Clinical AI company Sensyne Health is to raise £25m through a placing of new shares at 90p each.
The funds will be used to scale up its data platform to enhance the delivery of clinical AI insights for customers following the increase in demand from Covid-19.
‘To capitalise on this opportunity that has been created by the pandemic, Sensyne must invest in the industrialisation and scaling of its healthcare and life science platforms which are expected to drive significant revenue growth and economies of scale,’ Sensyne said in a statement.
‘The company believes that it can be at the forefront of changes catalysed by the pandemic and continue to deliver its mission of being the company that is at the forefront of the ethical application of clinical AI, improving patient care and accelerating medical research.’
Sensyne also announced a partnership with US clinical trials data company Phesi, to provide a combined offering of clinical trial data and real-world data in synthetic trial arms and decision support tools.
The deal with Phesi will provide Sensyne with 13.5 million international patient records from 320,000 clinical trials and the ability to market an enhanced offering to the pharmaceutical and biotechnology industry by improving the likelihood of success in studies by optimising clinical trial design upfront.
Sensyne will also make a US$10m equity investment into Phesi for 10% of its fully-diluted share capital, the proceeds of which are to be used for enhancing the Phesi clinical trials data analytics offering and activities that are connected to the partnership.
In addition, Sensyne announced a proposed open offer to raise up to a further £2.5m to provide qualifying shareholders who do not take part in the placing with an opportunity to participate in the proposed issue of new ordinary shares of 10 pence each.