Sensyne Health PLC (AIM:SENS) has announced the departure of the company’s founder and chief executive alongside financing plans as it said discussions are continuing with a “small number of parties” interested in buying the business.
In a wide-ranging update, Sensyne said former Labour science minister, Lord Drayson, would be replaced by City veteran Alex Snow, and the company, which has been on AIM since 2018, would be delisted.
Snow is the founder of Evolution Group, the investment bank, and until recently was chairman of Exscientia, which floated on the Nasdaq exchange at a value of US$2.6bn.
Sensyne also said it has provisionally hammered out an agreement with loan noteholders that will provide up to a further £15mln of financing.
READ Sensyne Health completes financing as sale process continues
“This financing provides both the certainty of a future for Sensyne as an independent life sciences focused business and the opportunity to conclude the ongoing FSP [formal sales process],” said Professor Sir Bruce Keogh, Sensyne’s chairman.
“We will of necessity need to reduce our cost base and propose changes at a future general meeting that will have a significant impact on our shareholders' interests.”
On the sales process, the company said discussions “remain ongoing” with parties that may make an offer for or a strategic investment in the business.
But it also cautioned: “There can be no certainty that any offer will be made for the company, or as to the terms of any such offer.”