Medical artificial intelligence firm Sensyne Health PLC has announced a “strong” set of maiden interim results and a number of deals with medical and data institutions in the UK and US.
Oxford-based Sensyne Health, led by biotech entrepreneur and former UK Minister for Science Lord Paul Drayson, uses artificial intelligence algorithms developed by researchers at the University of Oxford and Oxford University NHS Foundation Trust to analyse and interpret anonymised patient data in collaboration with its NHS Trust partners.
The company seeks to discover new insights that improve patient care. These insights lead to the creation of new intellectual property, including patents, that may be licensed to pharmaceutical companies in return for upfront payments,
The company acts as a ‘docking station’ between pharmaceutical companies and NHS Trusts; no data are sold nor is any ownership or control of data transferred to the company or its pharmaceutical collaborators. The financial returns generated by Sensyne are shared with its NHS Trust partners via equity ownership in the company and a share of royalties.
While Sensyne reported increased operating losses of £10.3 million for the 6 months to 31 October 2018, Sensyne Chief Executive Lord Drayson said: “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.
The company has announced the signing of an agreement with Jefferson Health for the clinical and economic evaluation of its digital therapeutic product; 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 £2.5 million in ordinary shares in the company at £1.75 per share, and the signing of a research agreement with the Big Data Institute at the University of Oxford using Sensyne’s anonymised patient data from our existing SRAs and digital health products, focused in the field of chronic disease including chronic kidney disease (“CKD”) and cardiovascular disease
Lord Drayson added: “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.”