomes.
By applying AI, Sensyne said it is aiming to unearth crucial new information that could improve clinical trial success rates, reduce approval times, or even help researchers find new drug targets.
The idea is to operate in a “transparent, fair and effective” way with patients and clinicians and the healthcare providers and life science companies that use NHS records.
This means there is a case-by-case approval process in place for each new contract or project. This is not about wholesale data mining.
Sensyne's business model cedes NHS trusts an equity stake in the company, a royalty on revenues that are generated from research undertaken under the SRAs and an investment of up to £250,000 per year over the five-year term.
Since August 2018, the trusts have received equity worth £18.3mlnm, £160,000 of shared revenues and £1mln of technology investment, the company said.
The database, meanwhile, has been used in research into stroke prediction, heart failure and COVID-19, it added.
"Reaching this five million patient milestone with our NHS Trust partners is a great achievement and means that together we have created a world-class medical research capability here in the UK,” said CEO Drayson.
“Over the past two years, we have demonstrated how Sensyne's clinical AI can be used to deliver better patient care and to accelerate medical research.
“We have also shown how our unique partnership model not only delivers clinical benefits but also provides a significant financial return back into the NHS.”