Sensyne Health PLC (AIM:SENS) confirmed the completion of a financing announced earlier this month.
The company has received a £6.35mln first tranche of an agreed £11.35mln facility.
The funding is expected to cover the firm financially during an ongoing formal sale process.
Sensyne has also noted that Lord Drayson, its chief executive, has proposed to reduce his base salary to £1 per year, whilst the company has loan notes outstanding.
Lord Drayson has confirmed his commitment to the company's mission and its unique ethical business model for the use of anonymised patient data in medical research in partnership with the NHS and health systems world-wide, Sensyne said.
He has also committed to vote for any bid for the company that results from the formal sale process that is consistent with the company's mission and maximises value for shareholders or is recommended by the independent Directors.
With a 22.87% shareholding in the company Lord Drayson is the largest shareholder in Sensyne.