Sensyne Health, the Oxford Science Park based ethical clinical AI company has reported that while operating losses deepened to £29.9 million from £22.4 million last year, it has seen the number of patient records it can anonymise and analyse increase to 8.9 million through the signing of five more strategic research agreements in the UK.
Sensyne Health is a clinical artificial intelligence company operating a unique business model. It is a for-profit plc making a positive social impact, sharing the financial returns its makes with the health systems via equity and a share of revenues.
Sensyne applies clinical artificial intelligence in two areas: undertaking research by analysing large, complex and anonymised data to help life sciences companies accelerate the development of new medicines, and in helping deliver remote patient monitoring and real-time decision-making systems for healthcare organisations and their patients.
In its financial result for the year ending April 30, the company also reported a number of operational highlights, including entered into a strategic collaboration with Phesi, Inc, a US-based specialist clinical trials data company that provides access to clinical trial patient records to enhance offering to pharmaceutical and biotechnology clients and launching MagnifEye, a new software application using deep machine learning AI to automate the accurate reading of lateral flow diagnostic tests and signed an exclusive licensing deal with Excalibur Healthcare Services for the use of MagnifEye with lateral flow diagnostic tests.
The company successfully completed a £27.5 million fundraise in January 2021, and reported total revenues of £9.1 million for the year. Total research and development expenditure for the year was £15.1m.
Lord (Paul) Drayson PhD, CEO of Sensyne Health, said: “Despite some significant headwinds and an increasingly competitive market environment, Sensyne delivered strong growth over the past year. Our business model for the application of ethical AI to the analysis of de-identified and anonymised patient data resonated with healthcare systems and the life sciences industry in both the UK and US, growing our patient dataset and revenues significantly.“
Last month the company announced that it is to partner with Great Ormond Street Hospital for Children (GOSH) to develop new treatments for childhood illnesses through the ethical application of clinical artificial intelligence research on anonymised patient data
The agreement marks the launch of a wider initiative to create a global data collaborative using ethical AI to find new and better ways to treat rare and complex childhood diseases
GOSH will receive equity in Sensyne Health plc, research funding and a share of revenues
This strategic research agreement is Sensyne’s first to focus on improving care and accelerating the development of medicines specifically for children.
The first project will focus on developing a clinical decision support algorithm to help clinicians caring for children with chronic kidney disease. This will then be used to develop further clinical support algorithms for other diseases in children.
In August, Sensyne Health reported that it had reached a milestone of access to a combined clinical research, clinical trial and real world de-identified and anonymised dataset of over 60 million patients. This enlarged dataset results from both Sensyne’s investment in virtual clinical development company, Phesi Inc. in January and the progress made by Sensyne and Phesi in building their respective data platforms.
Between December 2020 and July 2021 Phesi grew its clinical research and clinical trial dataset from 13 million to 42 million patients through a concerted effort in acquiring and structuring data registries of de-identified data. At the same time, Sensyne, through its unique ethical Strategic Research Agreement (SRA) model that partners with healthcare systems, grew its real world patient dataset from 6 million to over 18 million patients.
At the time, Lord Drayson said: “Sixty million patients is an important milestone in our journey to create the world’s best data resource for medical research. However, it is the quality and depth of the data across many disease areas and the combination of both clinical research data, clinical trials data and longitudinal real world data from electronic patient records, that makes the database such a powerful tool for research professionals in both the life sciences and healthcare sectors.”