Oxford based Sensyne appoints new CEO
Oxford-based Sensyne Health has appointed Alex Snow as Chief Executive Officer, replacing Lord Paul Drayson who stepped down earlier this month.
Alex's appointment follows the execution of an amendment and restatement agreement to the note purchase agreement with the Company's secured lenders to provide access to additional capital of up to £20 million to strengthen the financial position of the business.
Alex recently stepped down as chairman of Oxford-based AI drug discovery company Exscientia prior to its successful $2.6 billion Nasdaq IPO.
In light of the amended financing terms, the Sensyne Board has decided to end the Formal Sale Process with immediate effect. The terms for the financing also provide for the delisting of the Company from AIM, subject to the required approval of shareholders. Without access to the additional capital provided by the noteholders pursuant to the Amended and Restated Note Purchase Agreement, the Company is unlikely to be able to continue to trade and would very likely become insolvent and be placed into administration.