London-listed AI company Sensyne Health said it had made ‘strong progress’ in the first half as it announced the signing of new research agreements alongside its maiden interim results this week.
The company, which is headed up by former science minister Lord Drayson, reported turnover of £39,000 for the six months ended 31 October 2018. After costs, gross losses came in at £98,000, but research and development expenditure of £3.1m, alongside administration expenses of £3.7m and exceptional costs associated with its August 2018 IPO, pushed the company into an operating loss of £10.3m.
However, CEO Lord Drayson said the business development pipeline was showing ‘good momentum’ and was on track to meet the objectives set out at its IPO, which raised net proceeds of £54.5m.
The company announced conditional agreements for two further NHS Trust Strategic Research Agreements with George Eliot NHS Trust and Wye Valley NHS Trust. Under the deals, the trusts will each be issued with £2.5m in ordinary shares in the company at £1.75 per share.
It has also signed an agreement with Jefferson Health for the clinical and economic evaluation of its GDm-Healthä digital therapeutic product and entered into a research agreement with the Big Data Institute at the University of Oxford focused on chronic disease including kidney and cardiovascular disease.
Commenting on the results Lord Drayson said: ‘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.’
It closed the period with cash and cash equivalents of £57.7m.