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Sensyne looks to Sensight platform for future growth

31 January 2022
The Business Magazine article image for: Sensyne looks to Sensight platform for future growth

Sensyne Health plc, the Oxford-based clinical AI company, has announced its unaudited financial results for the six months ended 31 October 2021.

The company successfully completed a financing round this month following warnings from the board that without an emergency cash injection, it would be unable trade beyond early February 2022.

While the company has reported an operating loss of £21 million for the six months ended 31 October 2021, and total revenues of £1 million for the same period, Sensyne now has a database of anonymised patient data of 48.3 million patient records through its agreements with UK and US health system partners, compared to 6.8 million records in January 2021.

It also has strategic agreements with a number of hospitals, including Great Ormond Street Hospital for Children in London and Colorado Center for Personalized Medicine.

The company has also launched its SENSIGHT platform to support rapid analysis of Sensyne's real-world patient database at scale and signed its first commercial subscriptions for SENSIGHT including deals with Exscientia and RwHealth last month.

Lord (Paul) Drayson PhD, CEO of Sensyne Health, said: "This has been a challenging period that has tested the commitment and resilience of Sensyne, its staff and its stakeholders. By focusing on building our patient database in the UK and USA, and by successfully developing and launching the SENSIGHT platform, we have continued to deliver for our customers and their patients, and strengthened the foundations for the future growth in revenues.

"Whilst our commercial progress in the year to date has been disappointing, we remain confident about the company's long-term prospects, given the size of our database, the strength of our medical and data science expertise, the growth of our business development pipeline, and the significant interest SENSIGHT is now generating from potential customers. 

"We continue to believe that maintaining public trust in the use of patient data for medical research and pharmaceutical product development is crucial, and that it depends upon transparency and fairness. Such use has the potential to save lives and reduce healthcare costs significantly.  By sticking to our unique double-bottom line business model, working in partnership with the NHS and health systems in a transparent, ethical and fair way, Sensyne believes it is ideally placed to help realise the full potential of AI and Big Data to revolutionise healthcare and build a profitable and sustainable business in the long-term."

The company has also signed an agreement with the University of Oxford to conduct a multi-omics drug discovery research project in asthma to analyse genetic data sets to identify novel drug targets for patients with severe forms of asthma that do not respond to current standards of care.

 On 26 January 2022, Sensyne raised up to £11.35 million comprising a first tranche of £6.35 million (and up to a further £5.0 million by mutual consent) through the issue of loan notes and warrants. Existing cash resources of £2.5 million as on 24 January 2022 strengthened following receipt of the first tranche loan proceeds of £5.95 million on 28 January 2022.

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.

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