Lord (Paul) Drayson, CEO of Sensyne Health, commented:

“I am pleased to report that Sensyne has made significant commercial progress over the past six months and has achieved several key milestones in the development of its research partnerships with NHS Trusts and in its work for leading pharmaceutical companies applying Clinical AI to improve patient care and accelerate life sciences research. I am particularly pleased with the results we have been able to achieve during the COVID-19 pandemic.

In January we completed a £27.5 million fund-raising, signed an important strategic collaboration with Phesi Inc and in December launched our GDm-Health product in the United States. We have made a strong start to the New Year and are well placed to build on this momentum in 2021.”  

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Click here to view the full interim results.

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OPERATING HIGHLIGHTS (INCLUDING POST PERIOD END)

Growth of anonymised NHS patient dataset to 6.8m records to achieve IPO target

• Four new strategic research agreements with Somerset, Hampshire, Milton Keynes University and Royal Wolverhampton NHS Trusts signed between October 2020 and January 2021 to provide access to an aggregate of 2.95m records.
• Data access agreement with NHS Greater Glasgow and Clyde NHS Trust to provide access to 1.1m anonymised patient datasets in three specific disease areas including cardiovascular disease signed in October 2020
  

Discovery Sciences: New commercial agreements expand relationships with pharmaceutical industry

• Collaboration agreement with Alexion to study the prevalence and outcomes of patients in certain disease areas signed in May 2020
• Research collaboration signed with Bristol Myers Squibb in October 2020
  

Software Products: Clinical algorithm platform and remote monitoring products

• Launch of SENSE™ clinical algorithm platform to provide real-time clinical decision and operational support launched in September 2020
• First algorithm to provide personalised care for COVID-19 patients developed in partnership with the Chelsea and Westminster Hospital NHS Foundation Trust
• Launch in the US of GDm-Health™ for diabetes in pregnancy in December 2020
• Launch of MagnifEye™, a new software application using deep machine learning AI to automate the accurate reading of lateral flow diagnostic tests launched in January 2021
  

Planned scaling and industrialisation of data platforms

• Targeting an expansion of the NHS patient datasets to c.12.5m records by the end of December 2022 to provide critical mass to target post approval Phase 4 clinical trials
• Development of SENSIGHT™, a real-world-data analytics platform for the support of R&D from drug discovery through to clinical trials, post market approval and drug launch
• Rapid expansion of SENSE platform to expand offering to global healthcare providers and payers
  

Phesi Strategic Collaboration

• Strategic collaboration with Phesi, Inc., a US-based specialist clinical trials data company, commenced on 5 January 2021 (following the close of fundraising, see Financial highlights)
• Provides access to c.13.5m patient records from c.320,000 clinical trials completed since 2007 to create an enhanced offering to pharmaceutical and biotechnology clients including improving the design and efficiency of clinical programmes
• Initial five-year term for the collaboration with Sensyne making a $10m equity investment into Phesi with these proceeds contractually supporting collaboration activities and enhancing their clinical trials data analytics offering
  

Strengthening of Board and Senior Management team

• Several key appointments to strengthen the senior management team including Michael Macdonnell as Chief Operating Officer, Derek Baird as President of North America, Laura Hillier as General Counsel and Company Secretary and Dr Richard Pye as Chief Investment Officer
• Mr Tony Bourne to become a Non-Executive Director commencing 31 January 2021
  

FINANCIAL HIGHLIGHTS

• Successfully completed a £27.5 million fundraise post period end in January 2021 that is expected to enable the Group to industrialise its data analytics capability, enter into an exclusive strategic collaboration with Phesi and strengthen its balance sheet for future partnering discussions
• Total revenues of £2.3m for the six months ended 31 October 2020 (HY20: £0.4m)
• Total research and development expenditure of £7.7m, of which £0.3m was capitalised for the six months ended 31 October 2020 (HY20: £5.4m, of which £0.2m was capitalised)
• Adjusted operating loss from continuing operations of £9.5m for the six months ended 31 October 2020 (HY20: £7.4m)
• Cash used in operations of £12.5m for the six months ended 31 October 2020  (HY20: £7.7m)
• Operating loss of £13.6m for the six months ended 31 October 2020 (HY20: £9.8m)
• Cash and cash equivalents of £18.6m at 31 October 2020 (FY20: £31.7m)
  

Analyst and Investor briefing

Management will present the interim results for analysts and investors today at 13.00 GMT.  There will be a simultaneous live conference call and webcast. For more details please contact radu@consilium-comms.com at Consilium Strategic Communications.

A replay of today’s webcast of the meeting and the presentation slides will be available on the investor section of Sensyne Health’s website after the event at https://www.sensynehealth.com/investors/investor-hub