Sensyne Health PLC (LON:SENS) has made a “strong start to the new year and is well placed to build on this momentum in 2021”, according to its chief executive, Lord Drayson.
His comments ran alongside the company’s interim results, which outlined the “significant commercial progress” made in recent months.
Sensyne specialises in 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 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.
It aims 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.
In the company’s financial first half, Sensyne said its anonymised NHS patient dataset has grown to 6.8mln records to achieve its IPO target. It struck four key new strategic research tie-ups.
Commercially, it has inked agreements with industry heavyweights Bristol Myers Squibb and Alexion.
Sensyne has also launched three new products: SENSE, an algorithm platform to aid real-time clinical decision-making; GDm-Health to monitor diabetes in pregnancy; and software that helps provide personalised care for coronavirus (COVID-19) patients.
Financially, the business was bolstered by a £27.5mln fundraiser earlier this month with the proceeds earmarked to “industrialise and scale” its data platform.
The cash will also support its work with Phesi, a US data company that provides Sensyne access to around 13.5mln international patient records from 320,000 clinical trials.
Total revenues for the six months ended October 31, 2020, were £2.3mln; R&D costs were £7.7mln, giving a loss from operations of £9.5mln.