Sensyne Health’s board has revealed that unless the company is able to secure emergency funding, it is “unlikely it will be able to continue trading beyond early February 2022.”
An update of the company, which was published on the London Stock Exchange, it revealed that as of January 12, the company had £ 2.8 million in the bank and confirmed it was pursuing a “major debtor”.
The document also adds that Sensyne has been seeking funding from various sources and has signed a non-binding terms sheet with various institutional shareholders to provide £ 6.35 million in capital to help fund the company in the coming months until the formal sales process arrives. its conclusion.
“Although the board believes that financing will be completed in the short term, without it the company is unlikely to be able to continue trading beyond early February 2022, when the FSP (formal sales process) will not have concluded, “he added. update states.
Following the announcement, the company’s shares fell to 20.6 percent. In August 2018 its listing price was 175p.
The Oxford-based company began the formal process of finding a buyer in early November 2021 and last week confirmed that it was in talks with several stakeholders.
The data analytics company was founded in 2018 by former UK Minister for Science and Defense Lord Paul Drayson, who, with his wife, has a 22.8% stake in the company and makes them the largest shareholders. Several NHS trusts own 16.2% more as part of agreements in which trusts provide anonymous patient data in exchange for a stake in the company.
Trusts that have signed non-exclusive Strategic Research Agreements (SRAs) with Sensyne Health include Cambridge University Hospitals NHS Foundation Trust, who signed the agreement just a month ago, Great Ormond Street Children’s Hospital, which was the first time Sensyne had focused on pediatrics, and the Royal Devon and Exeter NHS Foundation Trust.
In total, the company has 16 SRAs with NHS trusts and US healthcare systems and a real-world database of 48.3 million patient records, including anonymous records of 12.9 million patients in the UK. United.
Sensyne Health uses AI algorithms to analyze this data to help accelerate the development of new drugs by pharmaceutical companies. In addition to corporate actions, trusts also receive annual payments for IT investments to help with data curing and analysis, as well as royalties on revenue generated by the company from research conducted as part of the SRA.
Following the signing an agreement with Milton Keynes University Hospital NHS Foundation Trust In 2020, Lord Drayson said: “SRAs are a key part of Sensyne’s unique model: they provide NHS Trusts with capital, funding and revenue-sharing capacity. Increasing our access to anonymous patient data is key to our strategy “.
Digital Health contacted Sensyne Health for comment.